An express loan performs several functions. Almost every consumer experiences a financial emergency. As a rule, these are unforeseen unemployment, overindebtedness due to many small loans or the need for a large investment. In the latter case, vehicles, electrical equipment or materials are considered for the preservation of the home.
Express loans are suitable for both debt rescheduling and the quick receipt of a loan. This form of credit is convincing due to the above-average fast receipt and the fair conditions. Conventional credit institutions reject consumers due to various circumstances. This can be the retirement age or civil servant status. An express credit has different requirements and is therefore a suitable alternative to the conventional way to the bank.
How do consumers get an express credit?
A thriving online credit market has developed in recent years. With an express credit, the first contact is also made via the Internet. The online form requires various details. First, the applicants choose the loan amount.
For individuals, this is between 2,000 and 75,000 dollars. Families receive a loan amount of up to 100,000 dollars. Different sums are possible in between. The choice of the borrower depends on the purpose of the loan. However, the lenders are not earmarked for the loans.
In addition, the loan applicant specifies the rate that is realistic. The customer also specifies preferences in the area of the interest rate and repayment modalities in the application. For the promise, it is beneficial that the customer specifies a purpose. This gives the bank a better impression of the customer’s situation.
Further information on obtaining express credit
The loan application and processing are free of charge for the customer. An express loan for debt restructuring is particularly popular. In this case, the express credit bundles the customer’s existing claims into a clear installment amount. This gives the customer security with regard to the term and the amount of the debt.
For many consumers, this form of debt restructuring is a way out of the confusing financial situation. The advantages are also economic. The interest amounts are high for several loans, especially for overdraft facilities. If the customer bundles all obligations into one, he only pays the once agreed interest. In the end, it pays off.
Another prominent example of express credit is construction and real estate finance. The customer’s path to a conventional bank or house bank often ends with the first questions about equity and income. With an express loan, it is possible to build up capital by paying the installments and having an express loan without credit rating.
The requirements for an express credit
Banks divide borrowers according to their credit rating (also called scoring). This states which long-term obligations the customer has entered into and whether there are titles against him. His income and factors, such as existing loans, are still relevant for the scoring.
The basic requirement for an express loan is the minimum age of 18 of the borrower himself. Several people, for example a couple, can take out a loan together. Express loans have the advantage that a commitment tends to be made even without a credit rating check and entry in the credit rating. However, the rate levels or the interest rate may be higher.
The loan application and the subsequent confirmation offer specific information. The loan application is then processed further by post. The postident procedure provides the determination of the identity. To do this, the loan applicant will consult the nearest post office with the bank’s documents. The privacy of the express credit also extends to the environment of the applicant. Neither the employer nor credit rating learn of the application.
Express credit experiences show that an express credit without credit rating is often the last resort when consumers already have entries in the debtor files. This enables several small loans to be repaid or an investment to be processed quickly and easily. In addition, the availability is also convincing for people who have already received rejections from their house bank.