What is an instant loan?
Instant loan is another term for an installment loan, where the loan is taken out as soon as possible after the loan application.
The instant media has only become possible in its current form thanks to the new media, especially the Internet. The applicant can compare the various offers from home, then enter their relevant key data in a web form and in many cases receive an immediate decision as to whether the loan will come about or not.
The Internet and the resulting providers of instant loans have increased the number and variety of products accordingly. At the same time, it has also become easier to compare the different loan offers. On this page we would like to present the best offers for certain target groups. For a more individual and comprehensive overview, please use our credit comparison.
The cheapest instant loans
In most cases, the instant credit from Agree Bank offers the most favorable conditions. If the sum is between 500 and 2,499 USD, we have the cheapest instant loan with an interest rate of 3.59% eff. pa depending on the creditworthiness at all.
With a loan amount of between 1,500 and 50,000 USD, the lowest effective annual interest rate is between 3.45% and 12 months, with longer terms up to 84 months 6.26%. The special thing about it: This interest rate is independent of the creditworthiness! (Sufficient payment power required)
2. for short terms
If it is a question of providing the necessary financial resources in the short term, the Lite Lender installment loan is a recommendation. The only instant loan that can be chosen here is a term of only 6 months. In this case it is particularly cheap for only 4.99% rms. pa regardless of creditworthiness, which of course generally has to be sufficient.
3. for vehicle financing
Not only, but especially as a car loan, the Targobank online loan is worthwhile. In this area it is particularly interesting for the financing of small cars. For new customers, there is a 12-month loan for 3.45% eff. pa, all other offers are from 5.29% eff. pa depending on the credit rating.
4. regardless of income
For many instant loans, the interest rates offered vary greatly with the creditworthiness, i.e. your own financial background. Offers that are independent of creditworthiness create more planning security here, since you are immediately informed about the amount of the interest rate. The prerequisite is, of course, that the creditworthiness is generally sufficient for the loan. In this case, the DKB personal loan is recommended. There is an effective annual interest rate of 5.45% (as of February 9, 2009). This is then only dependent on the term of the loan.
5. for high incomes
If you have a high monthly income, you generally have a better chance of getting a cheap instant loan. Higher earners get particularly good conditions with the Agree Bank Online loan.
6. with negative Credit bureau
Even if Credit bureau makes a negative entry, you still have chances to get a loan. These Credit bureau-free loans are also called Good lender loans. In general, Bon Kredit is the cheaper provider, in general instant loans from 4.9% eff. pa mediated (as of February 9, 2009). Credit bureau-free loans are also more expensive here, so it is recommended to have the Credit bureau check carried out in case of doubt.
Apply for instant credit – the process
The basic procedure for applying for an instant loan is similar for all of the aforementioned credit providers. Usually only use one credit stands comparison, followed by the start of the procedure actually offered: the click of the loan calculator to the preliminary rate of interest for its planned loan amount and term to calculate.
If the customer agrees, you can enter your personal data in the next step. Depending on the provider, there are a few more input windows in which you can now explain your financial situation. This includes income from wages, renting or similar sources, costs for living and daily life and any other financial obligations such as maintenance payments, etc. Usually this procedure extends over typically 3 to 5 input windows, whereby the data is transmitted in encrypted form so that it is not intercepted can be.
The time to acceptance varies per instant loan provider. Nevertheless, there is also a real loan with an immediate approval, for example the SWK instant loan with a pre-approval within 30 seconds – if the financial information is complete and correct, you can expect that the offered loan will also come about.
After the online instant loan application has been completed, you can print out and sign the instant loan application. As a new customer, you then go to the next post office with this application and an identity card to identify yourself with the PostIdent procedure. The postal officer does this at no additional cost. As a rule, the money is then already in the specified checking account after a few days.
The repayment is made monthly for both regular and Credit bureau-free instant loans, with a monthly installment consisting of this repayment and the installment interest. The rates are usually the same amount. Some providers, such as Targobank, also offer to wait until the 89th day after payment has been received before paying in installments.
In the case of the above-mentioned credit providers, special repayments are also partially planned. This means that unexpected cash receipts can be used to reduce the remaining debt in order to reduce the term or the amount of the installment. It is worth taking a closer look at the contract documents.