Get the best instant cash advance loans in the USA
Instant cash advance loans via One Payday – lenders have enjoyed great popularity in other countries such as the US for some time now. Now, this form of borrowing in Germany is becoming increasingly popular. In addition to the favorable interest rates, the main reasons for this are the lower creditworthiness requirements compared to a bank. Consumers, too, have a chance that banks rejected because of a low Private Credit score. This also applies to the self-employed and freelancers, who also receive a loan only under difficult conditions due to the irregular income.
In which cases is a loan from private recommended:
- Negative Private Credit
- Self-employed or freelance activity
- Low income
- vehicle purchases
- New home furnishings
- Book dream holiday
- Business start
On the one hand there is of course the possibility to borrow from relatives or friends the money needed. If this is not feasible, loan seekers can also turn to one of the numerous agency portals on the Internet. Among the largest are the providers Creditend and Moneyor. To receive a loan from private consumers can register here for free and put their loan project online. Private or commercial lenders look at the various requests and have the opportunity to make money available for individual projects. If the desired loan amount is reached, the payment of the loan amount takes place directly through the respective portal.
What are the interest rates for these loans?
This question can not be answered on a flat-rate basis, as the interest rate is agreed individually between the borrower and the lender. Anyone who lends a loan at his request the interest rate he already is to pay. It is advisable to choose a standard market interest rate, so that actually find potential investors. It also makes it clear that this is a serious request. For some portals, the interest rate also depends on the creditworthiness of the borrower. Depending on the existing Private Credit Score, an interest premium is calculated due to the greater risk involved. Therefore, it is advisable to compare the terms of the different mediation portals exactly.
What about creditworthiness and Private Credit?
As far as the required credit rating is concerned, there are also differences between the individual providers. For example, Creditend always does a credit check. In order to be able to register you need a monthly income of at least 1.000 Euro as well as a certain Private Credit Score. If the requirements are not met, registration is not possible. In other portals, the whole thing is handled a bit looser. Thus, even persons with a negative Private Credit or a lower income have the opportunity to receive an urgent loan. Under certain circumstances, lenders may provide additional collateral such as a guarantor or request. Please also read our article on instant loans without Private Credit.
What fees are due on a loan from private?
The fee structure also varies from portal to portal. So it may happen that a small fee is already charged for setting the application. For others, costs only arise when it actually came to a credit brokerage. The commissions are usually based on the loan amount and the agreed term. The resulting fees can be viewed on the individual portals. Consumer advocates generally advise against paying any fees in advance. It is never clear to such providers whether they are actually seeking credit or simply interested in fees.
What sums of credit are given privately?
The market leader Creditend arranges loans with amounts of up to 75,000 euros. Thus, even larger projects can easily be realized with a loan from private. But even those who need only a small amount can register here. The minimum amount is only 1,000 euros. At Moneyor, the procurement guidelines are not so strict and the possible loan amounts are therefore slightly lower. Borrowers can also get up to 20,000 euros here. As far as the offered terms are concerned, this is handled differently depending on the portal. For example, Creditend can choose between a duration of 12 to 120 months. Moneyor offers terms of up to 60 months due to the smaller loan amounts.
Who pays the money?
In Germany, the credit intermediaries are obliged to cooperate with a bank. The payment of the loan amount therefore always takes place via a bank. The latter then also collects the installments due and forwards the money to the individual lenders. For borrowers, this means additional security. However, the banks have no influence on the actual credit decision. These only work in the background.
Other requirements for a loan from private?
The requirements are the same for all placement portals and comply with the general procurement guidelines for loans. Thus, the borrower must be at least 18 years old and have a permanent residence within the Federal Republic of Germany. In order to be able to collect the monthly installments by direct debit, a German checking account is also required. There may be some differences with regard to the upper age limit. Some portals indicate this at the age of 70 while others do not find any information about it. Credit seekers may still have to prove a minimum income before registering.