Quick payday loans – How to get started immediately
Sometimes you have no time in life and money is needed on the account right away. If the car or the washing machine goes on strike, the corresponding repairs are usually unavoidable. The costs can often not be easily borne and can make big holes in your finances. In such cases, you need money quickly and easily. How you accomplish this and what possibilities you have with you, we would like to bring to you in this article. For a brief overview, we have put together the most important questions on the subject at the end of the text.
Lending facts about fast money
If you want to borrow money quickly, there are several options. It should be clear to you that these are always loans. You have to repay the money within an agreed period and pay additional costs, such as interest. Only if you borrow money from your family or circle of friends, you may be able to refrain from paying interest.
Fast loans are nowadays mainly due to the Internet and technical innovations feasible. The progressive digitization of finance leads to ever faster credit decisions and faster processing of the application process. Commitments and commitments for loan applications run largely automated today. After a few minutes, you may find out if you are eligible for a loan.
In addition, the videoident process has now become established to verify your identity. In the past, however, the Postident procedure was common. You had to go to the nearest post office to confirm your person and then wait a few days until these documents have even arrived at the lender. With the Videoident you only need a PC with a camera or a smartphone. You will then be connected to a member of staff via a video telephony software such as Skype or similar. This compares with you together your specified data. Have a valid identity card or passport ready. This allows you to quickly legitimize yourself and your loan application can be processed quickly.
What options you have to quickly borrow money and which providers there are, you will learn in the following.
Small loan with immediate payment – Get immediate money
Unimaginable 10 years ago, today there are online loans up to about 7000 euros, which can be paid out within 24 hours. This is made possible by a fully automated application and processing process that is completely online. Small loans with immediate payment are currently still limited in their total amount and in most cases have a higher interest rate than “normal” installment loans. The advantage here is clearly the very fast availability and the low bureaucracy.
Mini loan / short-term loan – Get short term and fast money
A still relatively new product on the financial market is the mini loan. Here, small loan amounts of an average of 1500 € are awarded. How high the sums are exactly depends on the respective provider. Mini-credits are meant as a bridge to the next salary, which is also reflected in the very short maturities. These are usually at 30 days, occasionally also at 60 days.
Mini loans are usually applied for online. As a result, they are generally available very quickly. It only takes a few working days from the time of application until the payment. This processing time can be significantly reduced by booking express options. So you can still get money on the account today. But keep in mind that these additional services are always associated with additional costs and the credit can be very expensive.
Mini loans are also often not registered in the private credit. Without private credit examination in the application, these are not awarded. However, some offerers overlook weaker negative traits, so you can get a mini loan despite the bad private credit. However, the exact handling is always dependent on the respective provider.
Borrow money with private credit entry
If a loan is rejected by the house bank or an online loan provider, it is in many cases because the credit rating is insufficient. This is checked, inter alia, by a private credit query. Here it is determined how the payment behavior of the borrower is, whether he has already borrowed money and whether this was repaid regularly and without delay. Even unpaid bills are listed in the private credit. If, for example, you have not paid your telephone bill, you will receive a negative entry in the private credit. This entry alone can be enough so that you can not borrow money. Now there are vendors on the market who specialize in lending, even if you have a private credit entry. We show you where you can lend money with private credit entry. The loan without private credit also called Swiss credit, is the easiest way to borrow money, if you have a negative private credit entry.
Borrow money quickly with a credit line
For example, before taking out a mini-loan with an express option, you should check how much your checking account is. The discount rate tells you how much you can spend on your checking account. On average, the interest on out-of-pocket loans is around 10%. This will allow you to get money quickly through your house bank and not have to resort to very expensive express options, as with mini loans, to get a loan in no time.
If your checking account has regular paychecks and has been paid for a long time, chances are that your bank has given you a good discount. If there are better conditions with other banks, you can think about a change with a good private credit score. This means that you have a certain amount of credit at all times without having to submit additional applications if you need to lend money quickly.
Installment loans from credit intermediaries
You can also borrow money quickly through credit brokers. Although there are no express options such as mini loans, you benefit from the fact that even credit intermediaries accept your applications online. So it can sometimes take only a few working days to get a loan. Credit intermediaries cooperate with large and small banks. These are partly abroad, especially in Switzerland or Liechtenstein. As a result, private credit-neutral loans can also be offered to you. A credit broker estimates your credit rating on the basis of various characteristics and looks for a suitable loan for your situation from its partner banks or from a pool of private investors. These are, for example, small loans from 3000 euros disbursement. Through the network of cooperation partners, the credit intermediary can find a tailor-made offer for you, even if your credit rating is not the best.
Thanks to the possibility to complete the applications online, they can be processed quickly. If all the necessary documents are available, it takes 3-5 business days, depending on the provider, until it has been completely processed. Then it only depends on the usual transfer times until the credit is in your account. Which the best known credit brokers are, we want to show you briefly:
- Crediter, Maxcredit and Creditala are credit intermediaries that only offer loans from banks. Partial loan amounts of up to 250,000 euros are possible here. Collaborations with Swiss banks also make loans without private credit inclusion possible.
- At smava and auxmoney, you receive loans from private to private. In cooperation with a cooperation bank, these providers arrange loans financed by private individuals.
Borrow money by credit card
Another way to make unexpected payments is the credit card. Although you do not receive the money directly, you can settle a pending bill, for example. Many current accounts also have a credit card. Depending on the type of credit card you have different ways to repay the debt.
If you have a charge credit card, the charges are debited monthly from the linked checking account. Thus, you have a monthly credit line from your bank, which is not too expensive from the interest burden. With a revolving credit card, you have the option of repaying your debts in installments. This often does not happen through an automatic debit. You should therefore even think to pay off the credit card debt in order to avoid dunning fees. In addition, the rates of revolving credit cards sometimes attract very high interest rates.
Why can loans be paid out so quickly today?
Promotional promises like “still holding the credit today” or “instant cash on hand” used to be considered dubious, since lending often took up to several weeks. For this reason, even today, borrowers are very skeptical when using readily available loans. But there is no reason for that. The Internet and the fully digital processing of loans mean that you can borrow money very quickly. Therefore, reputable and well-known banks such as Creditplus Bank offer loans that are paid out in 1-2 business days. How this is possible we explain in the following:
As mentioned above, a fully digital loan to lenders must be possible. In order for a fully digital degree to be possible, some requirements must be met by the lending bank.
- Online application with document upload: In the online application, you enter your personal data such as name, address, employer, details of your income and other important data required for lending. Some of these data must be confirmed by documents such as a salary statement. These documents are transferred to the provider through the document upload.
- Identification through Video Identification: One of the things that slowed down lending earlier was the post-identification process. One has to identify himself with the documents and his identity card at the post office and then send the documents by post to the bank. This process usually takes up to 3 business days. As a result, it was not possible to borrow money quickly. A much simpler process is the video identification process. The identification takes place here directly after application by video telephony. You can easily identify yourself with your identity card. This procedure takes only 3-5 minutes
- The electronic signature: Through the fully digitalized signature, you can sign the loan agreement digitally. With this adjustment, the credit can now be completed completely online.
If these 3 things are given, a payout on the same day is possible. If you have chosen the right provider with immediate payment, there are a few things to keep in mind so that it really works with the fast money lending. We will inform you about this in the following section.
What do I have to keep in mind so that I can lend money quickly?
If it’s really quick to go with the loan application and withdrawal, then follow the tips below.
- Make an application to a provider with a fully digital loan. Only with these providers, a payout in a short time is possible.
- Make the application workdays and mornings. Even though the process is handled digitally, banks have opening hours at which a referral is made. Therefore, it is not possible to receive a loan payment at the weekend. You will receive a payout from Monday-Friday. If you would like to receive the money the same day, you should submit the application in the morning, otherwise the loan will probably be paid on the next working day
- Have important documents ready for the document upload: For the loan application in most cases, the account statements of the last 2-3 months, the last 3 salary statements and the identity card needed.
- Make sure that the technical requirements for the video identification procedure are met. To be able to identify yourself online, you need a smartphone with a camera or a PC or tablet with webcam and Internet connection. Unless these things are given, identification by video-id is not possible.
Stick to the above points, you should be able to get immediate money.
Borrow money without bank – alternatives to credit
In addition to a loan, there are various other ways that you can still borrow money today. The most popular and fastest options we would like to introduce to you below.
Borrow money from friends & family privately
For many, this is a very uncomfortable topic. Still, the easiest way is to borrow money immediately. In some situations it is more helpful to overcome one’s pride and ask a friend or family for a loan. In contrast to other forms of credit, the lowest costs for you should be incurred. So you can get a loan if you have been rejected by your bank or you simply do not want to take a regular loan.
Unlike other credit offers, acquaintances or family members can immediately transfer a loan at no extra cost or receive cash directly. In any case, make a contract in which you record the amount, the interest, and the duration. As a result, both sides know clearly what it is all about and disputes can be avoided. Especially when it comes to borrowing money, many friendships have already broken. Trade realistic terms and rates that you can definitely carry. So you can ensure that your friends and family get the money back reliably.
Fast money from the pawnshop
If you need money immediately, you can of course also go to a local pawnshop. A mortgage loan is sometimes the fastest way to get a loan. The loan amount depends on the loaned valuables. However, a mortgage loan is one of the most expensive loans ever. Sometimes not even 50% of the actual value of the object is borrowed and there are additional fees. The bureaucracy is reduced to a minimum, but a mortgage loan is not very recommendable. But who wants to get along with a loan without bank, can not get around a pawn shop or friends and family. The latter should be preferred.
What else you should consider
Many of the loan options presented in this guide are easily completed online and without much bureaucracy. This allows you to borrow money very easily and above all quickly. The low requirements and simple transactions, especially in mini loans, but can also quickly lead to ill-considered loans. Therefore, always conclude a loan only if you have checked in advance that you can repay it. In some cases, if you have financial problems, you may want to go to a debt counseling service instead of lending money immediately.
Often, fast money is associated with not inconsiderable costs, as the additional fees at mini loan providers show. Either this is noticeable through paid additional services or higher interest rates. In comparison, a classic installment loan actually has always better conditions. And as more and more providers offer a fully digital degree in this area too, you now also get small loans with immediate payment on very good terms.
Also note that there is a difference between instant promises and immediate payouts. These terms are very common in loan offers on the Internet. When an offer promises an instant pledge, it just means your application will be approved quickly. But then it does not necessarily come to an immediate payment of the loan amount. This option is only available to vendors that allow a full-dit loan.