Categories
Uncategorized

Quick loan comparison – also for the unemployed and self-employed

When you apply for a conventional installment loan from the house bank, you often have to prepare for a lengthy application process. It can take many days for the terms to be negotiated and all the necessary documents to be submitted and evaluated. Remedies are supposed to create quick loans, which promise a quick settlement and payment of the loan amount, so that you can borrow money quickly. But a quick transfer is not a matter of course, so we will show you what to look for in a quick loan.

What is a quick loan?

What is a quick loan?

Since the term rapid credit is not clearly defined, some distinctions can be made here or the interpretation may vary depending on the provider. First of all, a quick loan can be a simple small loan that is repaid in installments. This involves loan amounts between 1000 and 10,000 USD with terms between 12 and 36 months. A quick loan can also be a mini loan that is used to bridge the gap until the next salary receipt.

A major difference is whether it is just a quick loan with an immediate approval or whether an immediate payment is guaranteed. With an immediate acceptance, you will only receive a positive decision about your loan application within a few minutes by email. However, this does not mean that the instant loan will be paid out immediately.

Quick loan in the form of a small loan

Quick loan in the form of a small loan

If a quick loan is a simple small loan on installments, the provider must have some technical requirements so that it is also a loan with immediate payment.

  • Applications can be filled in completely online
  • Identification using videoident
  • Document upload or digital account analysis
  • The loan agreement is signed with a qualified electronic signature (QES)

Apart from the way it is processed, such a quick loan hardly differs from an ordinary installment loan. Only the digitization of the application processes speeds up the processing considerably, which means that you get the loan paid out within a few days. Most of the time, it only depends on the duration of the transfer until you get the money. The loan application is processed within one day. But which bank gives a quick loan with immediate payout? In the meantime, for example, SWK Bank, Credit Plus Bank or Postbank offer a completely digital contract.

So first you should choose a provider where you can fill out the loan application completely online. Once you have done this, the information on your income and expenses is checked and a query is made to Credit bureau.These processes are largely automated, which is why you will find out within a few minutes whether you are eligible for the desired loan. This is the first step in getting an instant loan with instant disbursement. Initially, however, this is an immediate commitment.

Use Videoident for quick loans

Many providers still use the Postident procedure, which you use to send the loan agreement and the additional documents to the bank. This confirms your person in a post office by comparing your ID card. However, it then takes a while for the documents to arrive at the provider and have been processed. In any case, therefore, use the Videoident procedure, if it is offered. More and more providers are offering it as an alternative to Postident, which enables a much faster verification of your person.

To use Videoident you only need your smartphone or a PC with camera and microphone and a stable internet connection. Using software for video telephony, you will then be connected to an employee who will compare the information in the loan application with you. Have your valid identity card ready. You must hold this clearly visible in the camera.

Quick credit: signature and bank statement in digital form

Quick credit: signature and bank statement in digital form

Of course, you don’t just have to confirm your personal data. In your loan application, you provided information about your income and expenses. These are usually sent to the bank in the form of bank statements or payslips from the past three months. But you can also avoid this step with a quick loan with immediate payment, thanks to technical aids.

So that your quick loan can be paid out immediately, the provider needs a receipt for your details in digital form. On the one hand, you can easily upload your documents. Scan all the necessary documents before submitting the application so that a smooth process can be guaranteed. However, there is also the option of creating a digital account statement via an interface to your online banking. You have to log in once with your login data, which gives the provider access to your account statements. In this way, the information regarding your income and expenses can be checked within a few minutes.

Finally, the contract for your quick loan must be signed. Otherwise this is not legally valid. This happens at the end of the videoident process. After all other details have been confirmed, you will receive, for example, a transaction number by SMS, which you then enter in turn in the software for video telephony. By doing this, you sign the contract with a qualified electronic signature (QES), also called eSign. Such signatures have been valid across Europe since 2016 and are legally on the same level as handwritten documents.

When is a fast loan paid out?

Depending on which technical aids are used when applying for the quick loan, the time until the payout varies. If it is just a quick loan with immediate approval, it can take up to 10 working days until the money is in your account. This is because you have to send the documents by post and then they can only be processed after they have arrived.

If you have applied for a quick loan completely online and submitted all documents digitally, the payout will be significantly faster. Until you have the money in your account, it is actually only a matter of the usual transfer time. In this case, you should receive the quick loan after three working days at the latest. But keep in mind that online banks have regular business hours. Therefore, please submit the loan application in the morning if possible so that it can be processed on the same day, otherwise the whole thing will be delayed until the next working day.

Get a quick loan today

Get a quick loan today

The providers of so-called mini loans promise the fastest processing of a quick loan. These loans are intended to be used until the next salary payment. Accordingly, there are only smaller loan amounts of at most 1500 USD and very short terms of 15 or 30 days. For such a loan, you need to contact a specialist provider, such as Cashper, Vexcash or Xpresscredit.

In order for you to receive this instant credit within 24 hours, you have to pay additional fees. Express options and lightning transfers are only offered as additional services, while these are part of the standard service for small loans with immediate payouts. If you do not select such an express option, it will take up to 10 working days before you have the mini credit in your account.

With the small amounts that are paid out with a mini loan, the fees for a lightning transfer are significant. If the quick loan is really needed quickly, an installment loan with immediate disbursement is definitely recommended. With the mini loan, you only have the advantage that you do not have to commit yourself to a loan agreement in the long term. But you should also be able to pay off the loan amount completely after the short term.

How expensive is a quick loan?

How expensive is a quick loan?

With a small loan with immediate payment, you do not have to pay any additional fees. Just like with a normal installment loan, you only have to pay the interest extra. These are somewhat higher on average for a quick loan. The exact amount of interest also depends on your credit rating.

Extra costs for an immediate payment only apply to a mini loan. Depending on the provider, an express option can cost between 25 and 49 USD. In relation to the small amounts that are paid out, these costs are not insignificant. Interest rates are also somewhat higher with such a quick loan. Due to the short runtime, these are not particularly noticeable. For a quick loan with immediate disbursement, the variant in the form of an installment loan is more suitable, since you get the better conditions here.

Fast loan without Credit bureau – is that possible?

Without a Credit bureau, you will not receive a quick loan within Germany. Such a check of your creditworthiness is legally mandatory for the banks. With some providers you still have the opportunity to get a quick loan despite a negative Credit bureau. Especially with smaller loan amounts, the Credit bureau information is often not too important when evaluating your creditworthiness. In addition, the providers partly refrain from entering such loans into Credit bureau, so you will at least receive a Credit bureau-neutral quick loan.

Information about the quick loan without Credit bureau

To need a quick loan without Credit bureau is not a shame, with everyone can get into such a situation once. The big problem is the banks, because they still follow the principle that the people who need the money most are not given credit. This is understandable from the perspective of the banks, of course, since they have to keep the risk of loss as low as possible, but this is always a particularly bad message for people with a poor credit rating. For a quick loan without Credit bureau you need a regular income from a professional activity, which you have to prove to the bank.

You also need a payment history that has no gaps. Anyone who tries to cheat here will quickly notice that this makes no sense, since the banks obtain information from Credit bureau. Those who do poorly at Credit bureau generally have no chance of getting a loan. A negative entry at Credit bureau can result from a broken mobile phone contract. There are credit institutions that grant quick loans without Credit bureau, but these mostly only apply to the self-employed, housewives or people with a negative credit rating.

The providers of quick loans without Credit bureau are usually located in other European countries, such as Liechtenstein. The Credit bureau, however, is a German institution. The quick loans without Credit bureau are processed through an intermediary. The best way to contact such a broker is via the Internet. The decision to refuse or approve the loan is taken quickly. That is why you have to carefully examine the products beforehand. This includes studying the terms of the contract and entering your personal data carefully, truthfully and conscientiously.

If you have already compiled your documents beforehand, you can save some time. Loan rates are still a great way to make money today. That is why borrowers are still very much sought after today. This applies not only to the simple, but also to the difficult cases. If you want to apply for a quick loan without Credit bureau, you should be aware that such a loan is not cheap. The simple principle applies here: the greater the default risk, the higher the interest. However, you can work on the creditworthiness of quick loans without Credit bureau if you provide additional collateral. This gives you lower interest rates. Applicants can take out additional guarantee insurance or credit default insurance. It is also possible to name a solvent citizen. You can find all information about reputable providers who grant quick loans without Credit bureau.

Rapid loan with instant payment

Rapid loan with instant payment

When you’re not fluent, the worst things usually happen. The TV breaks, the washing machine in the spirit or other terrible things happen. However, it can also happen that you just want to treat yourself to a short vacation. For this you need a small 4-digit amount. But this is no reason to despair, because a quick loan with immediate payment is no longer a problem these days. This loan is quick and easy to apply for and the money is already available in the checking account within a few hours. However, this only if the required documents are available in full.

The advantage of a quick loan with immediate payment

  • From a loan amount of 50 USD
  • either long or short terms
  • Immediate decision after applying for a loan
  • Credit in the account within 4 hours
  • Application completed in a few minutes

The quick loan with immediate payment as an alternative to the expensive overdraft facility Many people simply overdraw their checking accounts when there is an acute need for money. However, this is certainly not the best method. With an overdraft loan there are enormously high interest rates, over which one can easily lose the overview. That is why it is better to use a quick loan with immediate payment. The quick loan with immediate payment is perfect for smaller purchases and for rescheduling an expensive overdraft. In addition, this loan can be used to easily close short-term financing gaps.

In comparison to the quick loan from the house bank, the quick loan with instant payment benefits from particularly unbureaucratic processing, fast processes and particularly good conditions. The interest rate also depends on the creditworthiness of the quick loan, but a small quick loan in the lower 4-digit range also represents a low risk of loss for the lender. Therefore, quick loans with immediate disbursement are generally available at relatively favorable terms. We work with all relevant financial partners and offer you information on the most important loan programs that exist on the market. You also benefit from a huge range of products and the opportunity to find the right quick loan with instant payment for your needs.

Quick loan from private individuals

Quick loan from private individuals

The quick loan from private individuals, also called personal loans, is not issued by a bank, but primarily by one or more private individuals. A credit marketplace such as auxmoney helps with the brokerage. This credit marketplace mediates between the borrower and the lender. This also benefits people who have only moderate credit or creditworthiness. A moderate credit rating can be a fluctuating revenue situation, for example. The online credit marketplace not only supports searches, but also processing. This makes applying for and paying out a so-called quick loan from person to person just as easy as using a normal bank loan.

Of course, private investors also benefit from such a snail. An investment in one of the private loans has a very good return prospect, which is significantly better than with some other form of investment. Both sides benefit from the quick loan from private individuals, i.e. financiers and borrowers. The private quick loan is often also given to traders and the self-employed. In this situation this is called a quick loan for the self-employed from private. A bank loan is usually rejected for these people if there is a fluctuating income situation. However, this is only a minor obstacle. In the beginning, this form of financing was mainly used by private individuals. Hence the name Schnellkredit comes from private to private. In principle, anyone wishing to quickly accept such a loan from a private person only has to meet the usual requirements. These are almost identical to the requirements of a commercial bank.

  • Legal Age: The borrower must be at least 18 years old.
  • No negative Credit bureau entries: Negative features can include, for example, the inclusion of the credit card due to misuse, attachment of wages or an arrest warrant. Delayed payment of invoices does not necessarily count because a judicial dunning procedure must first be initiated.
  • Creditworthiness: The credit rating classes A to H ensure that you receive a quick loan from private.
  • Monthly income of at least 1000 USD net
  • permanent employment
  • Resident in Germany
  • Account in Germany

If you would like to know your creditworthiness, you can ask Credit bureau for this once a year.

Quick credit for self-employed

Quick credit for self-employed

At the moment it is extremely difficult for self-employed people to get a quick loan. This is especially true when a new company has just started or if the company has not been around for long. In these cases, you only get a quick loan from your house bank in very few cases. Nevertheless, there are some providers on the Internet that offer quick loans for the self-employed.

What you have to consider

What you have to consider

Self-employed and freelancers without collateral and proof of income with unpredictable income in fluctuating amounts are usually rejected by the credit institutions. A negative Credit bureau entry can also result in the application being rejected. Here the credit institutions operate just as strictly as with applicants in dependent employment. The most common reasons why a self-employed loan is rejected:

  • the independence is less than 3 years
  • the self-employed do not have enough security
  • the overdraft facility is used continuously
  • the income is too low

Basically, it is now advised not to take out a quick loan until you have been self-employed for at least 3 years, since the figures generated in this period are meaningful enough for many banks to make a positive credit decision. Only a few months or one or two years ago, only very few credit institutions can guarantee a quick loan. So that you have a permanent chance of getting a quick loan, you should hand in some important documents when applying for a loan. These include:

  • Income statement
  • Revenue and surplus account
  • Proof of income tax
  • current bank statements

Most credit institutions require at least the bank statements of the past 12 months. There are also some cases in which the bank statements of the last 2 to 3 years before the application are required. The bank is usually not satisfied without proof of income. Of course, the credit institution first checked the accuracy of the information on the basis of the submitted documents and then carries out a rating, which creates a score that ultimately decides whether to cancel or accept the quick loan. The interest rate is also determined based on the score. The following applies here: the worse the score, the higher the interest.

How quickly can a loan be paid out?

The payment of a loan depends on many factors. There are several processes from application to loan. In addition to certain factors that you can influence yourself, it also depends on the internal work process at the lending bank. For example, the issue of an online loan differs from a loan that you take out in the bank branch, especially in the process. We have created an overview of how quickly a payment can be made from various online providers and what you should pay attention to so that it also works with the fast loan payment.

The fully digital loan

The fully digital loan

Online loans are becoming increasingly popular. One of the reasons for this is that these can be easily processed and processed. Thanks to fully digital credit transactions that can be carried out in just a few minutes, it is now possible to obtain a loan within 24 hours .

What are the advantages of fully digital on-line loans?

  • You save yourself the trip to the nearest bank or post office
  • The loan payment is much faster. It is possible to get the loan within 24 hours. As a rule, the payment duration is 1 – 3 working days,
  • There is no paperwork. With a digital account analysis, you don’t even have to look up your pay slips

Withdrawal period from online loan providers

Withdrawal period from online loan providers

In the following list you will find providers who offer a fully digital loan with immediate payment. You will also find information on the payment duration if the credit decision was positive. The values ​​refer in part to the information provided by the providers and to the experience of consumers. With mini loans, payment can be made within one day with an additional charge. You can see the exact cost by clicking on the provider.

Create the conditions for quick processing and payment

Create the conditions for quick processing and payment

At the beginning of each loan payment is the loan application that you have to fill out. Therefore, requirements are placed on you so that it works with a quick payout. Here are a few tips to help you make an instant withdrawal:

  • Fill out the loan application truthfully and completely
  • Make the loan application in the morning. This means that the loan can be paid out on the same day
  • Check your internet connection and your smartphone or webcam for functionality so that the video identification process can be carried out without any problems
  • Have documents ready that may be required for lending (e.g. identity card)

Immediate acceptance is not an immediate payment

Immediate acceptance is not an immediate payment

Many providers advertise with a loan with immediate approval and suggest a quick payment. However, an immediate approval has nothing to do with an immediate payment at first. It only provides information about whether you can get a loan. If you are looking for a loan with a fast payout, we recommend that you refer to the information in the table above or call up our credit comparison with immediate payout.

What are social loans and how to apply for them?

People who need financial support have a wide range of choices. In addition to a bank loan, short-term payday loans or installment loans from non-bank companies are also available. However, social loans, which are an alternative to traditional financial products, are becoming more and more popular. What is this form of financing and how to use it?

Social loans – what is it?

Social loans - what is it?

Social loans, i.e. social lending, are not new to the market, but they are not as popular as standard loans and payday loans. They constitute a form of financial support that is granted between individuals without the participation of a bank or loan company.

The loan agreement is concluded via dedicated internet platforms, where private investors submit their offers. They grant loans on specific terms, by themselves determining the amount and interest rate.

Who is social lending?

Social loans are a beneficial solution for both parties to the transaction. It is a safe way to invest capital and earn interest. Additionally, this form of loan can be used by people who cannot take advantage of traditional loans and credits due to their financial situation.

Although platforms intermediating in such offers verify the credit history of potential borrowers, the decision to withdraw money is up to the private investor. It is, therefore, a great solution for those in debt, as individual terms of cooperation can be negotiated. It is also a good alternative for companies that need a quick injection of extra cash and wants to avoid the formalities typical of bank loans.

What are social loans?

What are social loans?

The entire loan process is carried out through special platforms. One of the largest is the Mutual Loans Association, which acts as an intermediary in concluding transactions between investors and borrowers. Just register your account there to get access to current offers.

Users’ data are checked for reliability, which guarantees security for both parties to the transaction. Mutual loans are usually granted for 30 days, however, repayment terms can be negotiated or the payment deadline can be extended if necessary.

Loan ranking

Throughout the world, social loans are an important pillar of financial services. However, Poland is a country where traditional loans from non-bank companies are still more popular. By analyzing the current lenders ranking, you can find an offer tailored to your abilities and receive payday loans on attractive terms.

The non-bank market is characterized by high flexibility, so you will easily find a loan with a low-interest rate, extended repayment period and minimal formalities.

Mini loan – loan format on the one hand and a so-called small loan

Mini loan – financing for “small” needs

Mini loan - financing for "small" needs

There are more than enough triggers for the search for inexpensive financing, as many German consumers can report from their own. Home finance or car loans are just two models with a higher volume. But bank customers don’t always need large sums. Sometimes it’s just a matter of bridging short-term bottlenecks. It is important at this early stage to differentiate between the mini loan format on the one hand and a so-called small loan on the other. From the point of view of the lenders, small loans are mostly loans from a size of around 3,000 to 5,000 USD. Depending on the provider, such amounts are even the minimum. But there are increasingly special service providers who want to supply customers with lower demands.

The products of service providers such as Best Bank, Nice bank or Cream Bank – to name just three – usually have little in common with classic loans. And this fact does not only refer to the financial scope of the mini loans, but above all to the terms of the contracts.

Many providers give customers hope for very low interest rates for mini loans. As always, the information on interest rates should be treated with caution. Due to the short terms and small sums, details of flat-rate borrowing costs can hide the facts. Accurate interest rates are important to ensure comparability. Many mini-credit services tell consumers what their total costs will be over their entire useful life. This is also helpful when comparing loans. Last but not least, the financiers prove to be creative with the possible use and their target groups. In some cases, the mini loan for the unemployed is recommended as a small financial injection, in other cases the mini loan for trainees should be the ideal solution if the training salary arrives late on the account. A mini-loan can also be considered for the self-employed if customers too often exhaust the deadlines after invoicing. Many companies can be a sad song of such difficulties.

Are banks shortlisted for mini loans?

Are banks shortlisted for mini loans?

Depending on how providers define the term mini loan, the spectrum of micro and mini loans can also be assigned to various offers from banks. What is important here is simply the lower limit of the financing models. Furthermore, however, “real” mini-loans are generally characterized by the short-term orientation already mentioned. This means: While normal installment loans usually work with terms from 12 months and up to seven or sometimes ten years, even with relatively low loan amounts, the mini loan can also be called up with significantly shorter terms depending on the exact product details. In some cases, borrowers can borrow money for just a few weeks and sometimes a maximum of four weeks.

According to the latest mini loan test results and comparisons, the providers on the market are generally purely online services beyond the normal banking landscape. Few banks address customers with minimal capital requirements, even if there are exceptions. One of the few banks that deliberately uses the term mini-credit is the Best Bank from Bingen am Rhein – it grants loans from 2,500 USD and can thus just be assigned to this area. However, in this case the mini loan terms are atypical and are at least 24 months. There is, however, a real mini loan format from the banking environment. And that from Nice bank AG. There is the so-called “money emergency call” in the amount of 100 or 199 USD and with terms of 30 or 60 days. The converted annual interest rate for the loans is quite high in relation.

Compare interest rates and charges exactly

Compare interest rates and charges exactly

In principle, however, these products can hardly be compared with normal installment loans. Because if you look at the details of the mini loan providers, the short-term nature of the loans often results in effective interest rates of 70% and more per year. In the case of a long-term installment loan, one would speak of usury, but here it is the often standardized monthly fees for money lending that give rise to such values. If I call up USD 100 via a mini loan and pay USD 106 for redemption at the end of the month, borrowers should understand the total costs rather than the resulting annual effective interest rate as a comparative feature. The converted interest rates are usually somewhere in the area of ​​a overdraft facility or the credit card’s credit limit.

Too much effort, too little return for normal banks?

The reluctance of traditional banks has a good reason, of course. Branch banks in particular usually require higher minimum loan amounts; amounts far below USD 5,000 are simply not profitable. Here, the interest rates would usually have to be so high that the loan offers are no longer worthwhile for consumers with regard to the cost-benefit risk.

Important details about mini loans in the summary:

  • low loan amounts → depending on the operator between 50 and max. 3,000 USD
  • short terms from two weeks to one year
  • unbureaucratic inquiry check
  • partly available without credit check (only abroad)
  • quick payouts

The small amounts requested for an average mini loan – or the microcredit if it is actually only a few hundred USD – also offer applicants another advantage. The award by the service providers on the market is usually comparatively unbureaucratic and accordingly quick. This also applies to the lead time for the disbursement of funds. A number of platforms advertise with slogans such as “immediate payment” or “24-hour transfer”, and the operators of the credit websites also title their products in many cases as flash credit and quick credit. In the end, how quickly it really takes for funds to be credited to the target account depends on the involvement of the bank involved, in which accounts are kept. With online loans, the processing of transactions is proven to be faster and often on the same working day if the mini loan is applied for early in the day and the check fails in the interest of the customer.

Special case – mini loan without checking the loan agreement

Special case - mini loan without checking the loan agreement

The mini credit without Credit bureau often seems to be the only solution for money worries to pre-charged consumers. The mini-loans with immediate processing and very low loan amounts are demonstrably interesting if other options can only be found with a magnifying glass due to negative entries in the register of the Credit bureau and other credit agencies. But of course every loan has to be repaid. Even if there are good reasons for mini-loans such as the repair of a motor vehicle or an indispensable household appliance: if it is foreseeable that the requirements of the lenders regarding the repayment and the amount of the installment are simply not up to the task, financing from the professional side should be avoided. A bad credit rating does not always reflect the current situation. Sometimes it takes quite a long time for companies to have entry deletions for customers removed. If you know exactly that you can afford the repayment with a short term, there is nothing to be said against the mini loan without Credit bureau.

Mediation portals also issue mini loans

Mediation portals also issue mini loans

Another option with current Credit bureau debits can often also be the mini-loan from private, for example from the family or from friends or acquaintances. Even if a phrase says that friendship ends with money: Small amounts usually do not represent a serious burden for friendships, especially since the repayment of sums in the range of around 50 to 200 USD can usually be done relatively flexibly. Internet users can also apply for loans “from private to private” (P2P) via special brokerage portals. Fine Bank is one such provider. However, the minimum amounts for these platforms and banks are often in the clearly four-digit USD range, so that providers only deserve mention as alternative mini-loan variants. On the other hand, it should be mentioned that the specialized portals for innovative personal loans are of course also tied to certain conditions.

On the one hand, the creditworthiness check of German service providers is mandatory due to the applicable legal situation, on the other hand, foreign providers themselves often provide for an assessment of the applicant’s creditworthiness based on conscious decisions. In addition, interested parties must know that lending them (in the case of dubious services, perhaps even without successful approval and payment of the funds) can result in certain costs. In the case of a mini loan, for obvious reasons, these are quickly more serious than a normal consumer loan in the range of 5,000 USD.

Mini credit from the boss as another alternative

Mini credit from the boss as another alternative

If the credit requirement is not the result of a lack of payment behavior on the part of the employer, an advance payment from the boss in an emergency can also be a convenient and simple solution. Borrowers should be aware at all costs that prematurely paid salaries will be missing the following month. This is how a vicious cycle can arise. Therefore, mini loans, like any loan, should only be applied for after careful consideration. Preparations should always focus on the urgency of purchases. This is all the more true when it comes to a mini loan for Hartz4 recipients or the unemployed. If the professional situation is not expected to change soon, any financing poses a risk. In the worst case, applicants accept the final insolvency. If you want to use the mini-credit for the unemployed, for example, to finance the driver’s license required for a new job or appropriate clothing for the new job, you are in good hands here and can repay the money after starting work as agreed.

Lower entry hurdles for mini loans increase chances of being awarded

As already discussed above, there are one or two loans that are advertised as mini loans without Credit bureau. If this is the case, the operator is by no means a German bank or a credit institution. The domestic industry must fundamentally question the creditworthiness of its applicants, which happens primarily through the Credit bureau query. But: With a regular income – this can be German State Funding money, unemployment benefit I, Good credit lenders or salary from a mini job in cases of doubt when it comes to the small mini loan amounts – an imperfect credit rating is often accepted.