Quick loan comparison – also for the unemployed and self-employed
When you apply for a conventional installment loan from the house bank, you often have to prepare for a lengthy application process. It can take many days for the terms to be negotiated and all the necessary documents to be submitted and evaluated. Remedies are supposed to create quick loans, which promise a quick settlement and payment of the loan amount, so that you can borrow money quickly. But a quick transfer is not a matter of course, so we will show you what to look for in a quick loan.
What is a quick loan?
Since the term rapid credit is not clearly defined, some distinctions can be made here or the interpretation may vary depending on the provider. First of all, a quick loan can be a simple small loan that is repaid in installments. This involves loan amounts between 1000 and 10,000 USD with terms between 12 and 36 months. A quick loan can also be a mini loan that is used to bridge the gap until the next salary receipt.
A major difference is whether it is just a quick loan with an immediate approval or whether an immediate payment is guaranteed. With an immediate acceptance, you will only receive a positive decision about your loan application within a few minutes by email. However, this does not mean that the instant loan will be paid out immediately.
Quick loan in the form of a small loan
If a quick loan is a simple small loan on installments, the provider must have some technical requirements so that it is also a loan with immediate payment.
- Applications can be filled in completely online
- Identification using videoident
- Document upload or digital account analysis
- The loan agreement is signed with a qualified electronic signature (QES)
Apart from the way it is processed, such a quick loan hardly differs from an ordinary installment loan. Only the digitization of the application processes speeds up the processing considerably, which means that you get the loan paid out within a few days. Most of the time, it only depends on the duration of the transfer until you get the money. The loan application is processed within one day. But which bank gives a quick loan with immediate payout? In the meantime, for example, SWK Bank, Credit Plus Bank or Postbank offer a completely digital contract.
So first you should choose a provider where you can fill out the loan application completely online. Once you have done this, the information on your income and expenses is checked and a query is made to Credit bureau.These processes are largely automated, which is why you will find out within a few minutes whether you are eligible for the desired loan. This is the first step in getting an instant loan with instant disbursement. Initially, however, this is an immediate commitment.
Use Videoident for quick loans
Many providers still use the Postident procedure, which you use to send the loan agreement and the additional documents to the bank. This confirms your person in a post office by comparing your ID card. However, it then takes a while for the documents to arrive at the provider and have been processed. In any case, therefore, use the Videoident procedure, if it is offered. More and more providers are offering it as an alternative to Postident, which enables a much faster verification of your person.
To use Videoident you only need your smartphone or a PC with camera and microphone and a stable internet connection. Using software for video telephony, you will then be connected to an employee who will compare the information in the loan application with you. Have your valid identity card ready. You must hold this clearly visible in the camera.
Quick credit: signature and bank statement in digital form
Of course, you don’t just have to confirm your personal data. In your loan application, you provided information about your income and expenses. These are usually sent to the bank in the form of bank statements or payslips from the past three months. But you can also avoid this step with a quick loan with immediate payment, thanks to technical aids.
So that your quick loan can be paid out immediately, the provider needs a receipt for your details in digital form. On the one hand, you can easily upload your documents. Scan all the necessary documents before submitting the application so that a smooth process can be guaranteed. However, there is also the option of creating a digital account statement via an interface to your online banking. You have to log in once with your login data, which gives the provider access to your account statements. In this way, the information regarding your income and expenses can be checked within a few minutes.
Finally, the contract for your quick loan must be signed. Otherwise this is not legally valid. This happens at the end of the videoident process. After all other details have been confirmed, you will receive, for example, a transaction number by SMS, which you then enter in turn in the software for video telephony. By doing this, you sign the contract with a qualified electronic signature (QES), also called eSign. Such signatures have been valid across Europe since 2016 and are legally on the same level as handwritten documents.
When is a fast loan paid out?
Depending on which technical aids are used when applying for the quick loan, the time until the payout varies. If it is just a quick loan with immediate approval, it can take up to 10 working days until the money is in your account. This is because you have to send the documents by post and then they can only be processed after they have arrived.
If you have applied for a quick loan completely online and submitted all documents digitally, the payout will be significantly faster. Until you have the money in your account, it is actually only a matter of the usual transfer time. In this case, you should receive the quick loan after three working days at the latest. But keep in mind that online banks have regular business hours. Therefore, please submit the loan application in the morning if possible so that it can be processed on the same day, otherwise the whole thing will be delayed until the next working day.
Get a quick loan today
The providers of so-called mini loans promise the fastest processing of a quick loan. These loans are intended to be used until the next salary payment. Accordingly, there are only smaller loan amounts of at most 1500 USD and very short terms of 15 or 30 days. For such a loan, you need to contact a specialist provider, such as Cashper, Vexcash or Xpresscredit.
In order for you to receive this instant credit within 24 hours, you have to pay additional fees. Express options and lightning transfers are only offered as additional services, while these are part of the standard service for small loans with immediate payouts. If you do not select such an express option, it will take up to 10 working days before you have the mini credit in your account.
With the small amounts that are paid out with a mini loan, the fees for a lightning transfer are significant. If the quick loan is really needed quickly, an installment loan with immediate disbursement is definitely recommended. With the mini loan, you only have the advantage that you do not have to commit yourself to a loan agreement in the long term. But you should also be able to pay off the loan amount completely after the short term.
How expensive is a quick loan?
With a small loan with immediate payment, you do not have to pay any additional fees. Just like with a normal installment loan, you only have to pay the interest extra. These are somewhat higher on average for a quick loan. The exact amount of interest also depends on your credit rating.
Extra costs for an immediate payment only apply to a mini loan. Depending on the provider, an express option can cost between 25 and 49 USD. In relation to the small amounts that are paid out, these costs are not insignificant. Interest rates are also somewhat higher with such a quick loan. Due to the short runtime, these are not particularly noticeable. For a quick loan with immediate disbursement, the variant in the form of an installment loan is more suitable, since you get the better conditions here.
Fast loan without Credit bureau – is that possible?
Without a Credit bureau, you will not receive a quick loan within Germany. Such a check of your creditworthiness is legally mandatory for the banks. With some providers you still have the opportunity to get a quick loan despite a negative Credit bureau. Especially with smaller loan amounts, the Credit bureau information is often not too important when evaluating your creditworthiness. In addition, the providers partly refrain from entering such loans into Credit bureau, so you will at least receive a Credit bureau-neutral quick loan.
Information about the quick loan without Credit bureau
To need a quick loan without Credit bureau is not a shame, with everyone can get into such a situation once. The big problem is the banks, because they still follow the principle that the people who need the money most are not given credit. This is understandable from the perspective of the banks, of course, since they have to keep the risk of loss as low as possible, but this is always a particularly bad message for people with a poor credit rating. For a quick loan without Credit bureau you need a regular income from a professional activity, which you have to prove to the bank.
You also need a payment history that has no gaps. Anyone who tries to cheat here will quickly notice that this makes no sense, since the banks obtain information from Credit bureau. Those who do poorly at Credit bureau generally have no chance of getting a loan. A negative entry at Credit bureau can result from a broken mobile phone contract. There are credit institutions that grant quick loans without Credit bureau, but these mostly only apply to the self-employed, housewives or people with a negative credit rating.
The providers of quick loans without Credit bureau are usually located in other European countries, such as Liechtenstein. The Credit bureau, however, is a German institution. The quick loans without Credit bureau are processed through an intermediary. The best way to contact such a broker is via the Internet. The decision to refuse or approve the loan is taken quickly. That is why you have to carefully examine the products beforehand. This includes studying the terms of the contract and entering your personal data carefully, truthfully and conscientiously.
If you have already compiled your documents beforehand, you can save some time. Loan rates are still a great way to make money today. That is why borrowers are still very much sought after today. This applies not only to the simple, but also to the difficult cases. If you want to apply for a quick loan without Credit bureau, you should be aware that such a loan is not cheap. The simple principle applies here: the greater the default risk, the higher the interest. However, you can work on the creditworthiness of quick loans without Credit bureau if you provide additional collateral. This gives you lower interest rates. Applicants can take out additional guarantee insurance or credit default insurance. It is also possible to name a solvent citizen. You can find all information about reputable providers who grant quick loans without Credit bureau.
Rapid loan with instant payment
When you’re not fluent, the worst things usually happen. The TV breaks, the washing machine in the spirit or other terrible things happen. However, it can also happen that you just want to treat yourself to a short vacation. For this you need a small 4-digit amount. But this is no reason to despair, because a quick loan with immediate payment is no longer a problem these days. This loan is quick and easy to apply for and the money is already available in the checking account within a few hours. However, this only if the required documents are available in full.
The advantage of a quick loan with immediate payment
- From a loan amount of 50 USD
- either long or short terms
- Immediate decision after applying for a loan
- Credit in the account within 4 hours
- Application completed in a few minutes
The quick loan with immediate payment as an alternative to the expensive overdraft facility Many people simply overdraw their checking accounts when there is an acute need for money. However, this is certainly not the best method. With an overdraft loan there are enormously high interest rates, over which one can easily lose the overview. That is why it is better to use a quick loan with immediate payment. The quick loan with immediate payment is perfect for smaller purchases and for rescheduling an expensive overdraft. In addition, this loan can be used to easily close short-term financing gaps.
In comparison to the quick loan from the house bank, the quick loan with instant payment benefits from particularly unbureaucratic processing, fast processes and particularly good conditions. The interest rate also depends on the creditworthiness of the quick loan, but a small quick loan in the lower 4-digit range also represents a low risk of loss for the lender. Therefore, quick loans with immediate disbursement are generally available at relatively favorable terms. We work with all relevant financial partners and offer you information on the most important loan programs that exist on the market. You also benefit from a huge range of products and the opportunity to find the right quick loan with instant payment for your needs.
Quick loan from private individuals
The quick loan from private individuals, also called personal loans, is not issued by a bank, but primarily by one or more private individuals. A credit marketplace such as auxmoney helps with the brokerage. This credit marketplace mediates between the borrower and the lender. This also benefits people who have only moderate credit or creditworthiness. A moderate credit rating can be a fluctuating revenue situation, for example. The online credit marketplace not only supports searches, but also processing. This makes applying for and paying out a so-called quick loan from person to person just as easy as using a normal bank loan.
Of course, private investors also benefit from such a snail. An investment in one of the private loans has a very good return prospect, which is significantly better than with some other form of investment. Both sides benefit from the quick loan from private individuals, i.e. financiers and borrowers. The private quick loan is often also given to traders and the self-employed. In this situation this is called a quick loan for the self-employed from private. A bank loan is usually rejected for these people if there is a fluctuating income situation. However, this is only a minor obstacle. In the beginning, this form of financing was mainly used by private individuals. Hence the name Schnellkredit comes from private to private. In principle, anyone wishing to quickly accept such a loan from a private person only has to meet the usual requirements. These are almost identical to the requirements of a commercial bank.
- Legal Age: The borrower must be at least 18 years old.
- No negative Credit bureau entries: Negative features can include, for example, the inclusion of the credit card due to misuse, attachment of wages or an arrest warrant. Delayed payment of invoices does not necessarily count because a judicial dunning procedure must first be initiated.
- Creditworthiness: The credit rating classes A to H ensure that you receive a quick loan from private.
- Monthly income of at least 1000 USD net
- permanent employment
- Resident in Germany
- Account in Germany
If you would like to know your creditworthiness, you can ask Credit bureau for this once a year.
Quick credit for self-employed
At the moment it is extremely difficult for self-employed people to get a quick loan. This is especially true when a new company has just started or if the company has not been around for long. In these cases, you only get a quick loan from your house bank in very few cases. Nevertheless, there are some providers on the Internet that offer quick loans for the self-employed.
What you have to consider
Self-employed and freelancers without collateral and proof of income with unpredictable income in fluctuating amounts are usually rejected by the credit institutions. A negative Credit bureau entry can also result in the application being rejected. Here the credit institutions operate just as strictly as with applicants in dependent employment. The most common reasons why a self-employed loan is rejected:
- the independence is less than 3 years
- the self-employed do not have enough security
- the overdraft facility is used continuously
- the income is too low
Basically, it is now advised not to take out a quick loan until you have been self-employed for at least 3 years, since the figures generated in this period are meaningful enough for many banks to make a positive credit decision. Only a few months or one or two years ago, only very few credit institutions can guarantee a quick loan. So that you have a permanent chance of getting a quick loan, you should hand in some important documents when applying for a loan. These include:
- Income statement
- Revenue and surplus account
- Proof of income tax
- current bank statements
Most credit institutions require at least the bank statements of the past 12 months. There are also some cases in which the bank statements of the last 2 to 3 years before the application are required. The bank is usually not satisfied without proof of income. Of course, the credit institution first checked the accuracy of the information on the basis of the submitted documents and then carries out a rating, which creates a score that ultimately decides whether to cancel or accept the quick loan. The interest rate is also determined based on the score. The following applies here: the worse the score, the higher the interest.