Access to credit has become more diverse with the emergence of new online loan platforms such as Kueswhich offer large financing alternatives against traditional methods. With so many options available, it is essential to understand the differences between online and traditional loans, in order to decide which best meets its financial needs. For this reason, we will compare the characteristics of Kueski loans to traditional loans:
Demand process and requirements
One of the most important aspects of Kueski is the simplicity and speed of his request process: you can ask for an online loan in a few minutes without having to go to a bank branch or go through complicated bureaucratic processes. You only have to meet certain basic requirements: being over 18, having Mexican citizenship, having current official identification and providing proof of recent domicile.
In comparison, traditional loans generally require more time and documentation, because financial institutions, such as banks and credit cooperatives, often ask for a series of additional documents, such as income revenue, credit history and, in some cases, the presentation of guarantees. Remember that this process can take several days, depending on the complexity of the loan and the financial institution.
Speed and convenience
Speed is a crucial factor for many people when requesting a loan. In this regard, Kueski stands out to offer almost immediate approvals and disbursements, because once the request has been approved, the funds are directly filed in the applicant’s bank account in a few minutes. It should be noted that this type of speed is ideal for situations in which species are necessary to cope with emergencies.
On the other hand, traditional loans are generally less agile, and although some banks have improved their processes thanks to the digitization, in general, their approval and disbursement times can be longer, especially if the loan is considerable or if the detailed examination of additional documentation is necessary. In this way, this slowness can be a drawback if money is necessary.
Interest rate and associated costs
Interest rates are another crucial aspect when examining a loan. For example, in the case of Kueski, the maximum annual interest rate is 216%, which can result in high cost compared to traditional options. This rate reflects the risk that the entity assumes when granting credits without too many guarantees, it is therefore important to consider your own payment capacity before opting for this type of financing.
On the other hand, banks offer various financial products which can have long -term associated costs, including mortgages or personal loans. This means that bank loans generally have lower annual interest rates, especially if the applicant has a good credit history. In addition, some banks can offer discounts on the prices for loyal customers or for those who have other products with the same entity.
Flexibility and use of the loan
Flexibility in the use of funds is another key difference between Kueski and traditional loans, because the former are designed to be used in the face of any immediate need, whether to cover an unexpected expenditure, to consolidate debts or financing purchases, while traditional loans are generally intended for specific uses, such as the purchase of a house, a car or the financing of a company.
Conclusion
In conclusion, we can say that the decision between a Kueski loan and a traditional loan will depend on your specific needs and your financial situation. On the one hand, if you are looking for speed, simplicity and a process without complications, Kueski can be the ideal option, especially for urgent needs or for those who have limited credit history. However, if you appreciate lower interest rates or the possibility of requesting high amounts, a traditional loan could be more suitable.
