The fast money: Many dream of it and with an instant payday loan it is possible. However, when taking such a loan, there are a few things to keep in mind. Above all, the interest rate is important.
Take interest amount into account
In instant payday loan, of course, paid quickly. This service is usually accompanied by higher interest rates and other fees. While the processing fees have to be accepted, there is some room for the level of interest. As with the normal credit applies here: Compare different offers and take into account the APR. In addition to the debit interest, this interest rate also includes other cost factors such as the term and is thus the ideal orientation aid.
Online credit comparisons are a good way to compare costs, and in any case a consultation with the house bank should be conducted. This way, all options can be weighed and the payout period can be discussed directly.
Instant payday loan: These deadlines are to be expected
The name suggests it already: An instant payday loan can be taken up without a long wait. After the inquiry with the responsible bank, it takes usually only few minutes, until an answer exists. Once all details have been clarified and the contract documents signed, the money will be transferred within a few hours. The period differs depending on the type of loan and the sum. Here, too, applies: Get various offers and if possible choose a loan type that fits the purpose of the money.
Incidentally, the type of loan also influences interest rates. Assigned loans such as a car loan are usually associated with lower interest rates, but also have disadvantages such as the lower flexibility. Here it is important to weigh the pros and cons well and also to include alternatives.
Alternatives to instant payday loans
The classic instant payday loan is a good way to get money quickly. However, there are also some alternatives. Personal loans, for example, which are also fast absorbed and may also be associated with lower costs. The problem is, however, the lack of security, and there are now also various portals and offers in this area. Personal loans should therefore always be included in the considerations. Of course, last but not least the classic credit line can be used. This is the fastest absorbed, but is usually limited to a few hundred euros depending on income. For the fast advance, however, a credit line is a good alternative.
Provided that the amount is quickly cleared, as the interest on such a loan can be very high. Instant payday loan is not equal to Instant payday loan. There are many possibilities and they all have their own characteristics. On one point, however, the different types of loans are the same: they are mainly intended for short-term financing. For longer-term planning, a classic installment loan is recommended.