A quicken loan is used either by purchasers of real estate to raise funds to buy, or alternatively by existing property owners to raise funds for any purpose as required by them. While putting a quicken loan, the property being mortgaged. The loan is secured using the borrower real estate. This means that a legal framework is put into place and this allows the lender to take possession and sell the secured property if and when there is a need to pay off the loan and in event a borrower defaults on the loan or otherwise fails to abide by its terms. It is not a quick loan.
Quicken loans in Sri Lanka
Quicken loans are generally structured as long-term loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a time period of few years.
Quicken is a lender that is non-bank related. It does not accept any public deposits. It uses its own funds to make loans and then quickly sells them to get money to provide even more loans.
Quicken loans do not have any brick-and-mortar stores; it gives loans over the phone and, more recently via the internet.
How to get quick cash
This form of loans would not be useful in an emergency or when quick cash is required. These are also relatively big amounts and not for small emergency expenses.
An important step in the process is ending the experience by successfully e-closing the loan, when a client accessed all of their information and legal documents on a mobile tablet. In addition, similarly when customers participated in the first remote online notarization closing on a mortgage with the notary present via video chat. In the future there is a possibility of the entire mortgage process from application to closing being done digitally.