Need a loan very quickly, you make the right choice with a lightning loan

 

If you are looking for a loan with instant disbursement, then the Fast credit is the right choice for you. It is a credit that can be paid out very quickly. This includes various types of credit such as mini loans, short-term loans or even a normal installment loan. The Fast credit is free to use and can be used for all sorts of things. Whether you have to finance a car or bridge a financial bottleneck. In our guide we show what distinguishes you from a Fast Credit. What you should pay attention to when applying and what else you need to consider for a lightning-fast loan.

Editor’s tip: If the loan amount is at least USD 500 and you can wait 24 hours, online credit brokers such as Best Bank are more worthwhile than mini loans. You have to pay back the money in smaller installments and from 12 monthly installments – with Fast Credits, the money must be paid back within 30 days, otherwise there are expensive late fees! Best Bank also pays small loans within 24 hours for Credit bureau entries!

What is a Fast Credit?

What is a Fast Credit?

The Fast credit is not a special type of loan. Rather, it is a synonym for a loan with an instant commitment and very quick payment. The instant credit is usually granted by online banks, as the fully automated online process enables them to process and pay out very quickly. Standard processes at the house bank are in many cases much more complicated, involve more effort and can therefore not be processed quickly. Fast Credits can be applied for from $ 50 – 10,000. The loan term can apply for between 1 and 86 months.

The interest rate always depends on the type of loan chosen. For example, if it is a mini-flash loan, you will receive offers with an interest rate that is independent of creditworthiness. For normal installment loans with immediate disbursement from $ 1,000, the interest rate is usually dependent on the creditworthiness.

The most important thing about Fast Credit

  • Online application completed in a few minutes
  • Immediate decision after completing the loan application
  • Loan payment possible today
  • Loan term optionally 1 – approx. 86 months
  • Loan amount up to $ 10,000 with payment within 24 hours
  • Video identification process for fast processing and processing
  • some additional fees for an immediate payment. Check the individual providers

How do lightning loan offers differ?

How do lightning loan offers differ?

As already mentioned, two types of lightning loans can be assumed. The mini loan with immediate disbursement, which is possible up to approx. $ 1000 and has very short loan terms, and the normal installment loan with immediate disbursement, which is being offered by more and more providers. We have compared these two loan offers

Mini loan with instant payment

  • from $ 50 – $ 3,000
  • Loan term of 7 days – 6 months
  • Interest rate independent of creditworthiness
  • Immediate payment is often associated with additional fees
  • even with a negative Credit bureau entry

Installment loan with immediate payment

  • from $ 500 – $ 10,000
  • Loan term from 6 to 48 months
  • Interest rate dependent on creditworthiness
  • no or rarely additional fees for an immediate payment
  • Rejection for a negative Credit bureau entry

In most cases, we recommend using the normal installment loan, as the interest rates are cheaper here and there are no additional fees for an express transfer.

Editor’s tip: If the loan amount is at least USD 500 and you can wait 24 hours, online credit brokers such as Best Bank are more worthwhile than mini loans. You have to pay back the money in smaller installments and from 12 monthly installments – with Fast Credits, the money must be paid back within 30 days, otherwise there are expensive late fees! Best Bank also pays small loans within 24 hours for Credit bureau entries!

How quickly can you get a lightning loan?

How quickly can you get a lightning loan?

The duration for a payout depends on which provider you choose.

By default, you get a Fast Credit within 24 hours from most providers.

But there are also providers who pay out either faster or slower. In the following table you will find an overview of providers with details of the payout period. Please note that the payout period always refers to a loan with an immediate payout, which may be associated with additional costs.

 

In order for a quick payout to go really smoothly, you have to consider a few points. For example, you cannot apply for a lightning loan on Saturday afternoon and hope that it will be paid out on Sunday. Because the providers also have fixed opening times. Here are a few points to keep in mind if the loan is to be paid into your account today.

  1. Apply for the Fast Credit in the morning and on a working day. So you can be sure that there is enough time for processing and payment.
  2. Use the video identification process offered. With this procedure, the verification is completed within a few minutes. You need a smartphone or a PC with a camera.
  3. In the loan application, select the option express transfer or instant payment. With many Fast Credit providers, the immediate payment must be booked additionally. Please note that special fees may arise here.

If you follow these 3 steps and the credit decision is positive, then nothing should stand in the way of an immediate payment and you can have the money on the same day.

What are the advantages and disadvantages of Fast Credits?

advantages

  • Instant Credit Decision
  • Withdrawal within 24 hours
  • Credit approval even if the Credit bureau entry is negative
  • very short and long loan terms possible

disadvantage

  • high additional costs possible through immediate transfer
  • Loan amount limited

The great advantage of a lightning loan is clearly that the loan is available very quickly. This is also the main reason why borrowers are looking for a lightning loan.

What are the requirements for a Fast Credit?

What are the requirements for a Fast Credit?

The requirements differ depending on the type of loan. For example, if you would like to apply for a mini loan with immediate payment, the hurdles are relatively low. Your chances of getting a mini flash credit are already very good if you meet the following criteria.

  • Minimum age of 18 years reached
  • Residence is in Germany
  • The minimum monthly income is over $ 700

However, if you would like to apply for a loan with immediate disbursement for several $ 1,000, you should at least meet the following criteria

  • permanent employment
  • no negative Credit bureau entry
  • Net income is above the garnishment limit
  • Residence in Germany
  • at least 18 years old

Because the risk of default for a lightning loan for several thousand USD is significantly higher than for a mini-lightning loan, the award criteria are also significant. You can even get a mini loan with or despite a negative Credit bureau entry. A normal installment loan with immediate payment will be rejected in this case.

Who can get a Fast Credit?

Who can get a Fast Credit?

The Fast Credit is not limited to certain groups of people. Therefore, school pupils, students, trainees, employees, civil servants, pensioners and the self-employed can get a Fast Credit. But here, too, you should differentiate between the individual providers. While a provider like Best bank offers a Fast Credit for all groups of people, other providers, for example, exclude pensioners and the self-employed. Therefore, compare the individual providers exactly.

Only unemployed and job seekers do not get a Fast Credit because the creditworthiness is not good and there is no income. We generally advise you as an unemployed person to submit a loan application as this can be rejected and in many cases noted in the Credit bureau. Without proof of salary it is not possible to get a loan.

The most common reasons why a lightning loan is rejected

  • No regular monthly income
  • incorrect and incomplete information when applying for a loan
  • the net income is too low
  • a very bad Credit bureau score
  • there is an affidavit

Flash credit summary

If you need a loan very quickly, you make the right choice with a lightning loan. If loans with a payment within a day earlier were not possible, this has now changed due to online loans. Every year, more offers with immediate payouts enter the market. Since these are established banks and credit intermediaries, Fast Credit offers can be regarded as serious. Please note that there are additional charges for an immediate payment. These will be shown to you in the application process. If you want to compare in advance, you can get all the information from us.

Why does the bank refuse a loan and what to do in this case?

Banks have strict procedures on which they grant loans. To take advantage of funding, you must meet strict conditions and go through a number of formalities. Due to the rules constructed in this way, many clients have to face the decision to refuse to grant a loan. Why do banks reject so many loan applications?

Why do banks refuse a mortgage?

Why do banks refuse a mortgage?

A mortgage is a liability even for several decades, which is why banks are particularly meticulous in verifying their clients. It is not easy to get such a loan, therefore negative decisions are not uncommon. The reasons for refusal can be really different, but the most common are:

  • too low income,
  • unfavorable credit history in Credit Checker,
  • too many obligations currently being repaid,
  • age criteria not met,
  • lack of creditworthiness,
  • unstable financial situation.

The above-mentioned reasons apply not only to mortgages but also to other financial products, such as account limits or consumer loans.

Does the bank have to provide a reason for refusing a loan?

Does the bank have to provide a reason for refusing a loan?

Until 2019, the bank was not required to inform customers why it refused the loan application. This changed with the entry into force of the GDPR Act, which introduced significant changes to the Banking Law.

According to current regulations, banks are required to inform clients what influenced their negative decision in granting the loan. This is a great help because before the next submission you can try to improve your situation.

Credit refusal – what to do?

Knowing the reason for rejecting an application, you can take appropriate steps to increase your credit standing. It all depends, however, on why the bank decided to reject the application. In the table, we have gathered the most popular reasons and suggestions for solutions. 

It is not easy to get financial help from a bank, so use the alternatives available. What instead of credit? Certainly, a non-bank loan will be a good solution, because it is granted on simplified terms. Additionally, repaying it on time, you will improve your credit history and you will be more likely to get a loan from a bank.