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Payday Loans

Instant Payday Loan Without Income.

Almost all banks offer instant payday loans. In order for the banks to approve this, the applicant must provide proof of income. This can be a payslip or proof of other income. Without this evidence, there is no instant payday loan without income.

Instant payday loan with no income

The bank refuses a loan without work or other income. Unemployment benefits or benefits under SGB II are not counted as income. At the same time, this means that the unemployed cannot apply for a loan because there is no prospect of success. In addition, the creditworthiness of the customer is checked when a loan request is made. This is intended to provide information about whether the customer has always met his payment obligations on time. Without a good credit rating, there is no instant payday loan.

A budget plan is also drawn up to compare income and expenditure. After all, the borrower must have enough money left to make a living. If there is not enough left in this offsetting, in most cases a loan will be refused despite a positive Credit Bureau.

The income serves as security for the banks

The banks require collateral. The most important security is first of all the income, which can be proven by bank statements. It must go to the checking account every month. This does not necessarily have to be income from self-employed or dependent work. Income from rent or lease is also considered income. In addition to income, capital life insurance policies are often viewed as collateral. However, the surrender value must already have reached the amount of the loan.

Banks do not approve an instant payday loan without income because if the installments are not paid, they cannot access the attachable part of the salary or wages. Unemployment benefits or social assistance are excluded from attachments. This group of people makes it difficult for the bank to get its money.

Instant payday loan with no income from foreign banks or through peer to peer loans

Foreign banks also want to see proof of their income. You pay less attention to creditworthiness, at least not when it comes to a Swiss loan, but a permanent job is imperative. It is the same with loans from person to person. Particular attention is paid to the Credit Bureau and the income, because private investors provide the money with these loans. Here, in particular, they attach great importance to eliminating every risk as much as possible. It is almost hopeless to get an instant payday loan without income, because nobody wants to lose their money and takes a pre-programmed risk.

Mortgage loan: will rates still be as low in this year?

People who have obtained a mortgage in recent years have been entitled to rather beneficial conditions. However, it seems that the period when home loans were advantageous is unfortunately over. Those who were able to take out a mortgage in 2019 were well served. The rate was particularly attractive. This had reached 1% for a fixed rate loan with a duration of 20 years. In 2020, what will happen to the criteria for obtaining this type of loan? Are the clauses more or less flexible? Find some answers in the following lines. 

 

Interest rates remain low

mortgage loan

The low level of interest rates is largely due to the policy conducted by the  Best Bank . Last September, it lowered the deposit rate from -0.4 to -0.5%. The deposit rate is equivalent to the interest rate that banks receive when they place money at the Best Bank . This means that banks must pay a sum if they want to deposit their money there.

In the same context, the former President of the Best Bank , Mark Bragat, launched the buyout program again in November. Its principle: the Best Bank buys bonds every month to keep the interest rate low over the long term. If at first glance this rate seems attractive to people wishing to acquire real estate in 2020, this is actually far from a good thing. There are many reasons for this.

 

Home loans would be more expensive

Home loans

First, it is quite possible that in 2019, the interest rate on mortgage loans reached a historic low. For banks, these low interest rates monopolize their profit margins. This is when several banks are unable to reduce the savings rate on savings accounts, in order to preserve their profit margins. Indeed, banking establishments must keep savings interest at a minimum of 0.11%.

This means that if the banks lower the interest rates on the mortgage loan, they will find themselves in a less advantageous situation. Nevertheless, it is likely that in 2020 mortgage interest rates will increase. Since the deposit rate is negative, it is in the banks’ interest to introduce capital into the economy through loans, rather than depositing it in a savings account with a negative interest rate.

 

Stricter conditions for obtaining a mortgage loan

mortgage loan

Starting the following year, borrowers will find it harder to take out a mortgage. This, because for Cream Bank, affordable mortgage loans. Banks should take more account of the monthly repayment burden and household debt.

Cream Bank hopes that the banks will grant loans with a co-payment of 90% or even less. For first-time buyers, a ceiling of 35% of the sum of the credits may be transferred for the allocation of credits with a higher share.

In other words, obtaining a loan will be more complicated if you cannot afford to pay at least 10% of the purchase yourself. These 10% are added to the charges relating to the mortgage, to cite only the notary fees as well as the registration fees.

In short, with increasingly stringent conditions and stagnant interest rates, it will be more difficult to take out a home loan in 2020, compared to previous years. For certain regions such as Flanders and Brussels-Capital, this situation can be worse, with the cancellation of the housing bonus. All in all, obtaining a mortgage loan will now be an obstacle course. Only Wallonia favors the granting of a mortgage loan thanks to a housing check.

Instant credit on the account in 24 hours.

Today, more and more borrowers are placing greater emphasis on a loan product that is quickly available and can score with a simple application. Due to the fact that more and more borrowers want a loan that is quickly available, online banks in particular have been able to record a significant increase in demand.

The online banks on the Internet today offer quick and easy borrowing with their instant loan offers. In contrast to many conventional credit products, instant loans on the Internet can convince with a low interest rate, any use and flexible contract design. Private borrowers who are looking for an instant loan today should not do without a comparison on the Internet due to the enormous increase in offers, numerous financial portals now allow a quick and free comparison of several loan offers.

Not impossible, but still make comparisons

Instant credit on the account in 24 hours - not impossible, but still make comparisons

Before comparing multiple offers, borrowers should get an overview of which criteria are important when comparing loans.
For many borrowers, the effective interest rate is the most important comparison criterion, since it has a decisive influence on the total loan costs. The effective interest rate is variable compared to the borrowing rate and can vary depending on the loan amount and term and credit rating.

The borrower can have a decisive influence on the effective interest rate via the credit rating. If you take out a loan with a high income, you can look forward to a low effective interest rate. Even borrowers who can present a positive Schufa can call up attractive conditions. Low earners cannot score with a high income, but they also have the chance to positively influence the effective interest rate. By choosing a short term and a low loan amount, a low effective interest rate can also be generated.

Anyone who wants to have an instant credit in their account in 24 hours has no bad chances today.

All instant loan offers are characterized by the ability to apply for a loan quickly and easily over the Internet. An instant loan offer can today be applied for in most banks in 2-3 steps. The application process is always initiated with a loan application via an application form. The loan application can be completed online at the bank. In addition to details of the desired credit, the application itself also includes details of the person and income.

After the credit application has been completed and sent, the bank’s creditworthiness check is carried out; if it is positive, the loan approval is already granted. The credit agreement is subsequently made available to the consumer for download, so that the consumer only has to download, fill in and sign the credit agreement. The contract is then sent to the bank, and upon receipt of the loan application, the instant loan is booked to the applicant’s account in 24 hours.

Finding an instant loan on the account in 24 hours is therefore not impossible, but a comparison in advance is essential, loan calculators are useful for comparing several offers.

Yes, there is an available credit for single mothers.

Young women, in particular, may not have been in the job for too long, have only recently completed their training, or may even not have finished at all when there are plans to announce or not plan to have children. Unfortunately, it is the case today that the partnerships from which children are born are no longer built on such solid ground as they were a few years and decades ago. Nowadays, it is not uncommon for young women to have to live with one or even more children without the child’s father as a steady partner.

Single parent = unworthy of credit

Single parent = unworthy of credit

Housing, utilities, food and clothing, insurance, membership in clubs, and many other expenses may far exceed the amount available to a single mother a month, no matter how it is made up. If unforeseen expenses are added because, for example, an important household appliance fails, the young mother often does not have sufficient reserves to make such purchases at short notice. In such a case, there would be a loan for single mothers, which can be allocated in a timely manner and brings quick financial help.

Unfortunately, however, it is the case that the young mother has no income from work, quite the opposite, often she is related to Social Welfare. So a loan would initially be hardly conceivable, since providers of loans like to demand pay slips and other security, before a loan is granted. So does this mean that a young mother who is unfortunately a single parent automatically has no way of getting a loan?

Loans that are possible individually and even in difficult cases

Loans that are possible individually and even in difficult cases

Almost every problem in the area of ​​banking, loans and credits can be solved and so there are also loans that are specifically tailored to this group as a loan for single mothers. Since it is foreseeable that no high sums are required in this area, no house should be paid for it and the money is also not intended to finance a trip around the world, there are definitely ways that relieve a single mother of the acute financing problem. A small loan, low repayment rates, little additional costs there is often a corresponding offer at the house bank that can be discussed in person with the bank advisor.

However, it is of course also possible to apply for a loan for single mothers via the Internet and to choose a completely different lender for it. If the single mother is in the happy position of having “clean” Credit Bureau information, this is almost a guarantee that a loan will be granted to single mothers.

But even in cases where the Credit Bureau information is poor, there may still be the option of obtaining a small loan through a foreign bank. In this case, however, other collateral should be able to be provided without gaps and, if necessary, slightly higher processing fees or other additional costs can be expected.

Loan period – more beneficial extension or shortening the repayment period?

The final cost of the loan consists of many parameters. These include loan amount, interest rate, additional costs, as well as the loan period. We have no influence on most of them, but we can manipulate the repayment period, ie choose a shorter or longer one. Thanks to this, depending on your needs, we will reduce the installment amount or the number of installments. But what will turn out to be a more advantageous solution: extending or shortening the repayment period?

If you are going to take out a cash loan, you probably wonder what repayment period will be most profitable for you. Do you always have to stick to it stiffly? And what if you want to shorten or extend the loan period?

By all means, you have such an opportunity, especially in the case of a mortgage loan, which can be repaid up to 35 years.

What loan period should you choose?

What loan period should you choose?

Wondering what loan period to choose? Preferably one that will be tailored to your financial capabilities. However, this is not so simple.

You must also take into account creditworthiness. Moreover, the banks set the maximum age of the borrower which he will reach when the last installment is repaid. This means that when you are 55 years old, you can not count on a loan with a repayment period of 30 years.

Maximum loan term – advantages and disadvantages

Is it worth choosing the maximum loan period? It depends. This solution has its pros, although it seems that there are more disadvantages in this case. The main benefit is the lower installment. Therefore, if the installment amount is of key importance to you, then a long loan period will prove to be a good choice.

However, you must know that the overall cost of the loan will also be higher in this case. What’s more, for the whole period of its duration, you may have a problem getting another loan because your creditworthiness will decrease significantly. Why? Each financial liability affects the amount of creditworthiness, which means that you must spend part of your savings on paying installments.

The maximum loan period is a necessity for many people, because if you shorten it, your creditworthiness will also decrease. Of course, this does not apply to everyone, but with lower earnings, the bank may think that you can only pay the lowest installment.

It is worth following the example of the total cost of a mortgage with a maximum loan term of 35 years.

  • Loan amount: USD 200,000
  • Loan period: 35 years
  • Credit interest rate: 5%
  • Equal installments in the amount of: USD 1009.38
  • Total interest cost: USD 223,937, 35

Therefore, when deciding on a mortgage for 35 years, you have to pay back a huge amount, which can equal the doubled value of the borrowed amount. Below you can see how much less you pay off when you decide to take a loan for 20 years.

Shorter loan period – advantages and disadvantages

Shorter loan period - advantages and disadvantages

Shorter loan period means higher installments, which will not suit everyone. However, you get more time to pay back, and thus, you leave more money in your household budget. It is also a good step if you want to take out a second mortgage soon and you want to maintain your creditworthiness.

Let’s check how shorter the loan period is against the background of the above calculations for the maximum repayment period.

  • Loan amount: USD 200,000
  • Loan period: 20 years
  • Credit interest rate: 5%
  • Equal installments in the amount of: USD 1319.91
  • Total interest cost: 116,778, USD 75

So, as you can see, the installment is significantly higher in this case, but if you decide to pay back for 15 years (in this example, you have compared a loan for 20 and 35 years, you will get over USD 100,000).

Can I extend the loan period?

Can I extend the loan period?

Many borrowers are wondering if it is possible to extend the loan period and whether it is worth doing at all. What is it then? If you want to extend the loan period, you have the option. Thanks to this, your monthly installment may decrease and you will avoid financial problems.

However, you must know that the total loan amount will increase then. In addition, before making a decision to extend the loan repayment period, you should check the maximum possible loan period with your bank.

If you took out a loan for 30 years and the maximum loan period is exactly the same, you can no longer extend this period.

Banks offer loan for the retirees and pensioners.

The loan for pensioners has good media coverage. The target group of Spin Lenders or silver agers ensures good sales figures. To spur sales even further would require a comprehensive range of affordable credit options. This is exactly where society divides.

Loan for pensioners – Credit Bureau study 2013

Loan for pensioners - Credit Bureau study 2013

Loans for pensioners are part of this year’s studies on consumer behavior in Germany. The Credit Bureau study demonstrated a significant increase in lending and the increase in offers for senior loans. The extraordinary repayment reliability of senior loans also proved. About 99 percent of all loans granted were easily repaid. Seniors are turning into interesting credit customers.

It is therefore no wonder that more and more credit providers are embracing Spin Lender. Age limits are revised upwards. Insurance packages ensure that lending is twice as rewarding. In addition to the loan interest, the high commissions for the residual debt insurance are also received.

The division of society

The division of society

A loan for pensioners can only be measured with a measure at first glance. If the statistical figures from 2011 are taken as a basis, pensioners receive on average about three times the pension of a pensioner. With an average pension of 2,750 USD (average value at federal level), credit obligations can very well be met. The same statistics did not look quite as rosy for pensioners.

The Federal Ministry of Social Affairs published a pension average (men west) with 985 USD. The pension is already 65 USD below the attachment limit. (1,050 USD for single people). If the figures from the Copy Lender are used, there is a pension of 1,100 USD for East and West when viewed together. No matter which of the two numbers is correct. It becomes clear that a pensioner has hardly any credit opportunity.

The comparison of income for pensioners and pensioners is not a reason for a jealous discussion. It is only intended to show that not all success figures reach the population to the same extent. As long as politicians are linked to pension development and not to pensions, the situation will not change positively. The situation will tend to worsen due to the effects of the agenda, which reduces the purchasing power of pensions each year.

Retired credit options

Retired credit options

Due to the income gap, the loan for pensioners can only be fed from different sources of credit. The entire credit market is open to pensioners. If necessary, you can also buy additional time (age limit) through residual debt insurance and special providers. The pensioner credit up to 79 years is no longer a problem.

At a young age, retirees still have credit opportunities on the general credit market if they own a paid property. Mail order loans are also accessible, at least to a modest extent, for up to around 70 years. Afterwards, only the children can act as guarantors or “substitute borrowers”.

Retirees can find modest access to credit on their own through the private credit market. Although the retirement benefit is unlikely to allow garnishment, investors rely on age-related repayment security.

The loan for pensioners is very important for a decent retirement. Unfortunately, there are no equal opportunities for access.

Consumer credit – what are the opportunities?

In banks, you can take advantage of various types of loans, among which consumer credit and consumer credit are available. These are two loans with some similarities but also undeniable differences. It is worth knowing how to distinguish them and which loans can be classified as consumer loans and which loans as consumer loans, e.g. cash loans.

What is consumer credit?

What is consumer credit?

In the provisions of law, the legislator precisely defined what a consumer loan is and how and who can take it. The definition of this banking product was included in the Consumer Credit Act of May 12, 2011. The specificity of consumer credit is strictly defined here.

What is this? Well, a consumer loan agreement is one in which the value of the financial liability does not exceed USD 255 550 or the equivalent of that amount in a foreign currency. In addition, such a loan is granted for purposes not related to the borrower’s business or professional activities. Consumer credit may be taken only by natural persons.

In the light of the aforementioned Act, a consumer loan agreement also means a loan agreement not secured by a mortgage, which is intended for renovation of a house or apartment, including in an amount greater than the amount specified above.

The Act also clarifies which loan agreements can be considered as consumer credit. Among them were:

  • loan agreement;
  • loan agreement within the meaning of the banking law;
  • agreement to postpone the consumer to the date of satisfying the cash benefit, if the consumer is obliged to bear any costs related to the deferral of the benefit;
  • credit agreement, in which the creditor incurs an obligation to a third party and the consumer undertakes to return the fulfilled benefit to the creditor;
  • revolving loan agreement.

Warning!

A consumer loan is not, for example, a loan agreement whose interest rates are lower than those commonly used, including a loan with a subsidy or a loan with 0% interest rate.

Consumer Credit Act – what has changed?

Consumer Credit Act - what has changed?

The legal basis for consumer credit is the Consumer Credit Act of May 12, 2011. Consumer credit is currently granted by various entities, including banks, loan companies and credit unions, based on current regulations. They were implemented in the country on March 11, 2016, slightly changing the rules on which consumer credit is made available to customers.

The Act was slightly modified, and the most important change was the introduction of non-interest loan cost limits, which include all costs related to the consumer loan agreement, excluding interest. At present, non-interest loan costs over the entire lending period cannot be higher than the total amount of the given liability.

In addition, if the consumer has not repaid one loan, lending to the next one by the lender within 120 days of the first payment will not be a way to be able to charge him more non-interest loan costs over the limit. It is calculated jointly for all loans granted in this way.

Features of consumer credit

Features of consumer credit

We already know what specific credit consumer credit is. Its features may coincide with those of other liabilities, such as loans or cash loans. What should we know when taking a consumer loan? Up to what amount can you take it?

Based on the information presented above, it can be summarized that a consumer loan is a loan granted to a consumer for purposes not related to his business or professional activity, payable and granted in the amount of up to USD 255 550. If the loan amount is higher, it will not be considered as a consumer loan.

Customers are undoubtedly interested in the interest rate on such a commitment in the context of a consumer loan offer. It is regulated by the provisions of the Civil Code. It stipulated that the interest rate on loans and advances, including consumer loans, may not exceed twice the sum of the reference rate of the National Bank and 3.5 percentage points.

Currently it is 10 percent. per year. There is no upper limit on the commission charged by the lender for consumer credit, although the sum of non-interest costs may not exceed the total amount of credit.

Why you should always compare loans before signing an offer

When choosing to take out a bank loan, you must be on your guard. Above all, your approach is dictated by the need for capital and by your need for liquidity. The ideal offer should therefore both meet your expectations without having too much impact on your budget.

 

The Importance of Comparing Credit Offers

The Importance of Comparing Credit Offers

By comparing the loans before signing an offer, you will have the opportunity to find a loan that meets your needs and that will come back to you at a lower cost. This also saves you from unpleasant surprises by escaping the traps of banks. Indeed, a small difference on the APR can weigh heavily on the total cost of the loan depending on the amount borrowed and the repayment duration. And most of the time, borrowers tend to just look at the interest rate and forget about the loan terms and other fees. Compare the loans before you start then remains a priority, not to say a necessity.

 

Things to consider when comparing loan offers

Things to consider when comparing loan offers

For a first comparison, you can use the APR as a basis. However, in order to fully understand the hidden costs of your loan, also consider the following:

  • The interest rate: it allows you to have an idea of ​​what you will have to pay to return the requested amount.
  • The intervention threshold and ceiling: it helps you to determine if the said offer really meets your needs.
  • Modularity: it gives you the possibility to adapt your income to the payment of the contracted loan.

But in the end, do not rely solely on these elements, but rather on the total amount of the loan. Remember to find out about active establishments and their detailed offers. Here are small details that seem trivial and yet could inflate the bill in the end. They are not always highlighted, but are still indicated in the APR (Annual Effective Annual Rate). It is therefore important to base your comparison on the total cost of your loan by including the elements mentioned above, but also:

  • Bank charges;
  • The repayment period;
  • Loan insurance;
  • Administrative and warranty costs;
  • Application fees applied;
  • the broker’s remuneration (if any).

This lets you know the intricacies in the set before you choose.

 

How to do a loan comparison?

How to do a loan comparison?

A more than essential step before applying for a loan, the comparison is not to be taken lightly. You can choose to do it yourself, or call on outside help. But in any case, do not neglect this procedure.

For example, you can hire a professional broker. This credit expert will accompany you and guide you throughout the process. From the comparison to the advice until the signing, he will be able to take care of the negotiation and will indicate the good plans to you.

Otherwise, you can conduct online market analyzes. With some comparators, you do not have to provide your contact details. This applies especially if you are still at the information stage and you prefer discretion. With others, however, you will fill in the loan details with a standard contract offer. You can directly sign and finalize it on the site itself by delivering them the few documents required.

Loan for trainees without co-applicants.

 The loan for trainees without a co-applicant is only possible to a limited extent. Despite the restrictions, there are various options as a trainee to be creditworthy. The article provides more on the credit opportunities, requirements and restrictions for loans for trainees.

Credit for trainees without a co-applicant – it’s very easy

Credit for trainees without a co-applicant - it

The loan for trainees without a co-applicant can come from the house bank as long as it is not an installment loan. The training salary does not exceed the garnishment exemption limits, but it still creates a small credit line. Most local credit institutions easily allow overdraft facilities for trainees. If the disposition does not appear on the account statement automatically after a few months, a brief request from the clerk is sufficient.

The overdraft facility for trainees is automatically allocated in the amount of approximately one training salary. However, with a little luck and a nice clerk, he can even grow to 2.5 times the monthly income. The background to this marketing strategy is easy to justify. Today’s trainee can be tomorrow’s solvent bank customer. Of course, no bank wants to miss out on the possibility of early customer loyalty. Nevertheless, the bow must not be spanned. An installment loan is not possible from the training salary without outside support.

Credit with the training salary

Credit with the training salary

In addition to the overdraft facility, credit cards offer another, albeit modest, credit option. Of course, a platinum card cannot be applied for with the training salary. However, a low income is sufficient for an ordinary card with a budget of around 500 – 1,500 USD. The loan for trainees without a co-applicant is now possible at least within the limits. If you want to take your time with the repayment, you can request a partial payment.

Depending on the credit card provider, convenient partial payments of between five and ten percent of the overdraft are now possible. Unfortunately, this loan option is not cheap. When the money is withdrawn from the machine, the fee trap strikes. Four USD fees per cash withdrawal are not uncommon. The debit interest to be paid is quite comparable to the usual overdraft interest. Rescheduling the overdraft facility in this way is not worthwhile. In addition, it is not recommended to request a credit card from several providers. The risk of over-indebtedness is great.

Consider alternative loan options

Consider alternative loan options

The easiest thing would of course be to apply for a loan from a direct bank. Unfortunately, this will not work without a co-applicant or at least a guarantor. Nevertheless, there are also credit opportunities online. Various portals offer personal loans. These offers are a kind of auction credit. The loan request is set on the platform and private donors can bid on it. Fair credit opportunities exist if a security, such as the car, is offered to secure the loan.

If the credit request is “only” about the payment of the holiday trip, the advance payment can be a good alternative. This loan for trainees without a co-applicant has been a proven means for generations. Even before the actual vacation allowance payment, a partial amount of the upcoming training salary and vacation allowance can be made available. The question in the payroll office costs nothing. If the advance is granted, no interest is even payable.