Quick loan is the common name for small loans, short-term, quick loan application and not least the rapid disbursement of the loan.
You must not ask any collateral for a quick loans and application implemented quickly with NEM ID. Loan provider transfers the money to you right away and if you have the same bank as the provider is the money in your account immediately, and otherwise until the day after.
Therefore cost quick loans more than ordinary loans
You must not ask any safe, money will be transferred immediately and there is no one who meddles in what you use them for. It all sounds good but unfortunately quick loans more expensive than ordinary loans.
Normally, calculate the cost of loans with APR which stands for "annual percentage rate" and it is not unusual that the APR for a quick loans is around 1000% APR. It is of course very expensive if you make a direct comparison with a traditional bank loan. The problem is that the two types of loan are not directly comparable.
All banks and finance companies have costs by establishing a loan, and when there is a small amount and the loan only runs over 30 days there will always be a high APR. If you have a small customer in a bank you in many banks pay incorporation fees, and if you want to borrow money for 15-30 days, the bank loan in many cases a higher APR than a quick loans.
Generally speaking, the more money you borrow the cheaper it is. For a quick loans, you pay a little more for your money quickly without someone who question what you do with the money.