A loan line is a financial product similar to a revolving loan

We will find it mainly in the offer of non-bank institutions offering installment and short-term loans (payday loans). As part of the loan line, the non-bank institution signs with the client the so-called loan limit agreement.

What does it mean? During the term of the contract, the customer may freely use the funds accumulated on his loan line. What’s more, he decides what amount he pays out, and then pays in to offset the account limit.

The online loan line is a flexible solution because the duration of the contract can be extended at any time at the customer’s request. This is the main issue that distinguishes it from a revolving loan, in which the contract is automatically renewed.

How does the loan line work?

How does the loan line work?

We already know in theory what a loan line is. Let’s check its operation on an example. Let’s assume that we are signing a loan limit agreement for USD 5,000. These are funds that we can freely use in a given period, e.g. within half a year.

If we choose 1.5 thousand from the account dollars, and after a week we will supplement this amount, our limit still reaches 5 thousand. USD (in accordance with the provisions of the contract). It should be remembered that the loan must be repaid systematically.

The reference period to be agreed with the lender is usually one month. This means that at least once a month the lender should make a payment, thus supplementing the funds on the account with the amount paid, increasing it with interest.

It is transferred to the account of our loan line and at the same time increases the available limit of funds. That is why the loan line is also sometimes called the renewable system.

At the same time, a big advantage is a fact that the customer can request a change in the repayment date, thus adapting it to their needs. How to do it After repayment carried out in the first settlement period, you should inform the lender that we want to change the repayment date.

In most cases, you just need to indicate a different date convenient for us. However, we must remember that this solution is not free, which means that changing the repayment date costs money. Usually, these are small amounts from 10 to 50 dollars. We can change the dates even several times.

Control the amount remaining on your account so that the loan line can be renewed by reimbursing previously paid funds.

How is the loan line launched?

How is the loan line launched?

The loan line can be launched via the internet on the website of the selected loan company. So it works like loans for proof because formalities are kept to a minimum. To do this, simply submit the appropriate application and then follow the instructions.

It may happen that you will need to verify our income, e.g. by sending your bank statement. At the stage of completing the application, we must indicate what amount we are interested in and for what period we intend to launch the loan line (the most commonly chosen is 4-12 months).

Filling out the application takes only a few minutes, and after submitting the application, all you have to do is wait for the decision. If the answer is positive, usually on the same day, the funds will be paid into the created loan line. So it is a beneficial solution for people who need money immediately.

Some companies limit the first payment on a loan line to the max. max height 50% of the allocated limit.

Costs related to a revolving loan line

If we decide to launch a renewable loan line, we must take into account the costs, the amount of which usually looks similar to that of payday loans. These include the cost of interest, preparation fee, and commission.

Most often they are strictly dependent on the loan amount. It is also worth knowing that interest, as well as other costs, are calculated only on the amount used. When we withdraw only USD 500 from the available USD 5,000 from the account, interest is charged only on the amount of USD 500.

Renewable loan line – is it worth it?

Renewable loan line - is it worth it?

This solution undoubtedly has its advantages and disadvantages. Let’s take a closer look at them.

The advantages of a revolving loan line include:

  • permanent access to borrowed money – the borrower can freely choose funds from his account and spend it on whatever he wants,
  • flexibility – the customer decides when to pay back the loan because the repayment date can be changed as desired.
  • long loan period – the loan line can be launched for up to 12 months,
  • each repayment increases the available financial limit.

However, the loan line is not free from defects. The most common are:

  • limited access – only customers with an impeccable credit history will get it,
  • risk of getting into the register of indebted persons (in the case of irregular repayment),
  • the so-called risk loan spiral.

People who suspect that they may have a problem paying off their debts, e.g. due to a lack of self-control in issuing them, should not consider starting a loan line.

Loan line – who is it for?

The loan line is intended for people who can boast of good credit history and at the same time do not want to use bank loans. It is also an interesting alternative to non-bank loans for 12 months. Importantly, people who apply for it do not need to have high incomes.

Certainly, this solution will also be appreciated by borrowers, for whom flexibility and lack of rigid contracts, as well as short waiting time for access to borrowed funds, are important.

Loan applications – is it worth using them?

Non-bank companies and the use of mobile solutions Who are the loan applications for? How to get a loan through the mobile application? Is a mobile loan different from an online loan? Is the use of loan applications safe? Loan applications – pros and cons

In the era of universal internet access, there are many possibilities to take a quick loan for any purpose. Currently, an application for additional cash can be submitted directly on the website of a bank or a company from the non-banking sector – it is a convenient and intuitive solution, thanks to which the borrower saves time and money.

Institutions offering loans go even further and offer customers the opportunity to submit applications from the level of the mobile application, i.e. special software installed on a smartphone or other mobile device (e.g. tablet). Is this a safe solution?

Non-bank companies and the use of mobile solutions

Non-bank companies and the use of mobile solutions

 

Institutions from the non-banking sector go with the times and try to keep up with the changing expectations of customers who actively benefit from the achievements of modern technology.

You are not parting with your cell phone? Is it used not only for calling, sending messages or checking e-mail but also for surfing the Internet or shopping online? According to the Gemius report on the E-commerce market in Poland in 2019, as much as 61% of people using online stores use a smartphone for this purpose, and 27% use a tablet.

Confidence in mobile shopping is enhanced by rapidly developing mobile payment applications. Non-bank companies are noticing this trend and are creating their own loan applications, which make the submission of applications for additional funds even easier.

Who are the loan applications for?

Who are the loan applications for?

 

Loan applications were created for clients who actively use electronic banking services, they care about maximally simplified procedures and for which making mobile transactions is not a problem. To get a loan using the smartphone application, all you need is to have:

  • 18+ (in some companies 21 or 23),
  • Polish nationality,
  • place of residence in Poland,
  • active bank account,
  • cell phone.

Loan applications are intended for people who do not appear in the debtors’ databases and are not in arrears with repayment of liabilities in other companies.

How to get a loan through the mobile application?

How to get a loan through the mobile application?

 

Preferably, mobile applications are very simple – the software interface has been designed in such a way that the application for a loan is intuitive. We present a flowchart in a few steps.

Step 1: Download the application – e.g. in the AppStore or Google Play, and then install it on the device.

Step 2: Specify the loan amount and loan period.

Step 3: Provide your personal details (name, surname, PESEL number, series, and ID card number, address, phone number, email address, bank account number, monthly income) and confirm the application.

Step 4: Perform the verification transfer.

Step 5: Enjoy additional funds on your account.

During the verification procedure, the loan company checks, inter alia, registers of debtors, as well as the bases of the Credit Information Bureau. The decision is issued immediately after the customer is verified, and the funds are paid instantly – sometimes they are on the borrower’s account even within a few minutes.

Is the use of loan applications safe?

Is the use of loan applications safe?

 

Cybercriminals are not idle and are inventing new ways to obtain personal information, e.g. to obtain a loan. Mobile applications can carry many threats, so it’s worth remembering to follow a few rules and check if someone has taken a payday loan on you – then using mobile loans will be safe.

First of all, you should only use applications downloaded from reliable sources, e.g. Google Play or AppStore. Software from outside the official store can be infected with malicious viruses that take control of our smartphone and gain access to sensitive data.

It is also worth regularly updating loan applications and smartphone software, as well as using anti-virus systems that catch any irregularities. We should also remember to secure the phone, e.g. with a PIN code, fingerprint or password.

Before sending a loan application, it is also worth verifying its cost, e.g. by checking the APRC (actual annual interest rate). What makes up the total cost of the loan? The amount of interest is influenced by:

  • interest,
  • commission,
  • additional insurance.

In order for the loan applications to be completely secure, you must verify how much the commission will cost us.

What is a Swiss loan and how does it work? All information here!

In the search for Credit bureau-neutral loans, offers for so-called Swiss loans quickly appear. Such loans offer you the opportunity to take out a loan without Credit bureau having any influence. For many consumers with slight problems with their Credit bureau, this is a way to get a loan if German banks refuse to accept it. The easiest way to apply for a Swiss loan is through a credit intermediary. The best known include Best bank and Fine Bank.

What is a Swiss loan?

What is a Swiss loan?

A Swiss loan is basically a normal loan, as you would get from your house bank. But unlike a normal installment loan, the requirements are different.

While credit institutions in Germany are obliged to check their creditworthiness using Credit bureau, Swiss banks are not under this obligation. A Swiss loan does not need a Credit bureau check. An entry in your Credit bureau file is also not made when borrowing.

As the name suggests, such loans are negotiated with banks located in Switzerland. In general, Swiss credit is to be understood as a generic term for loans from abroad or a synonym for loans without Credit bureau per se. For example, they often come from Liechtenstein or Luxembourg. Switzerland is only one of the first countries to grant Credit bureau-free loans to German citizens. The term Swiss credit has thus become common for this type of loan. In the meantime, Swiss banks are not granting credit to Germany due to the high requirements.

Outside of Germany, banks have other methods of assessing your credit rating. Credit bureau as a company only operates in Germany. In other countries, there are either other credit agencies or no such agencies as in Switzerland. The creditworthiness of the borrowers is then determined on the basis of other, sometimes much stricter criteria. That is why Swiss loans usually have higher interest rates than installment loans from German banks.

What are the advantages of a Swiss loan without Credit bureau?

Minor discrepancies in the Credit bureau can lead to you not getting a loan from your house bank. In Germany, the examination of the Credit bureau is the basis for a positive or negative credit decision for many credit institutions. If irregularities can be identified here, this can quickly result in the loan application being rejected. Even though your financial situation would be sufficient to finance the loan.

Therefore, the biggest advantage of Swiss loans is that Credit bureau does not play a role in the credit check. So if you have slight negative characteristics in your Credit bureau, they do not automatically lead to a rejection of the loan application. Especially since such entries often do not have to reflect your current financial situation. However, you must then provide sufficient evidence of this during the further credit check. Even if Credit bureau does not play a role for Swiss loans , you will of course still get certainty about your creditworthiness and possible collateral.

Swiss loans without earmarking

Swiss loans without earmarking

In addition, Swiss loans have no purpose limitation. You can use the requested loan amount for a new car or renovating a property, for example. However, specifying a purpose can help with the loan approval. A loan that is tied to an object such as a car or an expensive electronic item has additional security for the bank.

In addition, a Swiss loan cannot worsen your chance of a later large loan. Because the loan does not appear in the Credit bureau, it cannot have a negative impact on the credit check for other loans. This can be an advantage if, for example, you plan to buy a house but want to take out a smaller loan beforehand.

Where can I get a Swiss loan?

Where can I get a Swiss loan?

In Germany it is not common to go straight to the Swiss banks. That is why the route usually leads through credit intermediaries. Such providers maintain partnerships with many small and large banks. Most of these are in Germany, but also, for example, in Switzerland. When you make a credit request, the credit intermediary checks which bank has the best deal for your financial situation. Basically, an attempt is initially made to arrange a loan with Credit bureau, since the better conditions can be negotiated here. Only if no suitable loan is found or if the borrower explicitly requests it, does the credit intermediary switch to a Swiss bank. As a result, credit intermediaries also carry out an examination of Credit bureau first.

Two of the largest credit intermediaries in Germany are Best bank and Fine Bank. Since these providers are purely online offers, the loan applications are also made in digital form. This speeds up the processing of your initial application enormously and you can quickly be certain whether the loan is approved or rejected.

  • Best bank has been in business for over 40 years and has a long experience in arranging loans without Credit bureau. The provider arranges loan amounts of 1000 to 100,000 USD with terms between 12 and 120 months. Proof of a regular income is required for a loan. However, this does not necessarily have to come from an employment relationship. Loans for self-employed and freelancers can therefore also be realized with Best bank. Retirees also have good chances because there is no age limit when it comes to lending. If the provider is unable to provide a Credit bureau-effective loan, he invokes partner banks abroad.
  • Fine Bank provides Swiss loans without Credit bureau under the category “special loans”. For this, the provider has cooperations with banks in Switzerland and Liechtenstein. Credit bureau-free loans are paid up to a maximum of 5000 USD. Otherwise, up to 250,000 USD are possible with Fine Bank. The terms are between 12 and 360 months. In order to make a positive credit decision, you must have an income of at least USD 1130 per month. It is not so important whether this comes from an employment relationship or self-employed work. A Swiss loan for pensioners is not easily possible with Fine Bank, as the age limit for applicants is 60 years. People who are older also need a guarantor.

What are the requirements?

What are the requirements?

Regardless of which provider you apply for a Swiss loan, the basic requirements are basically the same:

  • Minimum age of 18 years
  • German citizenship
  • Permanent and permanent residence in Germany
  • A verifiable monthly income

The first three points are basically self-explanatory. A Swiss loan is not granted to minors, as they are only of limited legal capacity. If you live in Germany, it is also very important that you have valid identification documents. When applying for a Swiss loan on the Internet, you must subsequently prove your identity via Postident. For this, a valid ID card is required to compare your data.

Your monthly income is very important. A credit without Credit bureau has very strict creditworthiness requirements, especially with regard to income. Depending on the provider, not only the regular income itself is decisive, but also the type of employment and the length of employment at the employer. On average, credit intermediaries are expected to earn a minimum of USD 1130 per month. In part, the required income is made dependent on the number of dependent children. That means the more children you have, the higher your monthly income needs to be before you can get a loan approval.

In addition, the public debt register is checked for a Swiss loan without Credit bureau. This includes, for example, affidavits or associated arrest warrants. Such incidents are also noted as hard negative characteristics in the Credit bureau. No matter whether with or without Credit bureau, such entries always lead to the rejection of a loan application.

Who gets a Swiss loan?

Who gets a Swiss loan?

Basically, a Swiss loan is available to everyone as long as the above requirements are met. Thus, all working people with a corresponding minimum income are eligible. A Swiss loan can also be realized for apprentices and students with a suitable income. Freelancers and the self-employed also have a good chance of getting such a loan. The hurdles for these professional groups are often not as high with a Swiss loan as with an installment loan from the house bank.

A Swiss loan without income is difficult to achieve. Loans are generally not recommended for the unemployed. In this case, a loan without Credit bureau should already be rejected due to the minimum requirements for monthly income. In exceptional cases, suitable collateral and co-applicants or guarantors can provide a loan, but you should consider carefully whether this is the right way in your situation.

As the example of the credit broker Best bank has shown, a Swiss loan for pensioners is possible. While in many other lenders pensioners are fundamentally out of the box, with some providers of Swiss loans they are not excluded from lending. Otherwise, a co-applicant or guarantor is also helpful for this group of people, who can take over the other installments in the event of death.

What are the conditions for a Swiss loan

That initially depends on the provider. As the two providers Best bank and Fine Bank show, the conditions can be quite different. For Swiss loans, often lower loan amounts of, for example, 3500, 5000 or 10,000 USD are common. Often such amounts are also related to the fact that the provider does not provide higher loans without Credit bureau, as the example of Fine Bank shows. In this case, the banks counter the fundamental risk of a Credit bureau-free loan not only through higher interest rates, but also through a lower loan amount. If you want a higher Swiss loan, you are better off with a provider like Best bank.

No general statement can be made with regard to interest rates. As with normal installment loans, interest rates fluctuate from provider to provider. In general, these are somewhat higher for a Swiss loan. Interest rates of 3 or 4 percent are quite possible with a Swiss loan.

 

How to take a loan in Financial Meals?

Financial Meals is a relatively new brand on the quick loans market created by the limited liability company Small Loan, whose headquarters are in Bialystok. It was founded in 2010 and comes from Lithuania. Currently, it also operates in the Czech Republic and Latvia. In Poland, it has been known until now as the Fine Bank.

The lender’s experience and credibility are confirmed by his certificates. The Small Loan was awarded the Loan Institution of the Year 2016, the certificate of Reliable Company, Financially Credible Company. The company is also a member of the Association of Loan Companies. So you should not worry about the security of the loan in this institution.

How to take a loan in Financial Meals?

How to take a loan in Financial Meals?

The Financial Meals company provides loans in the amount of USD 200-3,000. You can take a maximum of thirty days. You can also choose a shorter repayment period: 10, 15, 20 and 25 days. How to take a loan from the company’s Financial Meals? Opinions about the company indicate that it is very simple. What does this process look like step by step?

Select the amount and indicate the period for which you want to borrow

On the lender’s home page you will find an easy-to-use calculator. It has two sliders on which you choose the amount and repayment period of the loan. After selecting these parameters, the calculator will tell you what the actual annual interest rate on the committee will be. If you can accept it, all you have to do is select the ‘take a loan’ button.

Fill out the registration form and loan application

In the next step you need to provide the following information about yourself:

  • first name and last name,
  • PESEL number,
  • ID number,
  • e-mail address,
  • Phone number.

At a later stage, you must provide information related to your income and contact address.

Verify your identity

Financial Meals provide two types of verification. You can send a transfer of one penny from the account you specified in the form or use the Instantor application to verify your identity faster.

Wait for a financial decision from the company

Financial Meals promise to promptly inform you when a loan decision is granted or refused. You can have an answer in the form of an SMS or e-mail within a few minutes of the decision.

Wait for the transfer from the loan company

If the loan decision is positive, you can do nothing more than wait for the money to be paid into your account.

You can go all steps online without having to talk to a Financial Meals consultant. Contacting him, however, will help you dispel any doubts about the terms of the commitment.

Who can take a loan at Financial Meals?

Who can take a loan at Financial Meals?

The Finance Meals loan company is targeted at people aged twenty-one to seventy-three. What conditions do you have to meet in addition to a proper age to get a loan?

  • you must have a Polish phone number,
  • you must have an open bank account in a Polish bank,
  • you must be a Polish citizen,
  • you cannot have negative entries in the debtors’ registers,
  • you must have a stable income.

If you meet the indicated requirements and correctly complete the application, Financial Meals will automatically proceed to examine your application.

Loan costs in Financial Meals

Loan costs in Financial Meals

The first loan offered by Financial Meals is free. To avoid costs, however, you must pay the debt back on time. If you fail to meet the deadline, the lender will impose on you fees related to activities that are aimed at recovering funds: commissions, costs of requesting payment and interest.

Further loans are already burdened with additional costs. How tall are they Let’s analyze it by example? If you borrow 1000 dollars for thirty days, with an interest rate of 10% per annum, you will have to give back 1282, 22 dollars. In addition to interest, the cost of the loan also includes a commission of USD 274 and an interest of USD 8.22. The APRC in this option is 1958.47%.

Best-known providers of mini loans and can convince with a very fast

Do you need to bridge a financial bottleneck at short notice? A mini or short loan from Best bank can be the solution. Best bank is one of the best-known providers of mini loans and can convince with a very fast payout period.

Check your Best bank mini loan now – payment can be made in 60 minutes

Who can take out a loan from Best bank?

Who can take out a loan from Best bank?

With Best bank you can have your mini loan paid out in 60 minutes. In principle, every person who is at least 18 years old can have a regular income and a German bank account has a loan with Best bank. The minimum monthly income to take out a mini loan with Best bank is $ 500. Students, pensioners, self-employed/freelancers and ALG1 recipients can also apply for a loan from Best bank, provided their monthly income is at least $ 500.

Even people with a Credit bureau entry can get a loan from Best bank. It is only important that the claim from the Credit bureau entry has been paid or that the Credit bureau entry has been marked as settled.

However, people who have sworn an affidavit, are in bankruptcy or are over-indebted have no way to get a loan from Best bank.

Summary of the requirements

  • at least 18 years old
  • Main residence in Germany
  • Minimum income $ 500
  • German bank account
  • no over-indebtedness, no insolvency proceedings, no sworn affidavit

How can I apply for a mini loan from Best bank?

How can I apply for a mini loan from Best bank?

Applying for a mini loan with Best bank is easy online. If desired, the entire credit process can be carried out without having to leave your home or apartment. Ideally, you can have the requested loan amount within an hour later. In total, only 5 short steps are necessary to apply for a loan from Best bank.

  1. First you have to enter personal data such as name, address etc. Then things like your employment and income are asked. Important: Be sure to have your bank card and ID card ready. During the registration process, both a bank account (German bank account) and various data from your ID card must be stored. Make sure that the entries are correct. The information on the ID card will be checked for correctness at a later point in time in the legitimation process.
  2. The credit limit check is carried out after all the data has been stored. Best bank will make you a personal loan offer based on the information you provide. For new customers, this offer will be a maximum of $ 1,000 (up to October 2019 it was only $ 500). If you pay your loan installments on time, you will probably have the opportunity to take out a higher loan next time.
  3. You can also select additional options (including 2-rate option, express option). The costs for the additional options (so-called service fees) must be transferred separately – depending on the loan term in a maximum of 2 installments.
  4. In the next step you will now be asked to download, sign and upload various documents. Best bank can request various forms of proof for the approval of the loan. As a rule, proof must be provided on which the monthly income can be traced – this can be proof of salary, for example. The evidence can be easily uploaded via the website.
  5. Only a one-time legitimation is now required for the loan payment. This can be done in two ways. Verification by means of Videoident : The legitimation by means of Videoident is the quickest and easiest way to get your mini credit. A smartphone, tablet or laptop/PC with webcam is required to be able to carry out the authentication using Videoident. Make sure you have your ID card and a smartphone ready.If you start the authentication using Videoident, you will be greeted by an employee of the Best bank partner WebID and guided through the authentication. Various personal data are requested during the legitimation and compared with the information you provided. You will also be asked to hold your ID card in the camera. WebID will then check and document the various security features of your ID. You will receive an SMS TAN before the authentication is completed. After successfully entering the sent, you are successfully legitimized and nothing stands in the way of paying out your loan. Verification by means of a PostIndent: If you have no possibility to legitimize yourself by videointent , you can simply go to the nearest post office with the PostIdent coupon and your ID card and legitimize yourself there. However, the loan is not paid out until the legitimation has been completed.

Note: Best bank will inform you of the current status by e-mail during the loan application.

What do I need to apply for a loan?

  • valid ID
  • German bank account
  • if applicable, proof of income/salary
  • E-mail address
  • Smartphone with which SMS can be received if you want to carry out the legitimation process online
  • Webcam if you want to carry out the legitimation process online

Best bank mini loan costs

Best bank mini loan costs

The effective annual interest rate at Best bank is 13.90% pa This seems very high at first glance. However, you should keep in mind that you only take out a mini or short-term loan for a short period of time and that the loan amount is usually very manageable. The interest burden is therefore rather low.

Loan amount $ 500 – effective annual interest rate 13.90% pa – term 30 days – repayment $ 505.79

Note: The costs for the additional options (so-called service fees) must be transferred separately – depending on the loan term in a maximum of 2 installments.

Best bank payout duration

Best bank payout duration

If you need the loan amount very quickly, you can book the so-called “express option” for $ 39 with Best bank. Once the legitimation process has been completed and an approved loan has been approved, the loan amount will be paid out to your bank account within 30 minutes.

Important: The express option can only be carried out if all necessary documents have been received by 3 p.m. on working days and the credit has been approved.

If you do not use the express option, you have to wait about 3-4 working days for the loan amount to be received. Compared to other mini loan providers, this is still a very short payout period.

 

Get credit via mobile app – these providers offer it!

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?

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?

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.

Loan today

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.

Borrow 600 dollars -you can easily take out a 600 dollar mini loan and pay the bills

600 dollar mini loan

600 dollar mini loan

A financial bottleneck can always occur and be bridged with the help of a 600 dollar mini loan. If you receive an unexpectedly high bill or if you cannot pay the rent because your salary was not paid in time, you can easily take out a 600 dollar mini loan and pay the bills. Here we tell you how you can take out a 600 dollar loan and what else you should know about it.

Which providers offer a 600 dollar mini loan?

Which providers offer a 600 dollar mini loan?

You can take out a 600 dollar mini loan with Best Bank, Good credit company or Nice Bank, for example. However, you should already be a customer of Good credit company, because first-time customers will not receive loans of more than 500 USD. As a first-time customer at Nice Bank you also get a 600 dollar loan with an interest rate of 10.36 percent. This is the annual percentage rate, which is only calculated over a short period.

With a term of 30 days, you only pay 5.11 USD in interest. The effective annual interest rate at Best Bank is 7.95 percent, which means that the interest rate is only USD 3.78. If you are an existing customer of Good credit company, the interest amounts to 6.95 USD.

Who can take out a 600 dollar loan?

If you are of legal age and have a German bank account, you can take out a 600 dollar loan. As an additional requirement, you must provide proof of residence in $ope for a loan with Nice Bank. Best Bank and Good credit company require that your main residence is in Germany. Good credit company also requires a minimum income of 500 USD. You only get a credit of 600 USD as an existing customer. First-time customers can only take out loans up to USD 500 there.

Best Bank expects a minimum income of 700 USD, while Nice Bank does not provide proof of income. Loans are generally not given to over-indebted people. However, if you have a negative Credit Bureau entry, this is not a major problem, because small loans are often given by the providers mentioned. Your loan application can be rejected, but it is also worth trying if you have a poor Credit Bureau score.

What is a 600 dollar loan needed for?

Not everyone can spontaneously raise 600 USD. If this becomes necessary, a mini loan can be of great help. After all, it can always happen that your boss just sweaty your wire transfer and you can’t pay your rent. Since you know that your boss will transfer the money shortly, you can safely take out a 600 dollar mini loan, which you will repay as soon as the salary is in your account. Interest is negligible, with Best Bank you only pay USD 3.78 interest on the loan with a 30-day term.

You can also pay unexpectedly high bills with a mini loan. You usually only notice a defective water meter if you check your consumption regularly or if the end-of-year billing is significantly higher than you thought. Until the question of whether the meter is really defective has been clarified, you should first pay the bill.

If you are not sure that you can pay off your $ 600 mini loan during the short term, you should look for alternatives. Also keep in mind that additional options such as direct transfer or payment in several installments increase the total loan costs very strongly. An installment loan from your house bank may be the cheaper and safer way. Most companies, such as energy suppliers, can also talk to themselves. If you are unable to pay an unexpectedly high bill, there is often the option of agreeing an inexpensive payment in installments.

How quickly is a 600 dollar loan paid out?

How quickly is a 600 dollar loan paid out?

Depending on the provider, it takes a different amount of time until you receive your 600 dollar mini loan. Good credit company transfers the money very quickly, it should be in your account within three to five working days. It can take a particularly long time at Nice Bank. Here the money is with you within up to 15 working days. Best Bank is in the middle with a period of up to seven working days.

If you really need the 600 USD, you can book a preferred processing with all providers. You will receive your loan on the same day, but at the latest within 24 hours. Certain restrictions often apply to amounts over USD 500. Best Bank charges a fee of 99 USD for faster processing and only offers this option to existing customers.

Good credit company only charges 39 USD for this service. However, loans from 500 USD are only granted to existing customers. With Nice Bank you can also have a 600 dollar loan paid out within 24 hours. The fee for this is 179 USD.

When do you have to repay a 600 dollar loan?

You will repay your USD 600 mini loan by the end of the agreed term. By default, the term of mini loans is 30 days. With Good credit company you also have the option of choosing a term of 15, 60 or even 90 days. Nice Bank also offers the possibility of a longer term. Here it is 62 days.

The repayment is automatically divided into two installments, for which a fee of 99 USD is required. If you take the $ 7.93 interest into account, you would pay a full $ 706.93 for your $ 600 loan with this option. It is similar with Best Bank. The extended term is 60 days and the 2-installment option also costs 99 USD. Because of the lower interest rates, the loan would ultimately cost you 704.68 USD.

Loan that is high flexibility in repayment thanks to optional installment breaks

Framework credit from Best bank in check

Framework credit from Best bank in check

You can use the Best bank credit line at any time without any restrictions. Available limits of between $ 2,500 and $ 25,000 are possible. If the credit line has been approved, you can withdraw amounts from 1 $ via the associated online banking.

There are no fees for account management. Interest on effective use of the credit limit only amounts to 5.99% pa.

The loan can be repaid in fixed monthly installments, and special repayments are also possible. In addition, an installment break can be used during which only the accrued interest has to be paid.

Requirements for a credit line with Best bank

Requirements for a credit line with Best bank

You should meet the following requirements so that you can apply for the framework credit:

  • You must be at least 18 years old
  • Regulated monthly income from an employee relationship
  • Or verifiable income as a freelancer
  • Workplace and residence are in Germany
  • Current account with a German bank

In addition to pensioners and freelancers, freelancers can also apply for Best bank’s framework credit , provided they can provide relevant evidence of regular income. However, this only applies to freelancers without a business registration, all other self-employed cannot apply for the loan.

As an employee you have to submit the last three salary slips, freelancers need the last two tax assessments and as a pensioner the last pension assessment is sufficient.

How do I get the credit line from Best bank

How do I get the credit line from Best bank

The application for the credit line with Best bank is initially carried out using an online form, which you must fill out. In it you indicate the desired loan amount and the installment model as well as the required information about your financial situation. Your Credit Bureau file will be checked during the application process.

You must submit the signed credit contract by post. You can enclose proof of your income in paper form or you can use the digital income check, which automatically creates a household bill by viewing your salary account. The legitimation of your person can also be done online using Videoident. You can also do this in a post office and submit it together with the loan agreement.

When the contract is concluded, a desired payment amount can be determined directly.

How is the Best bank framework loan repaid?

How is the Best bank framework loan repaid?

The Best bank credit line is generally repaid in installments. However, you can largely determine the exact height yourself. The minimum rate is $ 50 plus interest. Special repayments are possible at any time and you also have the option of taking an installment break, during which interest continues to be calculated.

Special repayments can be made at any time by transfer to the master credit account. The monthly installments and interest are automatically debited from your reference account on the 30th of each month. The interest always takes effect from the point in time when the credit line was drawn. The interest payment cannot be suspended.