Sometimes just a few hundred euros are missing to bridge a financial shortage. The money should be available quickly and easily. The reasons are many-sided, a hasty calculation which does not tolerate a delay any longer. With a payment in installment is in arrears, the mail-order company has already warned. A small loan would then be the optimal solution.

Is there a small express loan?

A loan of a few hundred euros is also referred to by banks as a small loan. A small loan, which is quickly applied for and where the credit check is not as comprehensive as a large loan amount, is then sought. Similarly, a small loan should also be quickly paid back. The Internet provides so-called small loans or microcredit ready to have a loan of 500-600 euros. New customers receive 500 euros, existing customers can look forward to 1,000 euros.

This form of credit is heavily advertised with easy and fast and without proof of income and account statements. It’s not that easy. If you look closer and read the fine print so the loan seeker will learn that a credit without credit rating and without credit check is not approved. Suppliers who apply for this type of loan, like all other lenders, also check their creditworthiness and private credit or Credit reform.

Creditreform is an information agency like the private credit. However, this credit agency mainly collects data from companies. A small express loan is fast provided. The process only takes a few minutes. The legally required identity procedure can be carried out at Swiss Post or online. New customers are provided 500 euros. The term is very short with 30 or 60 days, the loan must be repaid, including interest and utilities. The advertisement for the loan says, who has taken the loan once and correctly repaid her, then can receive 600 euros or 1,000 euros.

The loan application via digital formats

The loan application via digital formats

However, a small loan with a possible payment within 24 hours will only be possible if the customer identifies himself by express service or Verify-it. With Verify-it, the loan agreement can be quickly signed from home, as well as the legal identification is done.

With the Verify it system, the customer can save the printing of the contracts and thus the way to the post office. Thus, there is the possibility that a small express credit same day will be credited to the account. It is also possible to sign the loan agreement online. Thereafter, the loan agreement is immediately forwarded to the lender and the loan amount is directed immediately. Thus, the opportunity to receive immediate loan credit is always present.

If you carry out the Postident procedure at Swiss Post, you may have to wait up to 2 weeks before a credit decision is made. Even the quick identification must then ensure that the loan can be paid. If it comes to a credit default, a negative entry in the private credit will follow, which often makes normal borrowing impossible. The lender can then pass on the claim to a collection with unpleasant consequences.

If you take a close look at a small loan, you will find that this loan offer has its pitfalls. As a result, if you have to pay 500 euros in 30 days, you have to pay a rate of 500 euros plus interest. There are only 3-4 weeks left to pay off the loan. The customer should question whether a directly approved credit line is not the better option. With the credit line the customer has the sole decision when and how much he then repays.

As far as the level of interest rates is concerned, a small loan should be no less in line with the credit line. The dispozins are in the double digits.

The conditions

So that a small express loan really lives up to its name, the customer must first find a suitable provider. Because an urgent loan is nothing more than an installment loan, only with a faster processing and payment. If the customer makes an online application, they will normally have to perform the Postident procedure at the Post. Unless he finds a provider of the aforementioned process of digital formats offers. But many providers are not ready yet. Here the traditional postident procedure is still used.

The certificate of legitimacy of the client is then sent by post to the lender along with the credit records such as salary slips, bank statements and a copy of the employment contract. A small note: unlike the credit line, the microcredit has surprisingly low interest rates. So that the customer receives an urgent loan also the offerer must be found.

In search of such, it was found that the camibank, Katebank and Neofunding are such providers. The Katebank provides a small loan from 3,000 euros ready, the camibank a loan from 500 euros to 3,000 euros and Neofunding at the end with 500 euros.

So that the loan seeker actually receives these loans, he must have a faultless private credit without negative entries. A small credit without credit check is a private credit free credit. If you look at the interest rates on these loans, you will find an interest rate of 12% depending on the credit rating also significantly higher.

The income must be above the attachment exemption limit. A permanent job is a fixed requirement for these loans. The employment contract must last at least one year. It is assumed age of majority. The domicile and also the checking account must be in Germany. There are even providers who accept customers only from the age of 21 years. Likewise there will be an age limit upwards. The private creditfreien loans are fixed at 62 years (formerly 58 years).

A small loan at the branch bank

The customer can get a quick loan if he is looking for a branch bank near him. He arranges an appointment and asks immediately for which creditworthiness documents must be brought. These are in most cases pay slips, bank statements, the employment contract or pension notice, a small household bill and any loan collateral to be provided such as a property or life insurance.

The bank will ask the private credit if the customer is there. If this shows inconspicuous, then immediately the loan application with the customer is filled out and signed. The bank will examine the documents. The customer can then take his loan amount in cash or have it transferred to his account. A small express loan online can not be faster. However, there will be only small loans at the branch bank.

Summary

A small loan can therefore be taken at a branch bank on the spot. He beats the online loan by far. The reason is the missing mail. 
The quick loan from the aforementioned providers has the disadvantage that the loan amount must be repaid within 30 days. Not every borrower can pay for this high credit rate, including interest and additional costs. 
The Dispo also represents an urgent loan. It is applied for quickly, but it is very expensive. The customer must expect a double-digit interest rate.

With bad private credit, the private credit-free loans are available. But they are more expensive too. The customer can count on an interest rate of 11-12%, depending on the creditworthiness also significantly higher. For these loans, the loan process takes about a week.