Nowadays we try to make all areas of our lives smarter. These new technologies, which should make our everyday lives more comfortable, are now also being used in the credit area. More and more providers are launching apps that promise borrowing in just a few minutes. But what can such a credit via app and which providers already offer such a thing? We have compiled this information for you below.
What can such a loan via app do?
Basically, the credit products that you get through an app are not that different from other offers. The world of credit apps now offers a wide range of financial products, from mini loans to credit lines and classic installment loans. Generally speaking, this involves smaller loan amounts, often in the four-digit range. This is because real-time loans on smartphones are linked to a simplified credit check and banks require little security. That is why (so far) no particularly large loan requests can be fulfilled in this way.
- A loan via app can be taken out very conveniently and from anywhere. You are not tied to a branch or a PC, the smartphone is sufficient.
- Safety should also be the top priority for smartphones. Always make sure, for example using antivirus apps, that no malware is hidden on your smartphone. When dealing with financial products, you should never act carelessly.
Who offers loans via app?
The app offers in the credit area come from a wide variety of providers. These are offered by direct banks as well as traditional branch banks and credit brokers. Below we would like to briefly present a selection of these providers. Unless otherwise stated, you can get the apps from Android via social media site.
The Loan today app is presented in a different color. Basically, this and the Nice bank app are the same product, since in both cases the loans are taken out through Best Bank.
Enter your desired loan via a loan calculator. Then enter your personal data and perform a digital account view by logging in to your home banking. This means that a digital account statement is created and evaluated within seconds.
- Loan amounts of 1,000 – 5,000 USD
- Maturities between 12 and 48 months
- Effective annual interest rate from 2.99% (depending on creditworthiness)
Best Bank – all banking products in one app
The Berlin Best Bank is a direct bank that has completely adjusted to the digital sales channel. All financial products offered by the provider can be managed via the in-house app or alternatively in the browser. In this way, you can take out loans of up to USD 25,000.
The bank promises that a loan can be applied for and paid out in real time. You can provide and manage all the information you need in the app. However, there is an important condition for an Best loan: you have to open a current account with the bank, otherwise you will not be able to access the other financial products.
By using the in-house current account, the particularly fast loan application should be made possible. If you are already using the account for your salary receipts and important expenses, the Best Bank has direct access to all the information required for a loan. This saves you from having to submit proof of salary and other documents.
- Loan amounts of 1,000 – 25,000 USD
- Maturities between 12 and 84 months
- Effective annual interest rate from 1.99% (depending on creditworthiness)
Cash provider – the superhero among mini loans?
A very young start-up in the financial sector is Cash provider, which was founded in 2017. This is a mini loan broker who realizes the loans paid out in cooperation with Sutor Bank. The corporate concept sees itself as a declaration of war against expensive overdrafts and as a very fair provider overall, since there are no hidden costs and loans are to be paid out particularly quickly.
Cash provider is a mini loan offer with low loan amounts and very short terms. Unlike the competition, the provider does not rely on chargeable additional services such as express transfers or 2-rate options. These services are offered as standard. The loan is applied for via the app, and the current loan can be managed later with the personal login data.
The layout of Cash provider is kept in a subtle comic style, the mascot of the company is the eponymous superhero. This promises to get a loan without Credit Bureau, i.e. without viewing the Credit Bureau file and later entering the loan. However, the company cannot do without a credit agency. Instead of Credit Bureau, a credit application receives information about your creditworthiness from Creditreform Boniversum GmbH. When it comes to lending, even a superhero cannot do without information on creditworthiness.
- Loan amounts of 100 – 2,500 USD (for new customers a maximum of 500 USD)
- Maturities between 14 and 90 days
- Effective annual interest rate from 5.95% (depending on creditworthiness)
Cashpresso – the credit line from your smartphone
With Cashpresso you get a small credit line, which you can access flexibly at any time from home or on the go. The loan is managed either in the browser or in an app on a smartphone or tablet. In the administration you can choose how much you want to have paid out or change your installment plan for the repayment. The offer is the same for all customers, everyone receives a credit line of 1,500 USD at the same interest rate.
The application is completely paperless. In most cases, Credit Bureau information is sufficient to determine the creditworthiness. Occasionally there is also a digital account analysis, but you do not have to submit a salary statement or other documents. A payment from the credit line must be confirmed each time with a transaction number that you receive via SMS. Then it takes a maximum of 24 hours for the money to reach your account.
The repayment is made either in installments or by freely selectable amounts. You can also pay off all outstanding amounts with one payment.
- Credit line of 1,500 USD
- Available at any time
- Effective annual interest rate of 14.99% (variable)
Credit at the push of a button – the Fidor Bank money emergency call
The Fidor Bank money emergency call is another offer from the area of mini loans. Mini is really the right word here, since only 100 USD are paid for first-time users. Anyone who has repaid the short-term loan on time can apply for up to 199 USD next time. The situation is similar with the term: initially only 30 days are possible, then it can be extended to 60 days.
The emergency money call can be selected and applied for as an existing customer in the Fidor Bank app. A promise should be made after only 60 seconds. The payment is then made to the associated checking account at Fidor Bank. For this reason, the offer is aimed only at existing customers, without the account you will not have access to the emergency money call.
In order for your account to be activated for this offer, you must have a certain activity. To do this, you have to fully legitimize the Fidor account and provide a reference account or have a minimum turnover of 1,000 USD in the last 12 months. Only then can you apply for the mini loan for a processing fee of 6 USD, there is no interest. This fee is offset against the repayment of the loan amount.
- Loan amounts of 100 or 199 USD
- Maturities of 30 or 60 days
- 6 USD processing fee instead of interest
“My credit” from the Nice bank
The ” My Credit ” app is provided by the Ostsächsische Nice bank Dresden. You can borrow up to 5,000 USD in just a few steps using the Nice bank’s slim app. The app then gives you a direct overview of the current loan using the integrated online banking function.
Conclusion on the loan via app
The target group of the app loans just presented seems to be clear: the offers are aimed primarily at young and tech-savvy people who want to get a loan in an uncomplicated manner. Nevertheless, a trend can be seen here, which indicates that in the future more and more banks will certainly access these sales channels. For many people, the smartphone or tablet is a natural companion in everyday life. It is therefore not surprising that banks and other financial service providers are also using these new technologies.
The most striking feature is the speed at which a loan can be taken out via a smartphone app. Fully digital contracts make this possible. However, since this is related to a simplified credit check, only smaller amounts of credit can currently be realized . So it remains to be seen what the future holds.