What exactly is an express loan with immediate payment?
In the case of a normal installment loan, banks usually reserve extensive checks on the applicant’s creditworthiness, which can extend over several weeks. Among other things, this includes querying the data stored at private credit and requesting pay slips. Also, the review of collateral is part of the normal procedure before lending.
An instant loan express loan is basically a standard installment loan with a fixed installment and a pre-agreed term. The interest rates do not differ significantly from those of a installment loan. The biggest difference is that the bank is committed to speeding up your application. For this purpose, it makes use of the electronic means and enables the submission of documents by e-mail. An obligatory identity verification for the bank can also be done online.
The period from application to loan disbursement usually ranges from a few days to about a week for an express loan. Some providers also advertise with a transfer within 24 hours or the same working day. This short period of time is used by the bank to query your private creditscore and any negative features, but is not sufficient for a thorough review of all information.
The sums are usually heavily capped in an express loan. Since the bank exposes itself to an increased risk with the quick check, only smaller amounts than with a normal installment loan are paid out. These vary from a few hundred to several thousand euros, depending on the bank. The maximum loan amount also depends heavily on whether you want an express loan with immediate payment without private credit.
Reasons for an express loan
You get into a situation where you need more credit than you can think. For example, it could be an unforeseen defect in the car that forces you to buy a new car, or the long-awaited vacation offer for which you currently have no money left over. All situations in which it arrives on every single day count towards the area of application of the express credit.
However, the express credit is rarely tied to a specific purpose. Of course, you can also replace old debts with excessive interest rates or a busy credit line. However, mentioning the intended use may in some cases lead to better interest rates.
Apply for an express loan
The express credit is usually requested online or by telephone. Required documents are then either sent by post or sent by e-mail. Especially with an express loan with immediate payment, the latter variant is preferably used to eliminate all possibilities for external delays. All you have to do is fill out a form with your personal details and your income and expenses, and your credit will be checked by the bank.
Typically, credit checks on an express loan are based on set criteria that are set internally by the bank. This allows a very quick decision on the approval of the application, which is usually communicated to you within minutes. However, this standardized procedure excludes certain categories of persons from applying for an express credit.
Which conditions must be met?
As a general requirement, you will need to specify a residence in Germany for German banks and need a German account for the payment.
In addition, in most cases, an express loan requires a regular income from employment as an employee at a level determined by the bank. Additional income from freelance or self-employment can be considered positively, but not enough for a positive credit decision. Your own income can not be considered as security, because this can suddenly fail.
If you can not meet the required conditions yourself, the registration of a second borrower offers an alternative. For example, if your income is below the limit, you have the option to name a person who meets this criterion.
Requirements for payment within 24 hours
First of all, you should know that your identification is not carried out by Postident when applying for an express loan. You are identified by Video Ident as the person you impersonate. You’ll need a stable Internet connection, your ID card, a front-facing phone or a computer with a webcam and video calling software.
Furthermore, you need immediate access to your bank account, as banks usually require a current bank statement. In addition, depending on the bank, one to three payslips are required. If you can meet all of these requirements, you can receive an immediate payment loan, provided the bank supports this service.
What costs are incurred by an express credit?
Basically, the cost of the express loan is limited to the interest rate specified in the loan agreement. In the annual percentage rate, any incidental costs have to be taken into account so that you can compare several loans based on this interest rate. The collection of processing fees for personal loans is no longer allowed for some time.
Additional costs may arise through the use of special services. One of the more frequently chosen additional services on the part of the bank is a RSV, ie a residual debt insurance or installment insurance. It jumps in case of unemployment, incapacity for work or death and pays the installments for you. The insurance contribution is set off on the express loan and conveniently settled with the monthly installments.
Possible additional services of the bank around the express credit
You may make an unscheduled loan repayment on your part at any time, but this may be charged. The lender is entitled to claim 0.5% or 1% of the unscheduled amount as compensation. However, some lenders release a certain amount or even the entire amount.
Some banks offer the possibility of a grace-free start-up phase. This means that the first installment does not have to be paid directly the following month, but only after two or three months. This gives you a little air around your financial shortage. The interest for this period, however, accrue as usual and are added to the loan amount.
Is there an express loan without private credit with immediate payment?
An express loan can be applied for up to a point without private credit. Here, however, two variants must be distinguished:
- Express credit without private credit with immediate payment
- Express credit with immediate payment despite private credit
Express credit with immediate payment despite private credit
In this form, your private credit is queried as usual, and then to make a decision based on the available data. The statement “despite private credit” states that you can still get a loan with slight negative features, which is then also registered as usual in the private credit. Serious features such as arrest warrants, unpaid foreclosures or sworn statements, however, are guaranteed to result in cancellation.
Express credit without private credit with immediate payment
This variant, however, means that your private credit data is indeed queried, but the express credit is not registered. Some lenders offer this option, but many institutions do not. Especially foreign credit institutions rely on this method because they do not cooperate anyway with the private credit based in Germany.
Express credit providers in comparison
The provider Financialor offers a maximum loan amount of 5,000 EUR, with new customers receiving a maximum of 500 EUR. The terms can be chosen between 7 and 180 days. About slight entries in the private credit sees the provider and an express credit withdrawal on the same day is also offered.
With Creditapore you can receive up to 600 EUR as first customer, afterwards up to 1500 Euro. An optional express payment within 24 hours is offered. The amount can either be repaid in one piece after 30 days or in two installments. A good credit rating is required, which means that you will not receive an express credit here if you have negative entries in your private credit.
The provider Moneypresso offers an FastCrediter, which behaves more like a Scheduled Loan. The amount can be varied up to 1,500 EUR and will be repaid in monthly installments of at least 3% of the outstanding balance. Access is possible directly after registration, provided the exam is positive. If you have negative features, you can expect a cancellation at Moneypresso.
At Zaloan, you receive sums of up to € 600, which you can repay after 15 days, 30 days or in two monthly installments of 30 days each. An express payment can be booked optionally. A private credit entry is not a fundamental obstacle as each application is assessed separately.
Creditend has launched Crediter to enable even faster credit decisions and payouts. This works within a few minutes as the decision is taken fully automatically. This express loan offers a particularly large cash reserve with a sum of between 1,000 and 5,000 euros and can be repaid in up to 36 monthly installments. Negative private credit features are not a big problem here.
The couch credit of Intrasavings bank is also an extremely fast available cash reserve. With a sum between 1000 EUR and 5,000 EUR and maturities between 12 and 60 months, he is the ordinary installment credit in little thing, but can be paid immediately. However, the provider does not make general statements on the impact of existing private credit entries.
At Creditclick, sums of up to EUR 5,000 are also possible. The loan is requested through a special app and can be repaid in up to 72 monthly installments. This express credit is characterized by the particularly clear app, about which everything is handled quickly and easily.
The Hypercredit offers with the direct money a small cash reserve between 100 and 3000 euros. This amount is not limited to new customers and you can then repay it in two to six installments. An express option for immediate withdrawal also exists and can be booked. Unfortunately, negative private credit entries will unfortunately bring you a cancellation.
The express credit is clearly on the rise. Digital communication with banks is taking ever larger parts of this business and setting new standards. This applies not only to the speed but also to the flexibility of the banks. The fact is that an express loan with immediate payment today can already be concluded on similar terms as a normal installment loan. The times of fast but expensive money seem to be coming to an end. Take advantage of this opportunity and apply for your express loan with one of the mentioned providers!