Quick Loans During the Day


If you’ve ever been in a situation where you suddenly need a large sum of money but have no place to get a quick, short-term loan from, then you know it’s one of the most desperate and frustrating feelings in the world. Even though you earn a decent salary or monthly income, having cash in hand at all times is not realistic – and dipping into your savings is a bad habit to cultivate.

So what do you do when you need cash urgently and payday is just a few days or weeks away?

Where can I get quick loans in Sri Lanka?

Turning to friends and family isn’t an attractive option as that would mean having to make them aware of your financial affairs which are generally best kept private, as well as the unwillingness to trouble them with an unexpected request for cash. In these kinds of situations, not even banks can help you as most personal loans take weeks to apply for and get approved, even if you have a spotless credit score. You might even just be looking to borrow a few ten thousand rupees to be repaid in a few weeks, rather than a 1-3 year loan of many lakhs

When you’ve exhausted all available options to borrow money, the only option left is a third party lender that isn’t a bank. Such a lender who is operational in the country right now is OnCredit.lk. This need has seen the rise of the service providers for online loans in Sri Lanka

Online Money Lending

As of late, developments in FinTech have drastically widened the lending and borrowing ecosystem with the creation of online platforms where consumers can easily and quickly borrow money from. The lenders are usually smaller, private financial companies or FinTech ventures from around the world. By utilising the power of digital innovation and virtual services, these companies not only offer loans in the most convenient way possible, but due to low overhead costs, they are able to do it at significantly lower fees than traditional, offline private money lending entities.

A company that adopts such a Fintech model is OnCredit Sri Lanka. They are in the business of providing short-term loans online where customers can easily apply for loans and have money in the bank within an hour.

How Do Quick Loans Work?

These lenders are able to provide immediate loans because these kinds of loans are known as unsecured loans. Unsecured loans do not require the borrower to provide the lender with any form of collateral which the lender can then seize and use to settle his loss in case the borrower cannot repay the loan back on time or defaults entirely. Instead, the risk of the transaction falls entirely on the shoulders of the money lender who only uses the borrower’s past credit history for approval and when determining the maximum borrowing value. Due to this risk, the interest rates tend to be higher than those of secured loans and come with additional service charges and fees. However, unsecured loans are highly ideal in certain circumstances, rather than secured loans which take time and deal with larger values.

Benefits of Quick Loans

Let’s take a look at some of the main benefits of Quick Loans:

1Fast and Easy

True to their name, the entire process of applying for a loan is very fast and easy. Users simply need to log onto the service provider’s website or download and open the mobile app, and directly submit their loan application. It takes less than 10 mouse clicks or taps on the mobile phone from start to finish. The process itself is so simple that even those who are not tech-savvy or first-time borrowers can easily navigate it by themselves. Furthermore, the level of documentation required is extremely minimal; with just a photo of yourself and proof of identity needed for the application and approval, it just doesn’t get easier than that.


As mentioned earlier, most quick loans are unsecured credit facilities, which means borrowers don’t need to provide extensive proof of income, employment details or pledge any assets as collateral. This means that unless you possess an abysmal credit history (with multiple defaults or non-payments in the past), the chances of getting rejected are very low. While the value you receive might not be as large as you wish if you are a first-time borrower, you are virtually guaranteed to receive your loan. With each additional loan you take and settle, and as your relationship with the service provider grows (as does your perceived credit-worthiness), you will be eligible to borrow larger and larger amounts of money.

3No Time Restrictions

Unlike normal banks which operate at extremely inconvenient hours, quick loan service providers are usually available almost 24/7, which means customers can request for money at any time during the day or even at night. As the initial portion takes place on a digital platform with clear instructions and intuitive design to encourage a smooth user experience, even first-time users are able to submit their application without requiring any assistance from a live agent customer service agent.

4Ideal for Emergencies

These types of credit facilities have been created especially for financial emergencies and their inherent features make them ideal when a customer is left with no other option to get cash quickly. Using a myriad of features such as being mobile app- or web-based, multilingual user interface, intuitive user experience, a fast and easy process, these quick loans are designed to be wholly useful in times of need where speed and convenience are crucial.

5Lower Interest Rates

Due to the rise in digital platform-based money lending services, customers can now enjoy lower rates facilitated by lower overheads (less building and utility costs, less number of staff required etc.). Furthermore, as this particular industry grows more and more popular, governments and regulatory bodies have taken a closer look at it and put in place laws and policies to safeguard the best interests of the customer. This means that unethical, unregistered or unlicensed lenders (known as loan sharks) can no longer demand exorbitant interest rates and take advantage of people’s financial desperation.

Quick loans by online money lenders have become so popular in just a short period of time, not simply because they became more accessible due to the digitization of the entire process, but because they were able to address a national and systemic negligence to serve less financially well-off people. Financial stability is a luxury these days most often due to factors out of our control, such as poor economic conditions, unequal wealth distribution, educational and language barriers, all of which prevent poorer people from developing their lives. The previously-established financial system encouraged people who had assets to pledge as collateral to take loans and develop their lives, while a poorer person was entirely denied this. Those who don’t own significant assets or well-built credit scores find no financial relief from banks and financial institutions, so when quick unsecured loans were introduced, they became extremely popular. While these types of loans come with their own set of pitfalls, the availability of such services have benefitted thousands of people around the world, helped them maintain their financial stability, educate their children and even start their own businesses.


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