If you are looking for a loan with instant disbursement, then the Fast Loan is the right choice for you. It is a credit that can be paid out very quickly. This includes various types of credit such as mini loans, short-term loans or even a normal installment loan. The Fast Loan is free to use and can be used for all sorts of things. Whether you have to finance a car or bridge a financial bottleneck. In our guide we show what distinguishes you from a Fast Loan. What you should pay attention to when applying and what else you need to consider for a lightning-fast loan.

Editor’s tip: If the loan amount is at least USD 500 and you can wait 24 hours, online credit brokers such as Best bank.de are more worthwhile than mini loans. You have to pay back the money in smaller installments and from 12 monthly installments – with Fast Loans, the money must be paid back within 30 days, otherwise there are expensive late fees! Best bank also pays small loans within 24 hours for Credit Bureau entries!

What is a Fast Loan?

What is a Fast Loan?

The Fast Loan is not a special type of loan. Rather, it is a synonym for a loan with an instant commitment and very quick payment. The instant credit is usually granted by online banks, as the fully automated online process enables them to process and pay out very quickly. Standard processes at the house bank are in many cases much more complicated, involve more effort and can therefore not be processed quickly. Fast Loans can be applied for from $ 50 – 10,000. The loan term can apply for between 1 and 86 months.

The interest rate always depends on the type of loan chosen. For example, if it is a mini-flash loan, you will receive offers with an interest rate that is independent of creditworthiness. For normal installment loans with immediate disbursement from $ 1,000, the interest rate is usually dependent on the creditworthiness.

The most important thing about Fast Loan

  • Online application completed in a few minutes
  • Immediate decision after completing the loan application
  • Loan payment possible today
  • Loan term optionally 1 – approx. 86 months
  • Loan amount up to $ 10,000 with payment within 24 hours
  • Video identification process for fast processing and processing
  • some additional fees for an immediate payment. Check the individual providers

How do lightning loan offers differ?

How do lightning loan offers differ?

As already mentioned, two types of lightning loans can be assumed. The mini loan with immediate disbursement, which is possible up to approx. $ 1000 and has very short loan terms, and the normal installment loan with immediate disbursement, which is being offered by more and more providers. We have compared these two loan offers

Mini loan with instant payment

  • from $ 50 – $ 3,000
  • Loan term of 7 days – 6 months
  • Interest rate independent of creditworthiness
  • Immediate payment is often associated with additional fees
  • even with a negative Credit Bureau entry

Installment loan with immediate payment

  • from $ 500 – $ 10,000
  • Loan term from 6 to 48 months
  • Interest rate dependent on creditworthiness
  • no or rarely additional fees for an immediate payment
  • Rejection for a negative Credit Bureau entry

In most cases, we recommend using the normal installment loan, as the interest rates are cheaper here and there are no additional fees for an express transfer.

Editor’s tip: If the loan amount is at least USD 500 and you can wait 24 hours, online credit brokers such as Best bank.de are more worthwhile than mini loans. You have to pay back the money in smaller installments and from 12 monthly installments – with Fast Loans, the money must be paid back within 30 days, otherwise there are expensive late fees! Best bank also pays small loans within 24 hours for Credit Bureau entries!

How quickly can you get a lightning loan?

How quickly can you get a lightning loan?

The duration for a payout depends on which provider you choose.

By default, you get a Fast Loan within 24 hours from most providers.

But there are also providers who pay out either faster or slower. In the following table you will find an overview of providers with details of the payout period. Please note that the payout period always refers to a loan with an immediate payout, which may be associated with additional costs.

In order for a quick payout to go really smoothly, you have to consider a few points. For example, you cannot apply for a lightning loan on Saturday afternoon and hope that it will be paid out on Sunday. Because the providers also have fixed opening times. Here are a few points to keep in mind if the loan is to be paid into your account today.

  1. Apply for the Fast Loan in the morning and on a working day. So you can be sure that there is enough time for processing and payment.
  2. Use the video identification process offered. With this procedure, the verification is completed within a few minutes. You need a smartphone or a PC with a camera.
  3. In the loan application, select the option express transfer or instant payment. With many Fast Loan providers, the immediate payment must be booked additionally. Please note that special fees may arise here.

If you follow these 3 steps and the credit decision is positive, then nothing should stand in the way of an immediate payment and you can have the money on the same day.

What are the requirements for a Fast Loan?

What are the requirements for a Fast Loan?

The requirements differ depending on the type of loan. For example, if you would like to apply for a mini loan with immediate payment, the hurdles are relatively low. Your chances of getting a mini flash credit are already very good if you meet the following criteria.

  • Minimum age of 18 years reached
  • Residence is in Germany
  • The minimum monthly income is over $ 700

However, if you would like to apply for a loan with immediate disbursement for several $ 1,000, you should at least meet the following criteria

  • permanent employment
  • no negative Credit Bureau entry
  • Net income is above the garnishment limit
  • Residence in Germany
  • at least 18 years old

Because the risk of default for a lightning loan for several thousand USD is significantly higher than for a mini-lightning loan, the award criteria are also significant. You can even get a mini loan with or despite a negative Credit Bureau entry. A normal installment loan with immediate payment will be rejected in this case.

Who can get a Fast Loan?

The Fast Loan is not limited to certain groups of people. Therefore, school pupils, students, trainees, employees, civil servants, pensioners and the self-employed can get a Fast Loan. But here, too, you should differentiate between the individual providers. While a provider like Best Bank offers a Fast Loan for all groups of people, other providers, for example, exclude pensioners and the self-employed. Therefore, compare the individual providers exactly.

Only unemployed and job seekers do not get a Fast Loan because the creditworthiness is not good and there is no income. We generally advise you as an unemployed person to submit a loan application as this can be rejected and in many cases noted in the Credit Bureau. Without proof of salary it is not possible to get a loan.

The most common reasons why a lightning loan is rejected

  • No regular monthly income
  • incorrect and incomplete information when applying for a loan
  • the net income is too low
  • a very bad Credit Bureau score
  • there is an affidavit

Flash credit summary

If you need a loan very quickly, you make the right choice with a lightning loan. If loans with a payment within a day earlier were not possible, this has now changed due to online loans. Every year, more offers with immediate payouts enter the market. Since these are established banks and credit intermediaries, Fast Loan offers can be regarded as serious. Please note that there are additional charges for an immediate payment. These will be shown to you in the application process. If you want to compare in advance, you can get all the information from us.