Fast loans without credit rating
Credit-free loans are a domain of lenders, which is why they are known as “Fast loans”. They are actually approved without a previous credit query, but this does not mean that the Fast offer everyone a loan. Of course, a credit check of the customer is also carried out for Fast credit, in contrast to “normal credit”, however, it is limited to querying the most important personal and economic data.
A fixed, attachable income is a basic requirement for lending, it serves as security for the bank and is immediately seized in the event of late payment. Fast loans are usually equipped with a low credit line of up to 5000 dollars, the limit is due to the low credit rating of the target group. Statistically speaking, credit-free loans are more likely to experience payment difficulties. The banks are aware of their higher risk and, to compensate, charge above-average high interest rates, some of which reach double-digit levels.
Fast credit should be treated with caution
Anyone interested in a credit-free loan is naturally in a financial emergency. Unfortunately there are dubious providers who try to benefit from the pressure situation of the consumers concerned. They promise fast and unbureaucratic lending and lure with amazingly high loan amounts. Often, however, they do not pursue the intention of lending, rather they want to cash in by asking for money to send the loan documents or by charging other upfront fees.
There is a basic rule in the business with Fast loans: serious providers forego preliminary costs, only black sheep want money before they have rendered a service. The same applies to lenders who offer a real loan, but in return require the conclusion of consulting and insurance contracts. It is better for consumers to stay away from such offers. Counseling hotlines or home visits subject to a fee should also be rejected.
Find reputable lenders
The large credit comparison calculators only list reputable Fast loan providers. Nevertheless, you should always pay attention to the small print and check for hidden costs.
When in doubt, a call to consumer advice can clarify that credit-free loans are an absolute emergency solution, they are significantly more expensive than normal installment loans and plunge many borrowers even deeper into the debt trap.