As a matter of fact, there have been lots of developments already that aim to come up with different kinds of loans that will cater services to the people. Today, people can now enjoy different forms of loans like instant decision loans, loans for the unemployed, loans for college graduates, and even loans for student under the age of 21.
In a nutshell, instant decision loans, as the name suggests, are loans that provide cash as soon as few hours from the time of application. These are the loans where the application process can be done either through online or personally at the bank. But the common transaction type nowadays is through online banking or application for loan. This is because it is a lot more convenient for the applicant and the bank itself. Hence, there will be no more duplication of papers since you no longer need to submit hard copies of lots of documentary requirements. Online application, however, is limited in most banks. For you to be able to apply online, you must have any account with the bank where you are applying for a loan.
Instant decision loans also have different forms. These can be in the form of secure or unsecured. It can also be in the form of a personal loan, bad credit loan, homeowner loans, same day or payday credits, loans for the unemployed and other forms. The factor that makes loans vary are either the needs of the applicant and/or his or her characteristic and financial standing.
For instance, if the applicant is with a bad credit history, then he or she maybe can apply to specific loans that allow specific people with this kind of history. This is an extra special type of loan because banks will not normally approve a loan application of a person that has background of not paying debts. You know the law in monetary economics about weighing high risks with regard to credits and loans. In return, the bank may require the applicant to submit collateral in order to have some assurance that if the loan will not be paid faithfully, the bank can claim the property in collateral.
When the applicant is just twenty-one (21) years old or below, he can apply special loans for this age group. One can choose to apply for a student loan, with lower interest, if he or she is still studying. There are also special graduate loans for graduating students, which the interest of the loan will only be applicable once the applicant has graduated from school. These kinds of loans are usually being used to attend to financial obligations of students like school projects, tuitions and miscellaneous fees, and the like. Sometimes, these loans are even being used to partially fund a study or a research.