In order to benefit from the experiences of others, we have created a checklist for assessing your situation and a potential lightning loan provider:
Most important rule:
Always be careful. In spite of your possible financial emergency, do not act too hastily and prefer to sleep on it for a night or to discuss and think it through. Otherwise, it may be possible that you will worsen your situation by being careless.
Just as important: Before you sign anything, read everything in peace and preferably several times. Do not let yourself be pushed and, in case of doubt, prefer to take the documents home with you for an examination. If you do not understand something, ask or seek advice.
The basis should always be: Prepare an honest financial plan quickly! What are your regular income and expenses? How much money is left to repay the future monthly installment. If you are already in the overdraft facility or minus every month: stay away from a loan. The debt spiral leads you relentlessly and very quickly into over-indebtedness and private bankruptcy.
In particular, caution is advised about fees that are incurred without a loan being successfully brokered. There are providers who have discovered this as a business model and charge a purportedly free credit request at just under 50 USD. Perfidiously, advertisements are already made here with “cheap instant credit”. This agency fee is a reimbursement of expenses – and is usually collected by credit intermediaries and, if necessary, with the help of debt collection agencies.
We would also like to warn you urgently against unnecessary insurance that should be sold with the loan application.
You should also keep your distance from providers with expensive hotlines, unnecessary advice or even home visits.
If you have found a provider: Take a close look at it. Does the website make a consistently serious impression? Is it a German provider? Are there credible and not apparently fake / fake testimonials or opinions about this provider on the Internet? Just google the name that is in the imprint and not just the domain or company name. Some providers, after causing enough mischief on one side, simply open a new one elsewhere. In case of doubt, online research is therefore not inappropriate.
Keep an eye not only on interest rates, but also on ancillary credit costs (such as residual debt insurance), commissions for the intermediary and processing fees. Foreign providers who advertise with an “instant loan without Credit Bureau” often, in return, naturally charge higher interest rates.
Instant credit comparison
With some providers, however, you can also arrange a rate break and a late rate start once a year. This customer focus is a positive sign.
Hence the important note: Compare different providers and have offers made to get an overview and not fall for a bad credit offer.
And finally: Don’t let windy loan sharks take advantage of you and your desperate situation. Do not be impressed by “Credit Bureau-free” and “uncomplicated” loan promises, which should “increase your financial scope”. If it sounds too good to be true, it is usually not true. Keep your common sense and in case of doubt it is better to stay away from such lock offers. And credit intermediaries and providers have nothing to give away. On the contrary – you want to make as much profit as possible from other people’s plight. The commissions for the credit intermediaries like to amount to 400 to 500 USD. Payable even if the loan is rejected and never paid out.