Borrow money quickly - find the right provider

WHICH FORMS OF CREDIT ARE BEST SUITED TO BORROWING MONEY QUICKLY?

If you need money quickly, the following forms of credit are generally the most suitable:

1. Pawn loan: For a pawn loan, you need collateral and in most cases you can borrow money immediately. You can get your money immediately at a pawn shop, but you can also get the money in your account after just a few days if you take out the loan online and send it by post.

2. Personal loan (loan from a private lender): There are various platforms that can put you in touch with private lenders. The requirements for obtaining a personal loan are often lower and you often get your money paid out within a few days.

3. Credit card advance: If you have a credit card, you can opt to pay in installments with many companies. This means that the money you have paid with the card is not debited the following month, but in monthly installments of at least 10% of the total amount.

4. Overdraft facility (overdraft facility): If you have a regular income, you can often have an overdraft facility set up with your bank within one working day. This usually allows you to overdraw your account by up to three months' salary. Pay attention to the interest rate.

5. Loan from friends or family: If you have someone in your circle of relatives or acquaintances who can lend you the money, this is often the quickest and cheapest option. In most cases, the loan is interest-free and repayment can be arranged flexibly.

WHAT REQUIREMENTS DO I HAVE TO FULFILL?

This usually depends on the provider and the loan amount. You must be of legal age to take out a loan. You can find an overview of other requirements in the following table.

HOW QUICKLY CAN I GET THE MONEY?

Depending on the type of loan, you can have your loan paid out in cash or into your account. Here you will find an overview of the waiting time you should normally expect:

HOW MUCH MONEY CAN I GET?

Most loan providers have practical online calculators that show you exactly how much money you will receive, what installment amount you will have to pay for what term and what interest will be charged on your loan.

Depending on the amount of your loan request, you will find an overview below of how much money you can usually get from which provider:

WHAT DOCUMENTS DO I NEED IF I WANT TO BORROW MONEY QUICKLY?

That depends entirely on the provider:

• Pawn loan: You will need collateral and an official photo ID.

• Private loans: Depending on the provider or loan amount, you will usually have to confirm your identity online and provide information about your income and the purpose of the loan. For higher loan amounts, documents such as payslips may also be requested.

• Credit card advance: If you already have a credit card, a short letter to your provider is usually enough to activate the installment payment.

• Overdraft facility: As your bank already has your details, you generally don't need any further documents to approve an overdraft facility.

• Loan from friends or family: Although you usually don't need any documents in this case, a private loan agreement with a repayment plan often increases your chances of being able to borrow money.

DO I HAVE TO SPECIFY A PURPOSE IF I WANT TO BORROW MONEY QUICKLY?

Most providers require you to specify a purpose for your loan. However, this does not have to be detailed. For example, if you want to buy furniture or gifts, it is usually sufficient to request a consumer loan.

The only exception is a pawn loan: Since you are only liable for the loan with your collateral, the pawnshop doesn't care what you use the money for.

HOW DOES TAKING OUT A QUICK LOAN WORK?

At a pawn shop, you can take out a loan either online or on site. You specify which collateral you would like to pawn, receive an offer and can have your money paid out immediately. Pawn loans usually have a term of 1-3 months and can be extended on a monthly basis.

You can usually get a private loan via an intermediary platform. There you specify the loan amount you require. After a brief KSV check, you will ideally receive a confirmation, identify yourself online and sign the contract via SMS-Tan. You will receive your money a few days later.

A short letter is normally sufficient to set up an overdraft facility with the bank or to activate the installment facility on the credit card.Loans from family or friends can be processed individually.

IS THERE A LOAN WITHOUT A KSV QUERY?

Yes, that is possible. In the case of loans from friends or family, no one will usually ask you to carry out such a query. Even with pawn loans, you are only liable with your collateral, so a query is not necessary.

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF TAKING OUT A QUICK LOAN?

It all depends on your personal situation and the provider. For example, if you have a regular income and a good credit rating, you will probably be able to get a quick loan without any significant disadvantages.

If you have a moderate to poor credit rating without regular salary receipts, a loan without a bank is recommended. In this case, you also have the option of borrowing money quickly, but the interest rates are likely to be higher. Check carefully whether you can really afford the repayments so that you don't fall into a debt trap.

IMPORTANT QUESTIONS AND ANSWERS:

What types of loan are suitable for borrowing money quickly?

If you have a good credit rating with regular salary receipts, it is best to contact your bank advisor directly. Otherwise, pawn loans, personal loans, credit card advances, overdrafts or loans from friends or family are a better option.

How quickly can I borrow money?

You have to expect 1-5 working days until payout.

Do I have to specify an intended use in order to borrow money?

This is not necessary for a loan from friends or family or pawn loans, but it is for most other variants.

Is there a credit without a credit check?

Yes, if you borrow the money privately from friends or family or from a pawnshop, no inquiry is necessary.

What do I do if I can't find a provider who can lend me money?

In this case, you have the option of deferring (suspending) certain payments such as rent or insurance. Aid organizations such as Caritas are also often able to help you. You can save money on groceries at social markets. You can also consider asking for donations via a crowdfunding platform. This is particularly suitable for you if you find yourself in an emergency through no fault of your own - e.g. due to a medical emergency.