Which loans are suitable for a loan in 24 hours and where can you get it?

 

A credit in 24 hours, which experts also call express credit or instant credit, is one of the most common loans in Germany. Because usually there is no more than 24 hours between the application and the payment of a pure consumer loan. 

Installment loans for quick payouts

Installment loans for quick payouts

As a rule, it is the conventional installment loans that are recommended for a quick payment. The credit line ranges between 500 and 50,000 dollars. Loans that are above these values ​​are generally not given out so lightly by banks and savings banks and require a very precise examination and assessment of the loan applicant.

Here you have to expect a little more time until the loan is paid out. And real estate loans are also not loans that are granted quickly. The bank demands high collateral for such a loan. And these are generally checked very thoroughly before the credit institutions approve such a loan.

Where to apply

Where to apply

You can either apply for a loan in 24 hours directly at a local bank or savings bank or look for suitable offers on the Internet. Here, too, there are many providers who guarantee quick processing and payment. There is also a particularly large selection on the Internet. With a loan calculator, it is possible to compare many different offers with one another in order to determine the most favorable conditions. The application is made via an online form and processing is carried out as quickly as possible. Payment is made in cash or by bank transfer to a specified account.

But if you want to be on the safe side with regard to the fast payment, you should contact a local credit institution. If you carry all the relevant documents with you when you apply for a job, it is quite possible that the employee will immediately review the application and you will be paid immediately afterwards. After a few minutes you would have the desired money in hand and you can make the planned investment. However, one must always bear in mind that a thorough comparison is not possible at local banks because the comparison calculator is missing.

Requirements for a loan in 24 hours

Requirements for a loan in 24 hours

Such a loan is only approved if the borrower has a good credit rating. This includes a fixed employment contract, a solid income and a Credit Bureau that has not noted any negative entries. In addition, from a certain loan amount, it must be ensured that sufficient collateral is available to secure the loan.

Apply for an instant loan in 5 minutes

A certain period of time elapses between the application for a loan and the payment of money. Even the promotion of a loan in 5 minutes mainly refers to the time until the loan decision, while the payment for instant loans is mostly made within two bank working days. A payment made directly to the lender is only possible in a few cases.

The actual loan receipt within 5 minutes

The actual loan receipt within 5 minutes

The pawnbroker is the only one who can actually pay off a loan in 5 minutes. However, this only applies if he can estimate the value of the object to be pledged without further examination. In addition, the usual loan payment at the cash register in the pawnshop is due to the low loan amounts. Customers also often associate the expectation of a direct cash payment with a modern credit shop. In fact, when borrowing in one, the payment is usually made by bank transfer.

The credit decision can be made in the credit shop in just over 5 minutes if all documents are available and the desired amount is so low that the on-site employee can make the decision on his own. Retailers also decide within a few minutes whether to accept payment in installments. Furthermore, billing agencies acting on a medical or dental order often offer payment of the bill in six installments, for which it is sufficient to send the prepared form. The installment payment for a surprisingly high energy bill can also be taken out – according to the consumer – in 5 minutes, since the call center employee no longer needs to make the decision. Legally correct in the last two cases it is a payment agreement and not an actual loan.

The instant loan in 5 minutes

The instant loan in 5 minutes

With an online application, the loan can be decided in 5 minutes. The commitment made can be binding or provisional. Banks are most likely to withdraw provisional loan commitments because of a difference in the crediting of income components. This can be avoided if consumers, before sending the instant loan application, make sure that the financial institution takes additional income into account in the household bill. The fact that the payment takes longer than 5 minutes is not only due to the transfer time, but also to the regulations on identity control.

The sending of the Postident procedure means that the processing time between receipt of the loan application and cash payment is usually two banking days. Any financial institution with existing customers can accelerate it, since in this case the identity check has already been carried out. Even banks with a Luxembourg license are not dependent on the Postident procedure, because they can recognize a photocopy of ID card as proof of identity, even if it is faxed to them. If the applicant, as an existing customer or a customer of a bank licensed in the Grand Duchy, is willing to pay the cost of a Prior1 transfer, the bank cannot transfer the loan in 5 minutes, but in less than an hour.

In most cases, it is sufficient to decide for or against a planned acquisition to receive a binding loan approval within 5 minutes, while there is more time available for actually receiving the money. Since instant loans are an additional benefit compared to loans with a normal processing time, borrowers accept interest premiums. So that these are not too high, an online price comparison for the desired loan in 5 minutes is essential. The relevant price characteristic is the annual percentage rate.

Financing for freelancers – Self-employed loan

 

The self-employed and freelancers are not welcome customers at banks when it comes to loans. Financing for freelancers is accordingly difficult to obtain. Many banks have completely excluded self-employed and freelancers from lending. We have researched the topic and offer information on how to get financing for freelancers.

Time and patience are required

Time and patience are required

Time and patience are required when it comes to successfully completing financing for freelancers. The first step is to find the banks that are willing to lend to freelancers. The problem with lending is not due to the freelancers themselves, but to the fact that freelancers as well as the self-employed cannot prove regular income from a permanent position. That makes freelancers a risk group. Many banks do not want to buy the risk. If it is still possible to get a loan for freelancers, then it is on much worse terms. The higher risk is hedged through higher interest rates.

Freelance earnings are often subject to strong fluctuations. Income is not as regular as a salary payment for employees. For this reason alone, the risk is greater from the perspective of the banks, even if freelancers work in respected professional groups. For this reason, banks value the credit default risk of freelancers much higher than that of workers. For this reason, many banks do not grant loans to the group of self-employed and freelancers.

Financing for freelancers at selected banks

Financing for freelancers at selected banks

Since at most 20 percent of all banks give freelancers the opportunity to apply for a loan, the choice is considerably limited when it comes to cheap financing for freelancers. Especially since the conditions are not as attractive due to the freelance work as for employees.

How banks check the creditworthiness of freelancers

How banks check the creditworthiness of freelancers

Credit requests from private customers now go through an automatic processing process at banks. These are standardized banking products. With the appropriate software, the Credit Bureau information is obtained from the applicants, a household bill is made and the scoring procedure is used to assess the credit default risk. The credit decisions are also made automatically if there is creditworthiness. Financing inquiries with freelancers are handled quite differently. Such requests still have to go through a manual processing process with a relatively large amount of time. Freelancers prove their income through their income tax return and a BWA.

In addition, bank information is usually obtained from the house bank and information about the company is ordered from credit bureaus such as Astro Finance. Processing not only takes a lot more time, it also costs the banks a lot more money. Appropriate staff must also be kept available. Freelancers must therefore assume that 14 days or more will pass between the application and the approval of their funding request.

Influence the decision with a guarantee

Influence the decision with a guarantee

Married freelancers or those living in a steady relationship can have a positive impact on the decision on the loan and speed it up significantly if they apply for financing for freelancers together with the partner. Always provided the partner has a permanent job with good income. The banks then put the risk on the partner with the attachable income so that the decision can be made much faster. If the partner is also self-employed, a joint application makes no sense.

Financing for self-employed entrepreneurs

Financing for self-employed entrepreneurs

Even more difficult than freelancers who have been working as freelancers for a long time are young start-ups who need financing for freelancers to get their company going. Here the higher risk of bankruptcy still hovers over the freelancer. This is why start-ups of the bank usually have to provide additional collateral if they want to take out a loan.

It is also difficult if the loan is not intended for private purposes, but for the development of the company. Start-ups have good chances of getting a loan if they have adequate equity. Nevertheless, they pay the higher risk that banks take when lending to this group of people with higher interest rates.