It is not uncommon that you get into a serious financial situation, where you need urgently a certain amount of money to save yourself from the misery. Be it the rent, which is due in a few days, or the leasing rate or possibly unpaid reminders that go over your head. These quick, straightforward green day loans could help.
With the Dispo, you can cover his current account by a certain amount. In most cases, the framework that is allowed to a bank client at their own house bank is high, 3-month net salaries, but can also be higher by agreement. This type of financing is quick and straightforward as far as your own expenses are concerned. The advantage with the Dispo is as mentioned the fast availability of the money and one can arrange the repayment modality itself. Unfortunately, the disadvantage is that interest rates are relatively high.
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There are fluctuations from bank to bank, but often there are interest amounts that can be found in the double-digit range. You have to weigh very well whether it is worth waiting too long to repay. If the money is really needed urgently, nothing is wrong. However, one should create a financial plan that shows what amount can be repaid monthly to keep costs low.
An overdraft is when the checking account or a discretion beyond the possibilities is exaggerated. Without a prior agreement with the bank, it may not be easy in some cases. Running bills cannot be debited any more and you will not get anything at the ATM. In exceptional cases, the bank also tolerates unspoken overdrafts, but you should not overdo it and settle your account as soon as possible.
With high-interest rates you have to expect this form of raising money and this can be, especially in this case, very expensive. For smaller amounts of money, this is also a quick way to get money.
First of all, before you start looking for a 24-hour loan, your own credit rating is extremely important. After the credit rating, that is the interest rate. With good to very good creditworthiness due to a high income and exemplary payment behavior, credit-based loans are the better way, as one can expect cheaper interest rates.
In the opposite case, the credit-independent loan remains. However, this is relatively expensive, as the bank has to expect, due to the mediocre creditworthiness, that it can lead to defaults. Applying for an online loan is usually faster than going to the bank branch.
You can see immediately if the loan is granted and you can insist as a customer on a lightning transfer, but which is chargeable.
A 24-hour loan is a loan that is quickly and easily applied for, audited and paid out. Depending on the bank, up to € 500 or € 1,500.00 can be requested. Rarely even 50,000.00 € are possible. Most banks have automated these types of loans. The customer can apply for the loan online and the bank checks and answers it automatically, sometimes within a few minutes.
The money is also paid out quickly. This type of loan is thus particularly well-suited to customers who need money fast because of something unforeseen, such as damage to the car or house that needs repairing.
Even with such an urgent loan, there are certain conditions that must be met. The borrower must be of legal age, as one is fully capable of acting after the age of majority. The resident must be in Germany as well as an account with a German bank must be present. Furthermore, a median credit rating of about 250 – 299 is necessary. This means that the probability of default is about 1.99%.
So here, the bank can be reasonably sure that the loan will be repaid. The credit rating is therefore also checked in a lightning loan. Last but not least, a regular income is necessary to get an emergency loan. The amount is at least € 500.00 per month.
The loan application will therefore also require documentation, even if most banks offer an online application. For this account, statements are necessary and/or payroll.
In addition, a copy of the identity card is necessary. If the documents are available, the credit will be checked automatically within a few minutes and the payment will be made immediately. This can be done in part within an hour.
Interest rates vary widely from bank to bank, ranging from 7% to 15% a year. An interest rate comparison can, therefore, be worthwhile. It takes a lot of time and patience, but in the end, it could mean real money.
The loan amount for 24-hour loans is relatively low in relation to income, so the repayment is rather short. Partly the loan is granted for 15 to 60 days. Until then, the loan must be repaid. Either this is repaid in one sum or in two installments.
Less often, the loan is granted for a longer period. It should be noted, however, that the repayment rates for long-term loans are relatively low, but the total cost of the loan then rises. If you want to keep the cost of the loan low, you should, therefore, choose a shorter term.
Such a loan is worthwhile if, for example, the refrigerator breaks down unexpectedly. Where should food be stored now without it spoiling? The neighbors probably hardly and on the balcony or window sill makes sense only in winter. Saving is not always possible for many people. In such cases, our loa would be an appropriate way to quickly buy a replacement. This example investment would be possible for € 300.00.
For a repayment term of 30 days and an annual interest rate of 10.36%, the repayment amount to 302.61 € ((300 x 30 x 10.36 amounts) / (365 x 100). Due to the interest of the refrigerator is obviously something more expensive, but it can be replaced immediately and easily, even if you have no savings at the moment.
Before applying for a loan, however, one should first think about whether the loan really makes sense. A rash act has already driven many to ruin and the bankruptcy was the natural consequence.
The question that should be asked is whether the investment is really necessary and whether one has no alternatives. A loan to go on holiday, it makes less sense.
A loan for a car, if there is no alternative way to get to work, could be more necessary. Saving on investment could, in any case, be cheaper.
A credit request is always linked to requirements. Thus, you should create these conditions in advance, if they are not already done. The prerequisites are, as already mentioned, the age of majority, domicile, an account in Germany, a regular income and at least a medium credit rating. If a prerequisite is not met, the loan request is doomed to failure and the bank will not grant the loan. Even with a lightning loan, all requirements are checked exactly.
In particular, the credit rating is a challenge for many. It is therefore important that they always stay clean and are not over-borrowed as each loan also weakens the credit rating. In addition, regulated payment morale is essential to maintain a good to medium credit rating.
Important before the loan request is to determine the credit needs correctly. What amount is needed to put the plan into action? It makes little sense to calculate the loan amount small if you end up with the amount cannot go and take more loans that are more expensive than the first loan. A realistic calculation and forecast of the new purchase or the repair costs are therefore necessary.
If necessary one should be advised accordingly. Only when the amount has been determined exactly does a loan request really make sense.
It is also important to determine the duration and the monthly burden. The longer the term, the lower the monthly burden. However, then increase the total cost of the loan. When planning, you should also predict how much you will be able to repay monthly in the future. Today, you can handle maybe 100,00 €, but is this repayment possible in the future?
If in doubt, you should rather choose a smaller rate. Of course, in the case of small loans, the forecast of the repayment option is not so long-term, but again you should look at whether the loan should be repaid in one sum or rather in smaller installments.
Offers from different lenders should ultimately be compared. The interest rates of the different banks are very different. A comparison can thus significantly reduce the total cost of the loan. There are several comparison calculators on the Internet that can be used to scrutinize lenders and interest rates so as not to inflate the total cost of the loan unnecessarily. Between 7% and 15% is not uncommon and can mean a difference of € 1.71 per month in the example above. A comparison is worthwhile.
A well-considered, 24-hour lightning loan is a great way to get a quick buck and short-term shortage for a short-term investment.