Small loan instantly on your account

Small loans usually have a short repayment period

These small loans usually have a very short repayment period, so you can apply for a loan to pay urgent bills before payday, for example, and then pay off the loan in full when you get your paycheck.

Large differences in loan products between financial institutions

Where to apply for a loan depends largely on the applicant's own needs. Not all banks and financial institutions offer the same loan products with exactly the same interest costs and loan conditions. The duration of the loan also often varies significantly between different loans.

This is because the lender carries out a personal credit check on each applicant, which is the basis for the annual percentage rate of charge.

So after applying for a loan, you may receive ten different loan offers from ten different lenders.

How to apply for a small loan or a quick loan?

The application process for small loans is usually quick and easy. Here is a step-by-step description of the application process:

1. Explore the loan market: Find out about the different loan providers and the terms they offer. Compare different loan types, interest rates and fees to find the loan that best suits your needs and financial situation.

2. Choose your loan provider: Choose a reliable and reputable lender that offers you the best terms and customer service.

3. Fill in the loan application: Go to the website of the loan provider of your choice and fill in the loan application. You will usually need the following information:

   1. Personal data (name, address, date of birth)

   2. Contact information (phone number, email address)

   3. Income information (type of employment, monthly income)

   4. Possible expenditure (housing, loan repayments)

4. Log in at: In most cases, you will need to authenticate with your online banking details or mobile certificate when you apply.

5. Wait for the loan decision: The loan provider will review your application and make a credit decision. Once the loan decision is approved, the money is transferred to your account quickly, often within the same day.

Different types of loans

The range of small loans is wide, offered by banks and various financial institutions. Here are some of the most common types of small loans:

1. Quick loan: Quick loans are small, quick loans, usually with a short repayment period, for example 30-90 days. They are characterised by high interest rates and a fast application process.

2. Consumer credit: Consumer loans are unsecured loans that you can apply for, for example, to renovate your home, for hobbies or to travel. Consumer credit loans range from a few hundred euros to tens of thousands of euros.

3. Credit account: A credit account is a revolving credit account from which you can withdraw money according to your needs. The interest rate on a credit account is determined by the amount of credit drawn and you have the flexibility to repay the amount you have withdrawn.

Loan costs: interest and charges

The cost of a small loan varies depending on the lender and the type of loan. In general, the cost of a loan consists of the following elements:

1. Nominal interest rate: The nominal interest rate is the base rate of the loan, which is determined by the amount of the loan and the duration of the loan. In general, the larger the loan amount and the longer the loan period, the lower the nominal interest rate.

2. Annual percentage rate of charge: The APR reflects the total cost of the loan, including, in addition to the nominal interest rate, any loan servicing fees and other charges. The APR helps to compare loans offered by different lenders.

3. Opening fee and monthly loan service charges: The opening fee is a one-off charge levied by the loan provider at the time the loan is granted. Monthly loan servicing fees are recurring charges for managing and processing the loan.

4. Months without payment and months without repaymentA: In some cases, the loan provider may offer payment-free or amortization-free months, in which case you do not have to repay the loan. However, these months may affect the total cost of the loan, as interest will also accrue during these periods.

5. Compare loan providers

Comparison is key when looking for a suitable small loan for an immediate account. Consider the following factors when comparing loan providers:

1. Interest rates: Compare loan offers on the basis of their annual percentage rate of charge (APR), which reflects the total cost of the loan.

2. Loan period: The length of the loan period affects both the monthly repayments and the total cost of the loan. A shorter repayment period means higher monthly repayments but lower total costs.

3. Additional costs: Check the loan provider for any additional charges, such as origination fees and monthly loan servicing fees.

4. Customer service: The quality and availability of customer service is important when you have questions or need help with a loan.

6. Consolidation of loans

If you have several small loans, you can consider combining them into one larger loan. There are several advantages to combining loans:

1. A clearer economy: By combining your loans into one loan, you only have to worry about one monthly payment, making it easier to manage your finances.

2. Potentially lower interest rates: By combining loans, you can negotiate a lower interest rate on the new loan, which can save you money in the long run.

3. More flexible repayment: By combining loans, you can get a more flexible repayment plan that better suits your life situation.

7. How to plan your loan repayment?

Planning your loan repayments is important to avoid payment difficulties and extra costs. Here are some tips for planning your loan repayment:

1. Make a budget: Make a monthly budget that includes your income, expenses and loan repayments. This will ensure that you have enough money for the monthly repayments.

2. Stick to the payment schedule: By paying your monthly instalments on time, you avoid late fees and a negative entry on your credit report.

3. Take advantage of the grace months: If your financial situation changes, take advantage of the grace period offered by your loan provider, if necessary.

4. Pay extra repayments: If you have extra money, you can consider making extra repayments, which will shorten the term of the loan and reduce the overall interest costs.

8. Frequently asked questions

Can I apply for a small loan instantly without any credit history?

Most lenders require applicants to check their credit history, and negative marks can make it difficult to obtain a loan. In some cases, however, you may find lenders who will lend without a credit check, but the interest rates and fees can be significantly higher.

Are there age limits for applying for small loans?

Yes, in most cases you must be at least 18 years old to apply for a small loan on an immediate account. Some lenders may have a higher age limit, such as 20 or 22.

Do I need collateral or guarantors when applying for a small loan for an immediate account?

In general, small loans are unsecured, meaning you don't need a guarantor or property to secure the loan. However, if you have poor credit, the lender may require collateral or a guarantor.

Can I apply for a small loan straight away if I am unemployed?

While many lenders require a regular income to qualify for a loan, it is possible to find lenders who accept applications from unemployed or part-time workers. In this case, the interest rate and terms of the loan may be less favourable.

How quickly can I get the money in my account if I apply for a small loan immediately?

The speed of obtaining a loan depends on the provider and the application process. In some cases, the money can be transferred to your account within the same day, while in other cases it may take a few days.