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.
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?
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.
- 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.
- 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.
- 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.
- 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.
- 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
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
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.