Sometimes situations arise in life where money is urgently needed. This can be the case for quite different reasons. Often it is the small ups and downs of everyday life that bring you into a predicament. Further illustration at kkesai.net
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Thus, the much-needed vehicle may suffer a defect and expensive repair will be required or costly purchases will be made, as various circumstances have led to damage to the house or apartment.
No matter what it is, many people can not finance such expenses out of pocket, so only a quick loan can help here. Such a loan is called a rush loan. But what is to be considered in this? Where are there hurdles and stumbling blocks that must be circumvented or eliminated? How can such a request be made and which other factors can influence the award in the end?
What is an Express Credit – A Definition
An urgent loan is a loan that is usually disbursed immediately. This means that between application and transfer and only a few hours pass. In addition, the express transfer procedure is used for this purpose. With such, the money enters the account of the borrower within only 30 minutes. Here, however, a clear demarcation must be created.
An urgent loan does not have to do with an instant loan, even if it is promised by some providers again and again a very fast payout. In the case of an instant loan, only the commitment for the grant is made on the spot. The payout can then take up to three business days. An urgent loan must therefore always be marked as such, because only then the money is available in a very short time.
Issue of urgent loans – What is important?
Basically, an emergency loan is applied for just like any other loan. The only difference here is that today all the sequences are done directly over the Internet. This is from the application, over the examination of the credit rating to the identification of the case.
The latter does not take place here with the process of the Identbriefes lasting several days, but by means of an on-line offerer, which carries out the identification directly by webcam. The approval or rejection of such a loan takes only a few seconds, because the entries of the KSV are checked immediately when the application is submitted, so that the borrower can be notified immediately a result.
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- valid identity card or passport
- valid employment contract (unlimited)
- Account statements to prove the receipt of money
- Revenue statement to confirm the address data
- ideally evidence of collateral
The examination of the documents can take up to one hour after receipt. Express loans have priority here, so they are marked as particularly urgent.
The original loan agreement will be sent by post, but only after the fact. However, a digital copy can be downloaded in advance from the server or it will be sent by e-mail.
What conditions does the borrower have to meet?
Special terms apply to an express credit. Since there is no possibility of a more thorough examination, all loans of this kind are treated as risk loans. Thus, the borrower must have a flawless credit rating. This means that no negative entry may exist at KSV. If this is not the case, then each urgent loan is usually rejected immediately.
Depending on the amount of the emergency loan, the bank may require special collateral despite its good credit rating. These include savings accounts, real estate, vehicles or jewelry. Their existence must be proven before the institute. While this is rarely required in the credit check, there are still some doubts, such hedging, if any, can further accelerate lending.
In any case, the borrower must have a permanent job without a time limit. All fixed-term employment contracts are hereby excluded, as there is a risk that the installments can no longer be repaid from the date of termination. The only exception is when the repayment date of the loan is within the fixed working hours. In addition, the income must clearly exceed the attachment exemption threshold in order to be able to have a seizure of the salary in an emergency. This amount is determined individually depending on the amount of the loan.
It is virtually impossible for self-employed people to receive an urgent loan. This goal can only be achieved if the necessary material security is available. These may not be borrowed and must therefore be owned by the borrower. Of course, over a period of three years, the corresponding income must be proven in the account. In addition, the tax returns of the past three years must be submitted to the bank.
Express Credit Provider – How can these be found?
The best way to identify providers of urgent loans on a credit comparison. Here all offers are compared and listed, so that the most important conditions can be compared quickly. In addition, the user also receives an overview of the interest and other conditions, which can make the decision at the end significantly easier.
A good provider in this context is, for example, the Santander Consumer Bank. This already offers the express loan for an interest rate of 4.5 percent, whereby this does not depend on the creditworthiness and is fixed over the entire term. In addition, there is a term that can extend to 120 months, with a maximum loan amount of 65,000 euros. There are no additional fees, however, in the case of an early repayment of the sum, a prepayment penalty must be paid, which may amount to up to 5 percent of the balance.
BWAG PSK can also offer a special express loan. This is awarded at a credit-based interest rate of between 5.3 and 14.3 percent. This can be a maximum duration of up to 120 months. The maximum loan amount is 50,000 euros. The account management must be paid with a fee of 9.90 euros per month. Further fees are not applicable, but there is also prepayment penalty in the room should the amount be repaid early. In addition, an optional residual debt insurance can be taken out here.
Erste Bank and Sparkasse are also prepared for an urgent loan. This is awarded here at an interest rate between 5.4 and 9.8 percent. He also depends on the creditworthiness of customers. The maximum term is, however, only 84 months, but also only a loan amount up to an amount of 30,000 € is awarded. There are no fees and there is no prepayment penalty if the loan is repaid faster.
Express Credit – Alternative Providers and Risks
Even credit intermediaries now and again offer express loans. However, these are given on the same strict terms as is the case with the banks. Since it also applies here that they are risk loans, a reference from abroad as a Swiss loan or in other forms is not possible. Banks do not have enough time to review and usually reject such sensitive deals.
However, the interest rate can sometimes be cheaper than a normal bank, because in order to differentiate themselves from their offers, the intermediaries often lower interest rates. However, this is precisely where the risk lies, because these are risk loans, so the interest rates are usually set higher than normal loans. Therefore, especially customers who choose a long term expect that they will end up paying more for their money.