Effective Interest Rate of Flash Credit

 

There are always situations in life in which you quickly need a large amount of money. Those who have not made any financial reserves are dependent on outside capital. Private donors are rare, overdrafting is only possible up to a certain amount and involves high interest rates. Lightning loans are an alternative. These are characterized by the fact that the processing time is not extended and you can count on the loan just a few days after applying.

Conditions of lightning loans

Conditions of lightning loans

As a rule, a higher interest rate is to be expected for loans that come within a short period of time. The effective interest rate is between 3.9 and 9.0 percent and also depends on the loan amount and the duration. There are also large differences between the credit institutions, so a comparison is recommended. In most cases, a loan request is not associated with costs, which means that several credit institutions can be compared. You also have a good overview on the Internet. As a rule, the borrower has between 12 and 120 months to repay the loan.

Where and how can you apply for lightning credits

Where and how can you apply for lightning credits

With the classic bank loan, you have to wait a long time. Creditworthiness, income and personal circumstances are carefully checked first. There is also usually a conversation in advance. The bank leaves a lot of time for processing. Lightning loans, on the other hand, are usually applied for at online banks. The preliminary loan decision is communicated to you just a few hours after the request. Enter income, personal circumstances and whether there is a Credit Bureau entry.

The amount of the desired loan and the installments must of course also be given. The necessary documents and data must be submitted within the next few days. These are then checked, if everything is correct, the credit agreement is sent to you in writing. As soon as it is sent back signed, the loan amount can be transferred or paid out by post. A transfer to the bank account is faster, but is always associated with costs, the amount of which depends on the loan amount.

Fast credit even with bad credit

Fast credit even with bad credit

Some credit institutions have specialized in giving people with poor credit ratings a quick loan. The price for this is usually higher interest rates. In addition, regular income must be proven, and monthly expenses must also be stated. The prospective customer must be able to prove that he is able to meet the agreed installment payments.

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