A small loan is not cheap. A typical small loan is between $100 and $1000 and the bank charges $10 to $30 on each $100 loan. These loans are also called payday loans and are generally available to any person who is caught in an emergency situation or caught between pay checks. Getting an advance loan from one’s employers was always a pain and often the guy was not very sympathetic enough to lend you some money before payday when you needed it really badly. The payday loan by the banks has solved this problem and the best part is that they do not require you to give any security or elaborate financial details.
The small loan is called a quick loan because it gets approval in a matter of hours and the money is transferred into your account within 24 hours. A quick loan only requires you to provide some personal information along with a proof of a steady job. This information is verified within minutes to let you know whether or not you can get the loan. Instant loans do not ask for any financial information and hence the process is shortened.