In urgent situations, finding a reliable lender for a fast loan is very important, especially if you have a bad credit history. Several new lenders offer new loans every year, and you can’t keep up with them all, so let’s talk about the 3 we think are the best.

This article evaluates several of the newest providers based on the need for loans up to €500 with a bad credit history, focusing on the lender’s flexible approach and quick access to funds. You can find other fast loans and more on the Netcredit comparison portal.

Which loans are called fast loans?

Nowadays, people are used to getting everything quickly and instantly. This also applies to requiring money in an unexpected situation. If the occasion is worth it, the funding is not too large and your credit rating allows you to apply for a small loan, then in this case you can use a fast loan.

This type of credit is known as fast because the disbursement takes place in less than 15 minutes, thanks to lightning-fast payments between banks. Some lenders offer this service free of charge, others charge a small fee for the fast cash facility. However, it allows financial difficulties to be addressed as soon as they arise.

Top-3 fast loans in Latvia

Fast loans have been granted in Latvia for several decades and continue to be granted today. Every year, new lenders appear with lucrative offers that are hard to keep track of. This time, we’ve selected what we think are the best fast loan providers with the latest fast loans, and we’ll take you through their offers.

Ferratum: convenient and fast

Ferratum is a non-bank lender known for its fast and digital service. It offers a simple online application process that requires no paperwork, and you can get your loan the same day.

The main advantages of the loan are:

• Loan amount: from EUR 400 to EUR 4000
• Repayment period: from 2 months to 5 years
• Interest rate: fixed rate: 46.98%, APR 58.53%.
• Requirements: age: 19–75 years, permanent address in Latvia, account with a Latvian bank, stable income from work.

Ferratum’s simple and fully electronic process makes it a good choice for those who need quick access to funds. However, high interest rates can be a negative factor if you are looking for a long-term loan solution.

Mogo: flexible and accessible

Mogo offers loan solutions for almost everyone, tailored to individual needs, with a simple application process and fast disbursement of funds. It promises to find a loan solution even for people abroad.

Key loan conditions:

• Loan amount: from EUR 500 to EUR 12 000
• Repayment term: up to 84 months
• Interest rate: between 10 and 25% depending on the type of loan and customer profile
• Application process: Online or in person and funds available within 15 minutes
• Requirements: 18+ years of age, Latvian citizenship, official income.

Mogo’s wide range of loan amounts and flexible terms make it an attractive solution for a variety of financial needs. The fast processing times are particularly advantageous in urgent situations, even if you are on the debtors’ register.

Incredit: reliable and convenient

Incredit, a subsidiary of Rietumu Bank, offers a range of loan products with flexible repayment options and fast processing times. These include a small loan that can be processed in 3 minutes.

Key features of a PRIMA loan:

• Loan amount: From EUR 100 to EUR 15 000
• Repayment term: From 3 to 84 months
• Interest rate: 41.3% for small PRIMA loans, other loans are variable
• Application process: online or at a credit center, money is disbursed within 30 minutes.
• Requirements: 21-70 years of age, regular income, resident of Latvia.

Incredit’s flexible repayment terms and the absence of EURIBOR make it a reliable choice for those in need of a quick loan. The lender also has an attractive loyalty program which allows you to save on % payments.

Quick loan from Swedbank

If you can boast a positive credit history, a stable income and the credibility of your bank, you can also try applying for a Swedbank Small Loan. As the largest bank in Latvia, it offers a variety of loan products with competitive interest rates and an easy application process.

Key features of a bank loan:

• Loan amount: from EUR 300 to EUR 20 000
• Repayment period: 6 to 60 months
• Interest rate: APR 9.9%
• Application process: online or at a bank branch, disbursement after signing the agreement.
• Requirements: age: 18+, regular income, eligibility for bank

Swedbank’s solid reputation and extensive ATM network make it a safe choice for fast loans, although it may have stricter income requirements. So if you feel that your bank will refuse you a loan, feel free to explore some non-bank lenders with the same low interest rates.

Choosing the best quick loan with bad credit history

Once you have found a potential institution where you will try to take out a loan, it is time to send your application. When choosing between these 3 lenders, we encourage you to pay attention to a few things in order to choose the right one.

Top-3 differences between non-bank lenders and banks:

• Ferratum: Ideal for fast and easy digital processing of applications.
• Mogo: suitable for those looking for a flexible approach to the customer profile.
• Incredit: good when you need a small amount of money quickly.
• Swedbank: Ideal for those who prefer a reputable bank with competitive interest rates.

If you require a loan of around EUR 500 or more, you can follow these steps and apply for the amount you require.

Here’s a step-by-step guide on how to apply for a non-bank quick loan:

1. Apply online: visit the lender’s website and fill in the application form.
2. Sign the contract: read the loan terms and conditions and digitally sign the contract with Smart-ID or E-Signature.
3. Receive the funds: the money will be transferred to your bank account within 15 minutes after signing.

It really is as easy as it looks. Even the bank account you will need to verify that the loan can be issued to you is automatically verified until you electronically approve it. All you have to do is wait for the decision and confirm the disbursement.

Do they really issue fast loans to debtors?

Often people who have damaged their credit history or fallen into debt think they have no hope of getting a loan. Of course, many institutions refuse such borrowers outright because they do not want to increase the risk that the loan will not be repaid on time or in full.

There are, however, lenders who try to come to the customer and keep their customer base. A loan may be granted to a debtor in exceptional circumstances, for example if he is a regular customer of the lender or has some valuable collateral or guarantor. 

If you hear about a new credit institution, for example on a credit platform such as Netcredit or Comparo, we encourage you to try applying there. It may be that this particular borrower will help your situation and a new loan, if used correctly, can also help improve your credit history.

Some suggestions for improving a bad credit history

If you read an article about debtors or bad credit history, you will know first-hand what it is like. Of course, everyone wants to strive for a better financial situation and to position themselves as a good credit borrower. In case you have screwed up your credit history, we have a solution to fix it.

Firstly, you can wait until 10 years have passed since your last outstanding loan. This will ensure that you don’t have a record of the outstanding debt on the first line of your register. Secondly, you can try to consolidate your existing loans so that this contributes to increasing your credit rating. And thirdly, negotiate more convenient payment options with your existing debt holder.

Fast loans for emergencies only

When choosing where to apply for a fast loan, consider flexibility, speed of service and any special requirements you might have. Whether you prefer a digital process or a trusted bank, options like Ferratum, Mogo and Swedbank offer valuable solutions tailored to your urgent financial needs. 

For more detailed comparisons and tips, visit our calculators or credit score calculator explanations on our blog. Remember that even fast loans are not for fun, travel and frivolous spending, but for the things you really require.