Express Loan Comparison with Fast Payout
Do you know these moments when unplanned costs come up and you just do not have enough money in your account? Exactly for such cases the express loan is made. Borrowers benefit from the particularly fast payout and can thus quickly eliminate important replacement purchases or other unforeseen cost problems. In the following, we will show you what you should pay close attention to when making an emergency loan and how you can benefit from our credit comparison.
What exactly is an express loan?
The Eilkredit is actually not a separate credit line, since this is a conventional installment loan. The only difference is that there is as little time as possible between the loan application and the final payout. Normally, searching for a loan, applying for a loan and finally paying it out can take up to 10 days. Online loans are often a bit faster if you are a borrower. This includes, for example, sending the required documents and the signed documents as quickly as possible. With an urgent loan a payout is possible within 24 hours in individual cases and almost always you have as a borrower after 48 hours the needed money.
Why can an express loan be paid out so quickly?
At first glance, the question arises as to why a loan can be disbursed so quickly and if conventional loans take longer. This can have several reasons:
- Especially fast processing of credit inquiries
Some credit providers specialize in answering loan requests as quickly as possible. Often the applications are also processed there on the weekend and the entire process has been streamlined. If you submit the required documents quickly, you will often receive your urgent loan within a few days.
- The loan can be applied for in full digital
The second option is that as a borrower, you no longer need to send letters. The entire application process runs digitally. So you send the application to the bank, upload the required documents and sign the loan agreement by digital signature. In this way you can easily save 2-3 days by mail. Ideally, full-time emergency loans can be paid out 24-48 hours after the application.
What else is to be considered with an express credit?
The fast payout is certainly the most important criterion for express credit. In addition, it is of course still possible for you to optimize the conditions to your liking. This includes both low costs and features that are important to you personally. In the following, the most important aspects of this are to be shown in more detail:
1. Low interest rates as the most important decision criterion
When you need money fast, the cost of the loan often gets out of focus. These are at least as important. In order to keep the interest costs for your express loan as low as possible, you should therefore use our credit comparison and explore the savings potential for yourself. Below we show you how much money can be saved by comparing the different offers:
Table 1: Savings potential through a credit comparison based on an example, terms are fictitious and may differ in reality
|Express Credit (cheap option)||Express Credit (expensive option)|
|loan amount||12000,00 €||12000,00 €|
|Effective interest rate||3.49% pa||5.99% pa|
|running time||5 years||5 years|
|Repayment rate (per month)||217.95 euros||231.06 euros|
|Interest costs (term)||1077.23 euros||1863.30 euros|
|Cost difference||786.07 €|
With a credit comparison, you can quickly get an overview of the credit market and finally choose the cheapest loan for themselves.
2. Special unscheduled repayments as interest-rate method
An urgent loan is often a financing that is not planned too much. This is due to the fact that the cause of the financial need suddenly occurs and then everything has to go fast. A good option here can be free special redemptions. These allow you, as a borrower, to prematurely redeem the loan early in part or even completely. The following example shows you the example loan from above, which would lead to a special repayment of 1,200 Euro in the second year and the fourth year in total:
Table 2: Savings potential through special repayments using an example
|Express credit (without special repayment)||Express credit (with special repayment)|
|loan amount||12000,00 €||12000,00 €|
|Effective interest rate||3.49% pa||3.49% pa|
|running time||5 years||5 years|
|unscheduled||0,00 Euro||2400.00 Euro|
|Repayment rate (per month)||217.95 euros||217.95 euros|
|Interest costs (term)||1077.23 euros||925.16 euros|
|Cost difference||152.07 EUR|
By free special repayments you can save in this example so again over 150 euros in the interest cost. Ultimately, however, such an option is only worthwhile if you will have the financial means to make the special repayments in the future.
3. Select the term correctly
In terms of maturity, many borrowers worry little. On closer examination, however, it quickly becomes apparent that this is very important. It influences the essential features of the express loan:
- Long term = low credit
- Long term = higher interest costs
These relationships should always be internalized. You will have to pay a lower monthly rate if you choose a long term. In return, however, you pay off your credit longer, which increases the total cost accordingly. For this reason, you should always choose the term for your urgent loan, so that you can easily handle them, but your loan will still be paid as quickly as possible.
4. Specify a specific use
Whenever it is possible to specify a specific purpose, you should do so. Although you can choose a conventional installment loan without earmarking for all financing reasons, the special loans often bring cost advantages. In the case of an urgent loan, this may be a debt rescheduling or a car loan for a much-needed replacement car. Both reasons give the bank the opportunity to better assess your credit rating as a borrower:
- Car loan: With a car loan, you acquire a property with the car, which can be made to make money back to the emergency. This flows into many banks positive and sometimes provides for lower interest rates.
- Debt rescheduling: A rescheduling ensures that you end up with the new urgent loan no higher debt than before. With the new loan, they are paying off urgent old debts and possibly saving interest. Your credit rating is therefore not burdened by the new loan, which can thus bring better interest rates.
These are clear arguments for specifying a specific purpose in advance. In our credit comparison you have the opportunity to make appropriate filtering of the offers.
With your urgent loan for a cheap and fast financing!
You urgently need financial resources to make important purchases? This is not a problem today with an over-the-counter loan. Credit providers specialize in fast payouts and fully digital application processes provide an additional payout boost. Our credit comparison offers you the opportunity to filter out the loan credits according to your wishes and in the end to be able to select the most favorable offer possible. Take advantage of this opportunity and look forward to the savings potential!