Consumer Credit and Installment Loans

 

It is not new that there are a variety of different types of credit in the financial world, most of which are known to the consumer. The most well-known and most frequently used forms of credit are the so-called consumer credit or installment loans, real estate loans as well as the disposition credit, in short Dispo in connection with a checking account. But there are other types of credit, such as the 30-day credit , which is less well known in Germany, which is due to the fact that there is this offer of a 30-day loan only since 2010 on the German market.

Difference 30 days credit versus classic loan

 Difference 30 days credit versus classic loan

 

What is common to all types of credit that a financial institution assigns to a borrower a certain amount at a specific interest rate over a defined period of time. But just in the points “loan amount” and “repayment term” is a significant difference between a 30-day loan and the classic installment loan of the house bank. Because with the 30-day credit, the entire loan amount must be repaid to the lender at the end of the term of those 30 days. Regular installment loans, on the other hand, have a maturity of at least 12 months in most cases. In this respect, the 30-day credit also makes special demands on the borrower, as it is only suitable for consumers who have a regular income and also need a small amount of money quickly to bridge a financial shortage.

So you get a 30 day credit

 So you get a 30 day credit

 

If you are interested in a 30-day loan , applying for a loan is much easier than with the classic installment loan. Due to the lower loan amount and short credit period of 30 days, fewer documents are needed to assess the loan application. However, it should be noted that conditions are also linked to the granting of a 30-day loan. Thus, a mini loan with a term of 30 days can only be applied for if the age of 18 is reached and the registered residence is in Germany. In addition, a regular salary of at least 700 euros should be demonstrable. If these conditions are met, nothing stands in the way of a mini credit of 30 days.