Anyone who still wants to have quick credit today will be amazed: There are a lot of loan variants at the banks that outperform the already fast credit with payment in 24 hours. You could almost say that there is a loan at ICE or sports car speed – if you as a bank customer prepare yourself a bit.
If your loan claim still relates to the availability of funds on the same day, then you should consider the different types of credit lines. If approved today and paid out the next day, other forms of credit such as accelerated installment loans are available. There is also another variant for quick credit today: lending valuable items!
The credit line: reserve for emergencies and before creditworthiness could deteriorate
Many bank customers with fluctuating income and thus also assumed to have fluctuating credit ratings know both good and bad news: Sometimes the bank increases the credit limit of a current loan on the current account, sometimes down. This means that the overdraft facility is still available as a quick loan today, but with a partially unpredictable volume. However, you could secure a credit line in good time, which is available on call and immediately, and is not continuously adjusted by the “house bank”.
To do this, you could secure yourself a kind of loan reserve – in good time before a deteriorating credit rating, for example through short-time work or seasonally falling earnings. This is available in two different versions and can be a valuable temporary buffer for financing. Various banks offer so-called Shopping Cards or shopping cards with installments.
Similar to a credit card, these have a certain limit. Do not debit the full, open amount in the same month. Instead, only a partial payment of, for example, 5 or 10% of the open balance. This means that the repayment is divided into 10 or 20 monthly installments – depending on the product.
This shopping cart works like some credit cards, which also offer a partial payment function. You can use all framework products without warning or prior information from the bank within the limits granted because they are designed for this. The only disadvantage: thanks to convenience and flexibility, these loans are also provided with higher price tags in the form of higher interest rates.
The express credit: processing and approval today, payment by tomorrow
The express loan is an unbeatable combination of modern bank or business organization and a touch of mathematics and probability calculation. Most of the work processes, especially for the smaller loans (without providing collateral such as a land register entry or the vehicle documents of a luxury sedan) can be partially automated.
The loan officer then receives a contract proposal for processing or fine-tuning with the customer relatively quickly. It is based on the loan amount, the term, the current interest and condition policy of the bank as well as on the documents provided such as proof of income.
In particular, if the decision for or against lending is not clear, the processor can contact the customer and suggest a different term or a different loan amount. Fast credit today still refers to the promise of the loan, the customer then still has to sign and submit the loan agreement. In reality, 1-3 days can then pass until the loan is really and actually available.
Cash in kind: The pawnshop is still a quick loan today
Another option to get a quick loan today is too often forgotten in the banking age and the age of the loan comparison: It is the pawnbroking trade that has existed for centuries and has been extremely well regulated and guarded by the state. Here you hand in valuables for a few weeks or months and immediately get cash at your disposal.
If you have not redeemed the goods delivered by the end of the term, they will be officially auctioned. Any additional proceeds then go in your favor, reduced proceeds can be offset against another pawn or are just the business risk of the pawnbroker for only one item delivered.
However, the comparison options here are not as good as with the bank loan or the framework loan variants: Most of the time, the item is examined on-site in the pawnshop, so that long distances would be very cost-intensive. So you are limited to the pawnshops on your own or the next big city.
There is also the PfandLV, which sets certain maximum fees and is used by the entire industry. The pawnshop is very labor-intensive, also when it comes to checking, receiving and evaluating goods, and will therefore rarely be able to beat traditional forms of credit such as express credit, especially in the low-interest phase.
As a quick source of money, the pawnshop is unbeatable and is also used by small and medium-sized companies, for example, to “liquefy” tools or vehicles that are sometimes not required for a manageable amount of time.