Important to the quick loan
- Fast thanks to preliminary decision
The bank makes a preliminary loan decision for a quick loan, and you’ll know it after just a few minutes. Pay attention to the specification “immediate online credit decision”.
- To arrange special repayments
Special repayments and installment breaks make online loans flexible, you can stretch the loan or repatriate it at your earliest opportunity.
- Offer collateral
Provide the bank with collateral as possible, such as time deposits or endowment life insurance. Additional borrowers can also increase the probability of assumption.
Many banks use the term “quick loan ” to promote a installment loan, which should be approved within a very short time. This kind of preliminary decision offers you quick certainty and planning security. But how does the legitimacy to the bank, how fast does it actually pay out?
What a quick loan is
Behind the quick loan is basically nothing more than a conventional installment loan, which manages without a purpose limitation. You can use the loan at your own discretion. For the calculation of the interest rate, your credit rating is assessed, ie the economic and financial situation. If you have chosen to take out a loan helps a loan comparison, to get an overview.
The higher your income and the less debt you are, the higher your credit and maturity. As a rule, loans between € 1,000 and € 70,000 are issued as instant loans. At maturity, there are changing maximum levels, depending on the bank and sometimes by occupation. Normally, terms of up to 84 months can be selected, but in individual cases, a term of up to 120 months can be selected.
Unlike, for example, the normal personal loan, which only goes through the different instances and at the end of the credit decision, this is already an online promise given. To make this possible, the will loan calculator on us all important data queried about yourself and the financial situation. This includes, for example, information on employment as well as a type of household bill in which revenues and expenses are compared.
Despite this immediate commitment, there are no special requirements for additional collateral, guarantees or a second borrower. Although this always increases the likelihood of getting a quick loan at cheaper interest rates. In the credit agreement, only an assignment of wage and salary claims is agreed. So you pledge the bank all income over the respective seizure exemption limit, if you fall behind with several installments and the bank threatens to terminate a loan.
Collateral instead of residual debt insurance
In some cases, banks require you to cover the loan with a residual debt insurance or loan loss insurance. These insurance policies are relatively expensive and do not always provide. Therefore, check whether you can assign collateral (endowment policies, time deposits) or provide a guarantor instead.
Requirements: income and co
To apply for such a loan, you must meet some basic conditions. In addition to the fact that you are of legal age and have a German bank account.
The Bank normally provides outright loans only to permanent employees, civil servants and civil servants. Depending on the bank, there are also maximum ages, from 60 years increases the likelihood that a mandatory residual insurance must be completed. This makes the loan more expensive due to the additional insurance premiums.
As an employee, you report your income on the basis of payroll. Depending on the bank, you will need to work at your current employer for at least six to twelve months. At the same time, up to three complete monthly statements have to be presented, from which the income and typical living costs result.
There is a minimum income to reach, which fluctuates depending on the bank between about 1,300 and 2,700 euros net income. This is related to the legally established seizure-free limits, the bank must take into account, among other things, the number of dependent persons in the household.
If you work independently or as a freelancer, you also have additional proof obligations. The bank calculates here with a higher risk of default, since your income varies and there may be, for example, large seasonal differences. For this reason, only entrepreneurs who have been active for at least three years are realistic. As evidence, the current Business Analysis (BWA) as well as those at 31.12. in addition to the annual financial statements (JA) or a profit and loss account (P & L) or income surplus calculation (EÜR) of the past two calendar years.
Second borrower in the employment relationship
If you are self-employed and can specify a second borrower in the employment relationship, this has a positive effect on the interest rate. Unlike guarantees, income counts as household income, improving your credit rating. With larger amounts of credit, however, there is rarely a way around the assignment of collateral.
How to compare quick loans
A quick credit initially sounds like simple and unbureaucratic processes that only bring benefits. And, in fact, there is no distinction from normal installment loans except for the fact that the bank checks in advance and makes its credit decision immediately. A speedy processing and loan payment is then nothing in the way, provided that all information is correct and can be proven.
For this no additional processing fees or the like are required, but it can incur the usual credit costs. For comparison, you must therefore use the effective annual interest rate to compare offers with the same loan amount and term. In it, the bank must include all incidental costs of the loan, especially costs for a residual debt insurance, if this is mandatory for the granting of credit.
Special repayments and installment breaks
Pay attention to what rights you have as a borrower and whether, for example, you can make free special repayments. This bypasses prepayment penalties that would be incurred as soon as you cancel the loan early and repay it in full.
The standard repertoire meanwhile also includes the possibility of a rate break. Once a year, the bank grants you the opportunity to skip a monthly installment after prior notice. The loan can be extended by a few months, but there are no additional costs except for the higher interest burden.
Also, check to see if there are special earmarked loans for your purpose. For car loans or modernization loans, the vehicle or the property serves as collateral, in reverse, you get a significant discount on the interest rate.
While car loans serve as collateral by sending the Part II registration certificate to the bank, proof of ownership already suffices for the modernization loan. In that case, you can use the loan freely, you do not need to submit any further supporting documents.
Gradual to the quick loan
When you use us’s credit comparison, you benefit from the choice of many different loan offers. There is no distinction between a normal installment loan and a special quick loan.
- Select loan amount and term
First, enter the loan amount, set a term and give details of the purpose. Here then a preselection takes place, whether earmarked loans are possible or not.
- Compare loans
Below is a list of all participating banks in chronological order, starting with the lowest-interest offer. The bank must present a representative calculation example and specify an interest rate that at least ⅔ of all its credit customers actually receive. The information in which area the interest rate can be and where it is therefore on average, give you a first overview.
- Check tariff details
Now click on “Tariff details” for each offer. Here are the most important features listed, for example, for special conditions for freelancers and self-employed. But also to special repayments, installment breaks and the like. Also, and above all, the information on how the bank makes its lending decision is crucial: An “instant online lending decision” is the characteristic of such a quick loan.
- Make a loan application
If you want to make a loan application, click on “continue” and make the required information. Any request for credit via us is free of charge and without obligation. It also does not affect your SCHUFA score negatively, the comparison is only for ten days with the feature “request credit terms” in your file.
- Specify personal data
Now provide information about your employer and the employment relationship. You can select the exact type of employment from a selection menu and are then guided through the page. All information is explained by a graphic question mark and give you assistance. In order to get everything right with the next step to income, you should take the last bills and bank statements to hand. In this budget you can also see how much credit you can actually afford. Previously, you can also use the loan calculator on the comparison page, for example, to extend the term and reduce the monthly burden.
- Transmission of the data
In the final step, all data is transmitted securely and encrypted to the bank.
All information must be filled
In order for you to be able to calculate with the immediate online credit decision, all information must be truthful and documented. This offer from the bank is precisely linked to this. Immediately after the provisional commitment, the bank sends out all important documents. These fill in, sign them in the right places and attach your documents to the whole.
With the identity card or a passport (with registration certificate) you then identify yourself to an employee of the Deutsche Post branch. This process is called Postident and ensures that nobody misuses your identity.
The payment of the quick loan is then initiated within a few working days. No time-consuming visits to the store are necessary, no personal appearance and justification. All you need to do is to provide and provide economic data, a Schufa query and legitimacy via Postident.
questions and answers
How soon will I know if my loan application has been approved or not?
The quick loan is practically an additional service to a conventional installment loan. The bank takes on a preliminary check, compares the information on the financial and economic conditions and links the whole thing with a Schufa query. The bank will let you know within a few minutes whether or not it will grant you the requested loan.
But even if no online instant confirmation comes, that does not mean that no loan can be granted. In many cases, the whole thing then goes its normal way, the same documents must be submitted and examined. This often happens with the self-employed and with insufficient information in your Schufa file. The payout may be delayed by a few days.
Should I apply for my quick loan online or at my local bank?
The term quick loan already reveals what it’s all about: namely a preliminary, immediate commitment to a loan request. An inquiry about us can be made at any time, is free of charge and without any obligation. You can choose from a selection of banks and benefit from the special online advantage. This is due to the significantly lower costs that a direct bank has over traditional branch banks. As a result, cheaper interest rates are not only possible, but the rule.
It is therefore advisable to put the request online, as well as the Schufa is “spared”. Because the comparison request is Schufa-neutral and does not affect your scores. In the case of a credit inquiry in the store, on the other hand, the feature “request credit” is stored directly, which has an immediate effect on the ranking. Regardless of whether the loan was actually granted in the end.
How fast will the money be paid?
In a quick loan, the bank makes a preliminary loan decision. As soon as all required documents have been submitted and you have legitimized yourself via the Postident procedure, the application will be finally examined. The payment will then take place immediately, the money is within one to three working days on your German checking account. For self-employed or freelancers, there may be some delay, because some additional evidence is required and the test is more complex overall.
Who gets a quick loan?
You must be of legal age and unlimited ability to apply for a quick loan. Furthermore, you must have a permanent employment relationship and be employed by the current employer for between six and twelve months. Values for a minimum income vary from bank to bank, they vary between 1,300 and 2,700 euros. The more children live in the household or for whom you are dependent, the higher is this entrance hurdle. As proof, you must submit current salary statements as well as the last, gapless account statements.
What are the benefits of this type of loan?
First, your waiting time is reduced to a minimum, because the bank makes a preliminary decision. So you know already when sending the documents that the loan has been approved. If the information now agrees with the evidence and supporting documents, there is nothing in the way of the loan payment. In addition, you receive preferential terms, since direct banks have much lower fixed costs than branch banks and pass this on to you as a customer.
For what purposes can I use a quick loan?
The classic quick loan is a installment loan without earmarking. You can use the money absolutely freely. If it is a car loan, the vehicle is loaned and serves as collateral. This earmarked loan is also associated with significantly lower interest rates. The same applies to the modernization loan, which is linked to real estate ownership. In fact, it is sufficient to prove this by means of land register extracts, tax assessments or the like. How you actually use the loan is up to you.