Everyday life is full of unexpected crises: broken household appliances, broken cars or furniture that suddenly fall apart. You rarely have the savings to directly address such problems. A quick loan can help you at such a moment. However, there are several points that you have to consider so that your quick or lightning or instant loan does not become a financial risk that you will have to regret for a long time.
How “fast” is a quick loan granted?
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Basically, there is no generally accepted regulation of how quickly you actually need to get a lightning loan. The choice of options is correspondingly wide. Some lenders transfer the loan to you almost immediately. After all, others can have the money in their account within four hours. Of course, this is not the rule. Especially with banks – whether from home or abroad – it is not uncommon for you to have to wait 24, 48 or even 72 hours for the desired quick loan to actually be credited to your account.
Who grants a quick loan?
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There are basically five different groups of donors who can give you the quick loan you want:
– German branch and direct banks: your Credit bureau should fit. Allow 24 to 48 hours of waiting.
– Foreign Direct Banks: Schedule 24 to 48 hours before you see the money in your account.
– Foreign branch banks: plan 48 to 72 hours before the money has been successfully transferred to you.
– Private individuals: You should actually get the loan immediately from your personal environment. Otherwise, if you take the loan from a private person through one of the specialized credit platforms, you have to plan a waiting time of 24 to 72 hours before you actually have the loan and can dispose of it.
– Credit intermediary: You should have the money in your account within 24 hours after the loan approval.
Holidays and weekends are not included in all times. In general, you can expect a preliminary decision immediately after the loan document has been submitted in full. In some cases, however, it can take up to 24 hours before you receive the final confirmation.
How expensive is a quick loan?
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Unfortunately, you have to live with the fact that fast and lightning loans are generally among the most expensive offers on the market. In some cases, the interest rates reach into the double-digit range. With credit intermediaries, it is also not uncommon for additional fees and charges to be added. In any case, it is advisable to repay an instant loan as soon as possible to save costs. In addition, you should definitely compare the offers in question, as there are considerable differences in terms.