For years, consumer advocates have been warning that people in need of money should rely on a supposedly fast and stress-free loan. Often, dubious providers hide behind the lucrative offers.
“Dubious credit brokers want me to have a certain amount of money in advance as security. After that, the intermediaries promise to take care of a bank as quickly as possible, which will then give me a suitable mini loan. “
In most cases, credit institutions reject such a loan request. Still, the money I paid the agent is lost.
“Some brokers try to earn additional money with various additional services. They either sell me other financial products or operate expensive customer hotlines. ”
A credit check is always carried out
A single serious loan that is approved without private lender information. When credit institutions lend their money, they always inquire about their future customers. Other companies provide the information for the immensely important credit check. They have been collecting personal data from millions of private individuals on a large scale for many years.
This information also reveals who has a credit card, who is currently financing/leasing a car or who has not been able to pay their debts in the past. This whole data collection is, moreover, completely legal and the customers (especially credit institutions) can get the information.
“If a credit institution tells me after the private lender exam that I can’t get a loan, then I should be worried in any case. Because there are good reasons for that. “
Pay attention to the costs!
People who need money for Christmas gifts or other things in the short term have to expect immensely high costs and comparatively much stricter conditions.
“There is usually a serious short-term loan in combination with a private lender exam for an amount of 600 USD and for a maximum of one month. After 30 days, I have to repay this 600 USD immediately. ”Additional services, such as an immediate payment of the loan amount, several payment dates or a credit check cause additional costs. In these cases, the interest is quickly 14 percent or more. “
The interest is usually even higher than if I took advantage of my overdraft facility in my checking account. The alleged mini-loans without a private lender check are advertised with payment within a maximum of 24 hours. I usually only get a real short-term loan from a reputable provider after a long waiting period.
“Checking the creditworthiness alone takes a lot of time. If I really need money, I might prefer to ask my friends or family. ”
In such a case, everyone should immediately ask themselves whether they really want to incur further debts.
“If I am already standing all over the chalk, I should definitely not ask myself how I can continue to make money. It would be much more important to ask how I can reduce my expenses as quickly as possible. ”
Otherwise, a fast loan is often another step towards a debt trap.
How reliable are the online loan comparison portals?
There are countless portals on the Internet that compare small loans from different financial institutions. The users of such a comparison should immediately recognize from which credit institutions they can obtain their desired loan amount at what cost.
“Comparison of portals on the Internet is a good place to go to get an overview. However, many portals do not compare all providers with one another, so users should ideally visit several online comparison portals. “
In addition, the comparisons mostly only show loan offers for the ideal customer. Users who are currently running other loans or have an entry in their private lender usually get the loans shown in the comparisons under completely different conditions as shown.