Express loan – in a short time to the desired loan
The most important features for an express loan are fast disbursement and online application. Providers promise to pay out the online express loan on the same day of application if identity verification is done online and credit check documents are submitted online. However, experience shows that banks take different amounts of time to pay out.
Even if the provider makes the payment on the same day as the application, it is not guaranteed that you will actually receive the money on the same day.
It depends on what time you apply for your express loan. Another criterion is the speed of your bank. Use a comparison of providers, a rating from customers can help you find the right credit institution.
Tip
In most cases, the express loan is only granted for small amounts and with a short term. An express loan 500 euros is a microloan granted by various providers and often has a term of only 30 days.
Such an online express loan often has to be repaid in just one installment. Some providers make the quick payoff pay for itself with high interest rates or a surcharge.
It is helpful to consult a rating of customers who have already had experience with such an express loan. Such providers often have other additional services in the program, which they can be rewarded with a surcharge.
This can be a credit certificate in case of an unfavorable credit rating or an option for repayment in two or three installments.
Eyes on the express loan
Before applying for an Express Loan, take a hard look at the terms offered by different providers. Often such a loan is granted in a small amount as a microloan. With various providers, new customers can only apply for a certain amount, for example an express loan 500 euros.
If this Express Loan was repaid on time, the customer is considered an existing customer and can apply for his next Online Express Loan with a higher sum.
Attention!
The disadvantages of such microloans are the comparatively high interest rates, the term of often only one month and the repayment often only in one installment. These providers often make you pay extra for the express payoff.
Before you apply for an express loan there, you should consider whether it is cheaper to take advantage of the overdraft facility. However, this only works if you have not yet exhausted your overdraft facility, otherwise you will have to pay very high overdraft interest rates.
You can also apply for your express loan with a higher sum. It is then mostly a small loan with a loan amount of 1.000 Euro or more. The conditions are usually more favorable than for the microcredit. Interest rates can be lower. The term often extends over 12 months.
Repayment is made in equal monthly installments. You should make a comparison and pay attention to the rating of customers who already have experience with the express loan from the corresponding bank.
The comparison shows whether the interest for the online express loan is charged depending on the creditworthiness of the applicant or independent of creditworthiness and what interest you should expect for your express loan.
Beware of the express loan in 30 min despite credit history
If you have a negative entry in the Schufa, you do not have to do without an express loan. However, you should be careful with express credit in 30 min despite Schufa.
They are almost always dubious offers. Even though the bank can disburse the Express Loan 500 euros within half an hour, it is not yet in your checking account within that time.
The credit without Schufa query is another aspect that delays disbursement. Many providers for the credit without Schufa make a business out of the plight of unsuspecting credit seekers.
They don't make loans at all, but they charge high processing fees. If a loan is actually granted, the conditions are almost impossible to meet. The borrower gets further and further into debt. However, you can apply for an express loan without Schufa.
Various reputable intermediaries work with banks abroad, where different conditions apply than with German banks. A Schufa report is not obtained for such an online express loan.