Categories
Uncategorized

Fast Loan is the right contact for you if you need money quickly

Best Bank experience

Best Bank experience

Best Bank is the right contact for you if you need money quickly. The provider belongs to Novum Bank and has mini loans up to 600 USD in its program. With the repayment you can take 30 or 60 days. Best Bank has a Europe-wide banking license, so no intermediary is required.

Best Bank offers in detail

Best Bank offers in detail

  • Short-term credit from 100 USD to 600 USD
  • Optionally, a term of 30 to 60 days
  • Express transfers within 24 hours
  • The conventional transfer of the loan amount takes around four days
  • The PostIdent or VideoIdent is used for identification
  • A loan is also made with medium Credit Bureau
  • The credit inquiry costs nothing and is non-binding
  • Existing customers can borrow up to 1,500 USD

What is new at Best Bank is that existing customers can apply for a loan amount of up to 1,500 USD. With the Superdeal, the money is ready for you the next day. Here too, the term is a maximum of 60 days.

No large purchases can be made with the money

No large purchases can be made with the money

At the beginning, it should be mentioned here that no large purchases can be made with the money. This credit is used to bridge the gap, for example to pay a repair bill or to the electricity supplier. This loan can also be used for special offers in the trade, provided that it can be repaid within this period. You have to be sure that you can repay this bridging loan regardless of the amount. Otherwise there are the same consequences as with a conventional installment loan with high loan amounts.

How can you apply for a mini loan from Best Bank?

You can apply for the loan at Best Bank conveniently from your home PC. Simply select the desired loan amount and term and then click on Apply for a loan. Another form then opens where you can request additional services. After you have done that, all you have to do is send the application. You will receive an answer from Best Bank within a short time.

What additional services can you book?

Those in a hurry can book the 24-hour deal. If the loan application is approved, the money will arrive within 24 hours. Preferred processing is available for new customers. The application will be processed within four hours. A flash instruction is also one of the additional services that are subject to a charge. The money will then be posted to your account within 24 hours. As an existing customer, you can choose the two-rate option. You pay the first installment after 30 days. The second installment is due after 60 days.

How long are the transfer channels without additional services?

It usually takes up to four days for the money to reach your account.

How does identification work?

How does identification work?

Best Bank offer verify-U identification. You need a cell phone, an e-mail address, your ID card and the account details. This data is entered in the start form. You will then receive a transaction code via SMS. The data is then checked via Giropay or Skrill.

Requirements for a loan with Best Bank

  • The applicant must be at least 21 years old
  • The place of residence must be in Germany
  • A monthly net income of 700 USD is expected
  • A negative entry in the Credit Bureau is not necessarily a reason for rejection
  • Care is taken to ensure that there is no over-indebtedness.

How does Best Bank react to the lack of payment?

As soon as you notice that you cannot pay the installment, please contact Best Bank and discuss everything with an employee. There is certainly an agreement. However, if you do not register in this case, you will be reminded when the installment is due. You then have seven days to pay for the outstanding amount. If there is still no payment, you will receive two dunning notices. Thereafter, default interest is due, the item is given to a debt collection agency and a report is sent to a credit information service.

Can I always apply for a loan from Best Bank?

You will receive an SMS after paying the first loan. You can now apply for a new loan from Best Bank. However, Best Bank can also reject the application without giving reasons.

When is a loan declined?

When is a loan declined?

If the conditions already mentioned are not met. If there are doubts or concerns, a loan can be refused. Nobody wants you to be in debt. However, the loan is rejected even if the first loan has not yet been repaid.

Summary

Best Bank has a banking license that applies to Europe. No intermediary is needed, the money comes directly from Best Bank. An inquiry is generally free of charge and non-binding. If you meet the requirements for a mini loan that have already been mentioned, then you have a good chance of getting a Best Bank loan. You have up to 60 days with the repayment as an existing customer.

Categories
Uncategorized

Mini Loan Monthly Rates – Borrowers need to know their limits

“I take out a loan today and then repay it as quickly as possible so that I can get rid of the burden quickly.” This is the idea of ​​many borrowers who urgently need money but feel bad about borrowing. Industry experts warn of the impending overload due to incorrectly set terms and credit rates. In many cases this also applies to mini loan monthly installments. In general, borrowers have to be aware of one thing: every financing burden the household budget. Even if I get a mini loan from a private person, the lender wants to get his loan back at some point. However, it is of little use to both sides of borrowing if mini-monthly rates are set too high, so that financial problems may even occur repeatedly during the repayment period.

Problems during the repayment lead to additional costs

Problems during the repayment lead to additional costs

For banks, financing portals on the Internet and private donors, this means unexpectedly longer waiting times before the entire loan amount is repaid. In the case of loans from banks, credit brokerage portals and credit platforms, defaults in the payment of the monthly mini loan installments also trigger bureaucratic processes. These include the following:

  • Delivery of payment reminders to borrowers
  • Reminders (one to three, depending on the provider)
  • early demand for complete repayment
  • Notification of loan default to Credit Bureau and other credit agencies

What, above all, involves some effort for the donors in relation to incorrectly set-up mini loan monthly installments, can have far worse consequences for customers in the case of a mini loan for employees, the self-employed and other target groups.

Additional costs are a nuisance, especially with short terms

Additional costs are a nuisance, especially with short terms

You pay extra fees for reminders or possible return debits if the reference account is insufficiently covered. Such additional costs basically increase the average interest paid on mini loans significantly. Because already for the first letter to warn about missing installments, fees of 5 to 15 USD are due at many credit platforms and banks. If mini-monthly installments are not transferred several times (on time) or if the bank holding the account makes chargebacks, there will be a risk of termination after two or three missing installments. This not only leads to early termination of the contract on the part of the lender.

Do not underestimate the possible consequences of failures

Private bankruptcy may even be threatened if there is a corresponding previous charge. A negative Credit Bureau entry will always arise. And this entry can have many effects in the future. You may not get a new loan if you need it within the coming months or years. Or you may encounter rejection when applying for mobile tariffs, perhaps even when entering into a rental agreement, because landlords and providers shy away from the risk of a failure due to Credit Bureau’s history.

In most cases, entries even threaten loans that are actually granted in a “shop-neutral” manner. This is a mini loan without Credit Bureau. German banks must always check their creditworthiness. However, the mini loan is often not reported to Credit Bureau – precisely because the financing amounts are so low. If customers can no longer service the claims, the vast majority of financiers will report to one or more credit agencies. As a rule, this will be said Credit Bureau.

Can I correct rates when income changes?

Can I correct rates when income changes?

It is easy to explain why we are rearing the horse up from behind and talking about the risks at first: Even monthly mini loan installments should be carefully defined and budgeted appropriately. After all, you don’t take up such funding for no reason. The majority of all customers who need loans with a financing framework of between 50 and a maximum of 3,000 USD have problems with smaller unscheduled extra expenses to pay higher credit rates as agreed. As with any loan, the monthly installment for mini loans must of course also be paid smoothly throughout the term. Contract is contract.

Our tip → In case of problems, do not wait until problems become acute!

If complications do arise, temporary deferrals or adjustments to the rate can be agreed with the customer service department of the lenders. Some platforms already mention such options in the product information. In other cases, it is worth contacting in the event of impending loss of payments in order to find a goodwill arrangement. Because there is no question that successful repayment is also important to credit providers. If only because the scheduled repayment causes the least effort. The earlier borrowers report expected repayment problems, the more likely a good solution is before a payment fails.

Preferred processing and payment = a cost factor?

One reason why some borrowers would particularly like to pay higher monthly mini loan rates is the rather high interest rates for mini loans. Many laypeople believe that short repayment phases keep the total costs within limits. The mini loan comparison shows that the conditions on the market are in some cases far above average. In some cases, annual calculations result in effective annual interest rates of more than 100 percent. This happens, for example, when borrowers order a particularly quick mini loan payment in some places. For some offers, such as the “Xpresscredit” format from Ferratum Bank, high fees are charged for express payments on the day of approval.
In the case mentioned, depending on the amount of the loan and the mini loan, these are between around 30 and almost 300 USD. If these prices are included in the annual interest rate, the bottom line is that the service providers generate considerable sales. Therefore, credit specialists advise you to read the additional costs and services of the providers in detail.
Installments must be affordable under all circumstances
Borrowers could now come up with the idea of ​​reducing their costs through shorter terms and correspondingly higher mini loan monthly installments. And of course, by shortening the repayment phase, I can reduce loan expenditure. Is this really worth it with terms of at most 12 months, given the greater risk of default? Every borrower has to answer this question himself. However, be warned here of the danger of being overwhelmed and the economic consequences mentioned.

Which mini loan monthly installments suit me?

Which mini loan monthly installments suit me?

In the first step, borrowers should get an overview of their own fixed costs. Experience shows that many consumers are not even aware of their own running costs. Most of the cost items, like the mini loan monthly installments, are debited automatically by direct debit. Complete control of spending is often left behind. Some of the fixed expenses are:

  • Insurance contributions (from household items to car insurance)
  • Rent (plus ancillary rental costs such as electricity and gas)
  • Fixed network, – cellular, internet and TV costs
  • Contributions to private pensions
  • Contributions for