Quick loans, also commonly known as instant loans or same day loans, refer to debt solutions that are offered to the applicant within a few hours of them submitting the application. These loans are usually for smaller amounts or are given to individuals who can easily pay back the loan due to their higher income and rate of savings.
The name ‘Quick Loans’ is also getting more popular as various banks and non-banking financial institutions now cater to these instant loans to Indians across the country. In addition, there has been a sudden spurt in internet access with the advent of smartphones and computers in the last few years. This has resulted in more and more people looking for quick loans for their financial needs.
Readers should note that most banks in India do not provide loans under the head of quick loans. Instead, they offer loans under traditional heads such as personal loans, loans against credit cards, and so on. Nonetheless, despite the differences in name and classification, these personal loans and credit card loans are in essence quick loans.