All bad credit loans guaranteed approval made easy
Many people often have the problem that have bad credit and they need money quickly and easily. But often the house banks do not play with the concerns of customers who want to borrow money. This can have different reasons and then customers are looking for other solutions. Because the financial problems remain and you are looking for solutions to lend money fast.
The reasons why an applicant needs money can be very different. Often many bills come in a month where the customer just does not know how to pay them off his salary. Some urgently need a new car as the old one has too many construction sites that would be worth repairing, but you will need it to get to work if necessary.
But there are also customers who urgently need new furniture or have other things that they simply can not or do not want to postpone. For all these people, a mini loan is often the only way you can plug that financial hole.
There are different providers of bad credit loans. Plus Lend offers bad credit loans guaranteed approval for which the applicant can apply online. This has the advantage that there is no paperwork. Legitimization takes place via an online ID, through which the customer can then register.
Even faster with the express option immediately get money on the account
Any supplier of mini loans offer the customer an express option, which allows you to have the needed cash within a few hours, but no later than the next business day to your account. Although the loans are very fast, sometimes the additional fees make them quite expensive.
Borrow money from private individuals as a good alternative
As soon as financial problems arise, the thoughts of the affected person only turn around this problem. This is not surprising, because money problems can really make life difficult for those affected and cause many sleepless nights. Especially if there is no solution to the problem in sight.
Many then turn to their house bank, but most go with such a stomachache on such dates. This is because most loan applications are now rejected by the banks due to negative Credit bureau entries or lack of creditworthiness.
Both say little about the customer and his payment behavior. But the German banks rely on the Credit bureau system, even if it does not work faultlessly. Many think at this point that the Credit bureau is a nationalized system. It is not so.
This company is private, which makes its data available to the banks.
For many sufferers is at this point then end and they do not know. Partly, these people then borrow money from friends, family or even acquaintances. But most people see this as the last option and use it only when there is no other way out.
Because borrowing money from people in his environment is a shame for many and often problems are then already preprogrammed. After all, what happens if the customer is unable to pay back or pay the installments on time? We all know it and know it too well.
What are the options for quickly borrowing money?
Many customers consult the Internet in their distress and find it there very quickly. There are different types of loans such as the mini loan, express loan or even express credit. These are then offered by different providers.
Lending money privately through a payday loan
The principle of peer-to-peer loans are loans made by two individuals. Among other things, this is also called “social lending”. This type of credit has become as popular with the Internet as all the online loans. The first company that offered this was the “Zopa” founded in 2005.
A borrower lends himself to the money on individual terms from the lender. The conditions are determined in advance by the donor. The fee is about one percent of the borrowed sum. The prerequisite for this type of loan are also the corresponding credit rating.
The risk of a loan default is partly reduced online, because the sum is split into multiple borrowings and thus the loan per borrower is correspondingly limited. An advantage of this loan, however, is that a peer-to-peer loan often remains free.
Meanwhile, there are many different providers for this type of loans such as Smava, Auxmoney or Lendico. However, these are not loans from a bank.
Bridging loan or short loan
This type of loan is merely, as the name implies, bridging and avoiding liquidity bottlenecks. Often these are used to get money quickly and immediately. These can be applied for both private households as well as companies. The term of these loans is relatively short and is usually no longer than six months.
These loans are also used in home loan financing if, for example, a home savings contract is only available within a few months. The repayment of this loan is then final. Most of the time, the same bank forgives the loans, which later pay off the real estate loan or the home savings loan.
For example, this interim financing is used by companies as pre-financing for peak orders. This then raw materials or wages can be paid. The repayment is here also in a sum. Entrepreneurs apply for this type of loan from their bank.
It may also happen that private households need this type of credit once, whether for a one-time, immediate or ongoing payment. This can then be repaid at one time or in several installments.
How is a bridging loan designed?
How a bridging loan is designed depends on the requirements of borrowing, but it can be divided into different categories:
With a bridging loan, you can very well and quickly overcome threatening financial bottlenecks.
These bottlenecks can either be pending or have already occurred. For real estate or companies, these types of loans are worthwhile, if the private person takes them, then this is often associated with very high costs.
Alternative credit and small loan
If you apply for a credit line, you and your bank agree on a fixed line of credit where the customer can use the money completely flexibly. Normally this is the checking account. Because of its function, this loan is often called simply “call credit ” and is very similar to that of the disbursement credit.
In the case of a framework loan, no fixed term is foreseen because the contract is concluded for an indefinite period and runs until one of the two parties then terminates it.
The upper limit for this credit line is for most banks up to 25,000 $, the minimum amount here is often 2,500 $, but some banks are also estimated at 5,000 $. Decisive for the amount of the loan are not only the customer request, but it depends above all on the creditworthiness and the income situation.
What are the interest rates on a credit line?
The interest on these loans is normally between 7.00 and 9.00% per annum. These are also the usual interest rates for an installment or credit line. In a installment loan, the interest is used for the entire amount, while in a framework loan interest only the sum, which has taken advantage of the customer.
It is important to note that lending rates are variable and vary from bank to bank. This applies to both the lower and the upper range. Unfortunately, if the general level of interest rates rises, then this is also the case with the interest on the framework credit. If market rates stagnate, a call-off loan is also much cheaper.
In the case of a credit line, only interest is due as a fee. If the loan is not claimed then you do not have to pay any fees. It is rare that there are fixed repayments, because the repayment depends on the amount of credit and the percentage claimed.
However, it should be 2% of the open balance, at least $ 50 a month. You can make special repayments of any amount at any time. This also makes it possible to fully offset the loan in a one-off payment.
The conditions to get such a loan are the same as for a installment loan. The customer must be of legal age, have a permanent residence in Germany, have an unlimited permanent employment and Credit bureau information must be positive.
Exploit a dispo or use a credit card instead of lending money
Many banks grant their customers a discretionary credit, called a scheduling loan. The consumer can then slide with his current account up to the amount guaranteed by the bank into the minus. How much this amount will depend, depends primarily on the creditworthiness of the customer, as well as the regular incoming deposits in his account.
The bank checks creditworthiness in Germany with Credit bureau, and banks often do not require any additional collateral for a credit line because they merely grant the customer a general lien. If the customer does not repay his loan, then the bank can access the maintained accounts, money market accounts or securities accounts.
The loan is often granted without a formal credit application. It can be used flexibly and is there to provide the customer with short-term money. However, banks can cut or cancel a credit line at any time. In this case, the customer then has to pay off the debts of his credit line.
However, this flexibility pays the customer with a very high interest rate. There are also banks that are even more expensive if the customer covers his account beyond the actual credit line. If the bank tolerates this, then the customer pays in part additional overdraft interest. However, how high these are depends on the bank.
Borrow money without Credit bureau
There are many consumers today who are out of debt due to a negative Credit bureau. This is very hard for many, because there are a very large number of people who urgently need a loan but do not get it. If the bank denies you a loan, then most people are looking for alternatives.
However, nowadays there are ways in which you can get a loan despite a negative Credit bureau. These are loans without Credit bureau, which, among other things, loan portals, but also offer people with their private assets.
A loan without Credit bureau is also called Swiss Credit. Unfortunately, those from past years are still very much in disrepute and it does not seem easy to get rid of this blemish. Meanwhile, there are many reputable providers who have made a name for themselves in this area and have established themselves.
Who turns to a reputable provider, has no additional costs or fees, because the agent receives his commission exclusively from the lender.
Often, these Swiss loans also offer Swiss companies. The advantage here is obvious, because in Switzerland, no bank knows the Credit bureau or granted only loans in a flawless.
But who thinks the companies are naive, must be disappointed at this point. After all, companies secure a good hand in the award process.
The conditions to borrow money without Credit bureau:
- Of majority age of the applicant
- Residence in Germany
- A corresponding household net income, so that the installments can also be paid
- Collateral in the form of a salary transfer for employees, other collateral for the self-employed
The processing of the loan is strictly confidential and the borrowers can choose to receive the money as a credit on their checking account or to be delivered to them by mail. Even when repaying the customer is free, whether he gives the bank a direct debit authorization or the installments cash by bank deposit to the bank.
Money without Credit bureau – that is still to be considered
The interest rate of such loans is slightly higher than in Germany, but it is not the usual usurious rates of dubious providers.
There are many providers who offer you a loan as well as mini loan without Credit bureau. You get this as a private person, as well as for business people. You can also apply for this with a moderate credit rating.
The processing is fast and timely, so no valuable time is lost. Because often the customers need the money quickly. The loan is not tied to any purpose and has no up-front fees.
However, the applicant is not left alone with his application, because the technical advice is competent, especially if it is a loan without Credit bureau or credit despite Credit bureau.
Is money lending on the Internet reputable?
Online loans are becoming more popular these days and are a really great and great alternative to traditional branch bank loans. However, there are a few things to keep in mind here too, because especially when it comes to money, many dubious providers are always bustling around in the net. After all, everyone wants something from the big cake. Again and again, the question arises whether borrowing money on the Internet can be reputable.
How can you distinguish a serious from a dubious offer? Are there any features that you can depend on to find a trusted partner for a cheap loan? Are the two providers different in terms of costs and terms of contract?
Most consumers feel well and safely advised by their house bank. This feeling is often left behind on the internet. The applicant often has to find out a lot on his own, and in some cases bring along a little experience in order to find a reputable provider. But that does not have to be if you stick to a few points.
Beware of credit without Credit bureau
Many direct or online loans are advertised so that even consumers with a negative credit check are granted a loan – easily. For many people, the speed of granting the application, as well as the payoff, also play a key role in why people start searching the Internet for a comparable alternative to their house bank. At the top of the list are loans without waiting time and promise the consumer quick and easy help with financial bottlenecks.
However, you should also remember that no lender waives collateral. He will not pay you any money without knowing that you can pay him back.
The house banks refuse a loan for problems with the Credit bureau or insufficient creditworthiness, while you can take online loans easily and without further protection.
There are credit intermediaries who can offer you a loan without Credit bureau, but they also want to have that collateral. The Credit bureau Score is partly taken into account, but other things are in the foreground for these companies.
If the lender asks for alternative security for a loan, then this is usually a reputable lender, with no hidden costs to worry about.
Bank credit or direct credit from the Internet – what is serious?
Many direct lenders from the internet have established themselves and made a name for themselves on the financial market. There are credit intermediaries who provide extensive advice to the client.
In the case of a reputable supplier, the application contains the annual percentage rate and the contractual conditions, because this is the basic requirement for the approval and the period of your loan. Anyone applying for a loan must also offer the lender security.
Often this is the credit rating or an alternative hedge, which can be provided in the form of assets or overruns of monetary values. A reputable lender can also insist on taking out residual debt insurance, and this is often demanded by claimants who have a negative outlook or are looking for very low repayment installments.
If an applicant quickly needs money, then you are often better off with a direct lender because if you apply for it at your house bank, it usually takes much longer because of the processing time. In this case, there is often talk of urgent or quick loans, which are often approved within a few hours.
Difference between a reputable and a dubious financier
- Does the lender’s website have a valid imprint and jurisdiction in Germany?
- What experiences have other customers made
- Which reviews are visible
- Is the return plausible?
- Get the loan with no hidden fees and extra costs
- What conditions do you have as a borrower?
- If much emphasis is placed on hedging the sum
- Are the interest rates more favorable than with your house bank or stagger these intransparent after the creditworthiness
- Is the lender available in different ways or can you contact them only online?
There are lenders who process your request far too quickly and grant it to you without a prior comprehensive check of your requirements. It can be a dubious lender, where you incur enormous additional costs and ultimately leads to the debt trap.
How does the money borrow on the internet?
A reputable provider will send you a form online, which you then fill out and provide with all required information. You must sign this by hand.
If you have a pure online loan without having to sign it, then this is invalid and we are not offered by a reputable provider. However, there are also providers who want to have an online video identity check.
Twenty years ago, the options were not as close as they are today. You could either go to your house bank and apply for a loan or borrow from private people. Most people still choose the way to the house bank today, but this option is only in second place.
Credit comparison on the Internet
Using credit comparison portals will then show you the cheapest provider. Nowadays it is the most normal thing in the world to take a loan, it is a perfectly normal commodity. Thus, the embarrassing loan talks are finally a thing of the past.
More and more of these portals offer customers a private to private loan and they are also becoming increasingly popular. This is not only due to the weak to negative Credit bureau, but also because these portals are much faster to process than the usual banks.
Entrepreneurs are also increasingly using this financing. Banks often shrug off innovative business ideas, so there’s a much greater chance that you’ll find a private provider.
Nowadays, a bank loan is no longer a big deal, because it follows a rigid pattern. The credit check is based today only on an industrialized credit process, which only the computer takes over.
In order to keep both the costs for the banks and the process itself as low as possible, these institutions generally forego classic collateral and are therefore limited to the loan assignment of the borrower.
However, this has a serious problem especially for self-employed workers, because they can not offer any salary assignment.
Borrow money from private
With this version of the loan, we’re not talking about a friend lending you money, but about a platform that specializes in bringing together the potential financier, investor, and the petitioner. For the financiers, these are investments and the borrower can borrow money from the bank instead of the bank.
The interest rates on this version of credit are significantly higher than those of the traditional capital market, but this is not subject to the vagaries and price fluctuations of the stock market. As a rule, the loan is not just financed by one donor, but by several. This leads to a risk securitization, which brings more security into the loan portfolio.
Oftentimes, applying for a loan with a credit intermediary will only take a few days until the money is in your account, if it has been approved. The loan request should be free and takes no longer than four to five minutes of your time. With this, you provide the lender with all the important information it needs to process your loan request.
The pre-test often only takes a few seconds. If this request is positive, then credit experts will personally take care of your credit. Large companies have a diversified portfolio of banks and credit institutions.
What else do you need to know about payday loans?
You will always be kept up to date with the status of your work. This usually happens by mail or by phone. If any questions remain open after your application, they will usually be answered quickly and in a targeted manner.
Likewise, you get a hint, if any documents should be missing. The signing loan agreement will then be sent to you by mail or post. If you have signed this, then you will receive the payout directly to your checking account after the final exam.
In a serious offer no pre-costs. Thus, do not enter into any obligations in your request. This allows you to decide on your own whether you want to take advantage of the loan offered or not.
What documents do you need if you borrow money?
First, a distinction is made when applying for a loan with regard to the applicant group, because private customers, corporate clients and the self-employed and freelancers are treated differently. Likewise, there are also peculiarities with a pensioner.
Therefore, the question can not be answered uniformly, which documents you need for your loan. Depending on which group of people you belong to, you need different documents. There are no guidelines for these documents, so different banks may have different requirements. In this case, we only deal with private customers.
Most consumers are asked to enter their personal details when making a credit comparison. Likewise, the financial situation and the corresponding documents such as salary statements, bank statements etc. are already inquired.
Documents for credit check
- Bank statements (usually the last 4 weeks)
- signed self-report
- two-sided copy of the valid identity card or passport.
- Partly also asked for a registration certificate
- in some cases, a copy of the employment contract is requested. Often this is the case with young professionals
- Copy of the employment contract to obtain information about the job situation of the applicant
- Payroll accounting for the last 2-5 months. These proofs must be complete
- Further income from ancillary, pensions, child benefit, rental income or alimony payments must be submitted. If you are a retiree or civil servant, you must submit the last received change notification of your income
- Proof of creditworthiness, which as a rule is not requested by the consumer, but the bank in the case of a credit report, this is usually done by Credit bureau Holding AG
- Also documents about possible guarantees, existing loan agreements (if they are repaid) or other, financial obligations