An express loan is there to quickly and easily get to a certain amount of money. You can conveniently apply for an express loan online, so you do not have to go to the bank. Within a few hours, the amount can already be in the account, but you also have to use the express transfer. The loan applications are examined individually and approved accordingly.
What is the Express Credit for?
Most people do not care about what you need, most people need an Express Loan to settle outstanding bills or buy special gifts for Christmas. Often, unexpected repairs are the reason for an express loan. For many people, the car is an important part of everyday life that can not be dispensed with.
Express credit is an innovative financial product that is readily available. Online and direct banks usually have lucrative offers because they have lower staff costs. In addition, the terms are flexible and free special repayment options are often offered.
A credit inquiry is free of charge with each offerer and without obligation. The data are handled with confidence and never misused.
Which requirements have to be considered?
You will always be kept informed about the project and the processing progress. Many direct and online banks are available around the clock, 7 days a week. Many providers have a free hotline which informs you comprehensively. For an express loan you have to be at least 18 years old and prove a permanent employment. Many providers also expect a faultless credit bureau information.
Furthermore, the main residence of the applicant must be in Germany. The lender usually also wants documents such as salary statements for the past few months, for self-employed persons these are the business evaluations. Often also account statements are requested.
Before signing an express credit agreement, ask yourself the following questions: Can I pay off the loan amount without any problems over the following term? What amount can I repay in a month without a financial burden? It is also important that you examine the offers carefully and also included the expenses and fees. The price-performance ratio is very important for an express loan.
Depending on the provider, the loan amount can vary from 3,000 to 250,000. More and more people have a financial shortage over a short-term period they have to compensate. Many people often mention that the euro is to blame.
An express loan can be the salvation in such an awkward situation. It is important that you thoroughly read the terms and conditions before signing the contract, some vendors there are falling in the one expensive.
The income must fit
A basic requirement for the granting of an express loan is a regular receipt of money, if you can not show this to the provider, you get problems or decreases the chance that it comes to a payment of the amount.
Of course, the interest rate also plays a crucial role. This is also different from provider to provider. One should definitely not risk a quick shot and check the offers of the banks thoroughly, maybe you have in the circle of acquaintances a person who knows it, a look over the documents of a professional can never hurt fundamentally. This avoids unnecessary costs.
5 tips on express credit
1. Have all documents ready
If you want to make an express loan, you have to act fast. Some withdrawals are made in just 30 minutes. Therefore, all necessary documents should already be available. In any case, these are scans, because usually these are uploaded to the server of the respective provider and checked there directly.
The essential documents include a permanent employment contract, a certificate of earnings and bank statements showing that the money has been credited to the account. In addition, a copy of the valid identity card or passport must not be missing, because only then can a legitimacy be made.
2. Pay attention to transfer costs
An express loan is fast, but can also be expensive. The faster the transfer is made, the higher the transfer fee usually will be. Some providers calculate for this up to 45 euros. These either flow into the loan amount or are deducted in a separate invoice.
In any case, you should read all the information in advance. There are also providers who charge up to 200 euros for the express loan together with the transfer fee and the corresponding processing costs. Especially with smaller sums, these amounts clearly affect interest rates, which can make the loan more expensive.
3. Determine the loan amount
The choice of the loan amount for an express loan must be well taken. It is clear that there are very large amounts over 25,000 euros only very rarely with this form of credit. This requires a very good credit rating or sufficient collateral. Also, the sum should not be set too high, because especially with fast loans is not always checked so carefully, if the sum is quite moderate.
For example, if you only need 5,000 euros and otherwise have a good credit rating, you may also have a smaller entry in the credit bureau, as long as the score is within a certain range. Therefore, you should think about the amount of the loan in advance.
4. Pay attention to the duration and interest
An express loan is paid out quickly, but this does not mean that the term is relatively short. This can extend over several years, depending on the amount of the loan. Therefore, interest rates should be considered first. Here it can be recommended to compare many different providers or persistently negotiate with Getbank for better terms.
Also at the term you should not get involved in too much and too little. This depends solely on your own liquidity. The more money can be paid in the month, the shorter the term and the lower the total interest.
5. Beware of “fast money”
Even with an express loan is not all that glitters gold, because many try with such an offer to take advantage of the customer. For example, very high interest rates are required, as the fast payout represents a higher risk. Should a prospective customer encounter such statements, he can confidently dismiss them as false.
It is up to the bank to determine exactly how the creditworthiness of the customer is scrutinized. There is no higher risk in any case. Offers that promise express loans without credit bureau, bad credit or even without income, can be safely ignored, because such offers do not exist.
In addition, there should always be a critical look at the overhead costs, as some take advantage of the customer’s situation to quickly break money and charge high fees and interest rates.
The washing machine is broken, the car repair was more expensive than expected, for the summer vacation is too little money available and urgent bills have to be paid within the next few days. If the necessary small change is missing, the consumer can take out a loan. If you urgently need money, you benefit from the so-called express loan. Whether savings banks, bank branches or online banks – today there is hardly any bank that offers no express credit.
What is an express credit?
If the consumer needs money, he can overdraw his account and claim the discretionary credit. This is a loan that is also defined in the law. However, the overdraft facility – compared to all other financing – is the most expensive loan that the consumer can absorb. An alternative is the express loan. At the same time, consumers benefit from fast processing. However, that does not mean that the money is immediately in the account. Sometimes one or two days may pass; Only a few banks offer a payment on the same day – ie within 24 hours.
So, if the consumer needs the sum requested on the same day, he must contact the lender in advance to ask if he will receive the money directly after the loan approval, or sometimes has to wait a few days.
Finally, the express loans are the processing time – so it comes only to the immediate acceptance or rejection of the loan application. Only a few banks offer an immediate payout. Especially fast are online banks. These are, as many tests show, much faster than savings banks or bank branches.
If the consumer chooses an express loan, he will – at least as a rule – fill out the loan application online and subsequently forward it to the respective credit provider.
Of course, this process also has a few advantages:
The applicant does not have to leave the house, can submit the application at any time and the bank has less consultation effort. The credit application must provide several information about the applicant – such as the type of employment, the amount of income and the duration of employment. The applicant must of course provide the information; subsequently, the employment contract and proofs of income must be scanned and attached to the application.
Many borrowers usually seek credit bureau information – this information will ultimately determine whether the application is rejected or not. Many online banks also offer debt-free loans. But the “waiver” costs the applicant money – the interest rates are significantly higher.
The application will be processed immediately. The applicant will immediately receive information as to whether or not the loan application will be granted. The first feedback may already be available after 4 hours. It should be noted, however, that the commitment is based on the submitted data – if the bank solicits a credit bureau information and comes to the conclusion of a closer examination to the conclusion that the applicant is not eligible for credit, the loan application is subsequently rejected.
It sometimes takes a few hours for the bank to submit the loan agreement. The documents must be signed and returned. Ideally, the money will be transferred the same day.
Usually, however, the creditors have to be patient for two to four days – sometimes it can take a week for the requested amount to be on the account. However, there are banks that transfer the money on the same day or by “lightning transfer” work, so that the money is available immediately.
Consumers should conduct a credit comparison
Consumers will find relatively quickly that there are many banks that offer so-called express loans with immediate payment. For this reason, it is important that a comparison is made in advance. Many consumers focus on the interest rate and the monthly installments. But in the end, the effective annual interest rate and the overall burden are crucial. When comparing online banks should be considered!
The express loan is a real alternative to the discretionary credit. Consumers who need money relatively quickly should therefore apply for an express credit. Before the loan agreement is signed, a comparison must be made!
In the case of private express loans, a detailed credit check may be waived. At least here is not the credit bureau queried. Instead, collateral or a guarantee for the loan can be demanded.