If you need money at short notice that you want to be able to repay soon, an Fast loan or short credit is the right form of financing for you. The money is available to them within a short time and you can use it to quickly bridge current financial emergencies.
What is an Fast loan?
An express loan is a financial product in which the money is paid out very quickly. This form of credit is primarily offered by direct and online banks. The lending process is highly standardized. So if you meet certain requirements, you will get the loan. It is important that you submit all documents. In the case of a loan, this is the proof of salary, the signed loan agreement and Credit bureau information. The latter is usually always requested from customers in Germany. However, many credit institutions ask these themselves at Credit bureau.
The main features of express loans
- Express loans are usually only given online.
- Direct banks can also be reached on Sundays and public holidays.
- The loan is granted within a few hours when the documents are submitted in full.
- You can use an Fast loan for all purchases, there are no restrictions
What are the requirements?
The borrower must be at least 18 years old. An important requirement is a regular receipt of salary. This can be wages, a pension or income from self-employment. You must, of course, prove this with the appropriate evidence. The providers often ask for a certain mini income (for example Cream Bank 600 USD or Best Bank 700 USD). Evidence of the past two to three months is usually necessary. Pensioners submit the relevant pension notices, self-employed persons a so-called business evaluation (BWA). Banks from Germany always ask for Credit bureau information. There are also offers for an Fast loan without Credit bureau, but these are always providers from Switzerland or Liechtenstein.
Who offers express loans?
Before you sign a contract, it is worth comparing the various offers. The following providers are recommended:
Nice bank specializes in the granting of short-term loans. Nice bank grants a short-term loan that must be repaid within 30 days. Alternatively, you can choose a 60 day option.
Anyone who borrows money through this portal for the first time receives 500 USD. If he repays this amount on time, the next time up to three thousand USD are possible. Repayment of up to six monthly installments is possible for existing customers. Identification is required when lending. The easiest way is with Videoident. For this you need a webcam and Skype. You communicate with one of the Nice bank employees and show him your documents. You will receive a PIN that you have to enter and the identification is done and you will receive your money. Another option is the classic post-identification procedure, in which you identify yourself to a postal official. Identification is of course only necessary when borrowing for the first time.
When all the documents have been received by Nice bank, you will often receive the money in your account within 30 minutes. However, you have to choose the express option.
At Cream Bank you get all banking services, including an Fast loan, which the bank calls “direct money”. Borrowing is possible for smaller amounts between 100 and 3000 USD. The money can be repaid in a minimum of two and a maximum of six installments. A quick video identification is also possible with the Cream Bank when applying for an Fast loan. You will receive the money the same day if you use the express transfer. The documents must be at the bank by 1 p.m., then the money will be transferred the same day. This service costs only 25 USD extra. –
Best Bank is also a provider that specializes in mini loans with a very short term. The maximum loan amount is 600 USD and the term is either 15 or 30 days. The Fast loan can also be approved within 24 hours. The normal processing time is 3 days. If you need an Fast loan, choose a preferred processing that costs 35 USD extra. The money is transferred today for an extra 19 USD. If you want to know whether you can get a small loan at all, choose the direct decision option for 19 USD. If you are a new customer, you can get all the options for 39 USD and save.
Fast loan with immediate payment
The prerequisite for a lightning credit with immediate payment is that all documents are available to the provider. If, for example, proof of earnings is missing or the loan application has not been signed, an immediate payment is not possible because you must first submit the documents. With some providers, the immediate payment is included in the service, with others it costs an additional few USD. The immediate payout does not always depend on the bank, but often also on your bank. This must also process the payment immediately if the money is immediately available to you.
Advantages and disadvantages of Fast loan
- Fast payout
- Manageable rates
- An Fast loan is very flexible. You can often choose between different terms and repayment modes
- Often only small loans possible
- The terms are often very short
- The express service costs an additional processing fee
- The interest is higher than with a normal loan
An Fast loan has the advantage that you can have money immediately. Since the application is processed online, no long administrative procedures are necessary. Since these are often very short-term loans, you must have sufficient reserves to be able to repay the money immediately. If this is not the case, it makes more sense to switch to another credit option.