Microcredit with immediate payment
You desperately need money and want to repay it within 60 days or less? Then a microcredit is the first choice for you. Traditional banks do not have such a loan in their portfolio. Only the Camibank offers such a loan. There are a total of five providers who have made it their mission to help the customer with a micro loan with immediate payout. We will show you which ones are and what you have to consider, because within these providers there are serious differences. These affect the additional costs and the term.
How does microcredit differ from traditional credit?
The differences already start with the loan amount. This starts at 100 euros and ends with 5,000 euros. The term is, with exception, only a maximum of 60 days. Alone because of the short term, a micro loan with immediate payment is only suitable for bridging, until the next salary or salary is again posted to the account. Usually, this loan is needed to settle an urgent bill or necessary repairs. It would be wrong if you wanted to finance luxury goods with it. For almost all providers, the microcredit can be applied for immediately via the Internet. Within a few minutes you will either receive a confirmation or a cancellation. The normal payout period is up to four business days. If you are in a hurry, you can book the Lightning Transfer option. It is chargeable and can be very expensive. Another distinguishing feature is the handling of private credit entries. There are a total of five microcredit providers with immediate payment, but only two providers may have negative entries in the private credit. For all other providers, this leads to a credit rejection.
Who are the providers for a microcredit?
The following providers have a microcredit: Neofunding, Loan Express, Viloan, Meelending and the Camibank offer.
To give you a better overview, we will introduce you to these providers.
Neofunding has been around since 2012. The process of lending is automated, which leads to faster acceptance or cancellation. The standard term is 30 days. The lowest desired amount amounts to 100 euros. The highest loan amount is 5,000 euros. Customers can optionally choose a term of 180 days. A medium credit rating is sufficient for a loan commitment.
You have the option to apply for an express payment. In this case, a credit will be given within 30 minutes. This option is associated with high additional costs. You can then apply for this microcredit immediately if you earn at least 500 euros net and have a German bank account. You also need a main residence in Germany. You must neither be over-indebted nor have you submitted a sworn statement. If you meet the basic requirements, you can request this micro-loan with immediate payment directly from Neofunding without obligation. Within a few minutes you will receive an answer.
The Loan Express is awarded by the Zaloan Bank in Malta. If you want to apply for a microcredit for the first time, you will receive a loan amount of up to 600 euros. After that, the loan amount will increase to 1500 euros, provided you have paid the first loan on time. The credit decision falls within 60 seconds. If you book the Xpress service, the money will be ready in your account within 24 hours. Salary statements or other documents are not required. All you have to do is identify yourself to a representative of the provider using the VideoIdent procedure with your ID card. You can simply upload a copy of the ID card with your application. This instant loan microcredit is even a real alternative for students or trainees who often find banks reluctant to ask for a loan.
With Viloan amounts up to 600 euros can be requested. The following terms are available: 15, 30 and 60 days. The provider also has the paid express payment in the program. The money can therefore be credited to your account within 24 hours. To apply for such a microcredit immediately, you must be at least 18 years old. In addition, you need a permanent residence in Germany and a stable income of at least 700 euros. A private credit entry is no obstacle. As with other providers, you can identify yourself online.
The microcredit from Meelending is awarded in cooperation with Smava. There are no long waiting times with an answer, because within a short time you will find out if you get a microcredit immediately. The maximum sum here is 5000 euros. This loan differs significantly from the other loans, as it has a term of 36 months. However, the private credit plays an essential role here. With negative entries, it will be very difficult with a loan commitment. Smava offers in addition to conventional bank loans and loans from private. That is the difference to the banks, because the private donors are not bound by the guidelines of the banks. It is quite possible that, despite a negative private credit entry, a microcredit comes about through private donors.
Camibank Direct money
At Camibank, loan amounts of 100 to 3000 euros are available. A positive private credit is the basic condition for a loan commitment. An income of 601 euros is expected. Also, the residence of the borrower in Germany must lie with the Camibank. The term is between two and six months. If the online application is completed by 1pm, you will receive the loan amount the same day. The PostIdent is no longer necessary because Camibank also uses the new VideoIdent for identification. Fees for express transfers are currently not applicable. In addition to microcredits, Camibank also offers traditional loans with higher loan amounts and longer maturities. These loans can also be requested online.
What you should always consider when microcredit
It does not matter if you want to borrow 100 Euro or 5.000 Euro, you have to repay the chosen sum in any case. If you have even the slightest doubt that you have the money at the time of repayment, then you prefer to forego a microcredit.
Once this point has been clarified, you will see that a micro-loan will cost you much less than your bank’s credit line. The banks demand very high interest rates for the overdraft. With a micro loan with immediate payment you pay only low interest rates, which hardly make itself felt under the line. With some providers, it is possible to get such a loan despite private credit, because the application is decided individually.
If you book additional options, these are usually chargeable. The best example is express transfers. If you need the money within 24 hours, then you have to expect high fees. Special options are things that make microcredit more expensive. Here is a small example:
You apply for an express loan of 50 euros. Then there are additional costs of 29 euros for you. The higher the loan amount, the higher the cost of an express transfer. You should therefore think very carefully about whether you would rather not wait four days until the payout.
If you can not repay on time, then you have to expect the same consequences as a traditional installment loan. In this case, a message will be sent to the private credit. There are more costs for you. In the worst case, a judicial dunning procedure threatens up to the seizure.
Microcredit opens up completely new opportunities on the financial market. Those who need money at short notice are very well served with such a micro loan with immediate payment. The payment is fast and if no special options are booked, the costs are limited. If you are in a hurry, you have to expect considerable additional costs. In addition, this loan is not suitable for the purchase of high-quality goods. It serves only for bridging, until the next money comes from the employer. He is meant for that and nothing else. Due to the lower interest rates, it pays to resort to a micro-loan with immediate payment in the event of a financial shortage. The use of the Dispos on the checking account is considerably more expensive, because here interest accrues in the double-digit range.