Unanticipated financial bottlenecks can always happen. Be it the broken washing machine or a car repair, the reasons why you need to make quick money can be manifold. For many borrowers, it is not always possible to cover such sudden costs with their own funds. In addition, some bills can not simply be deferred until the next salary. For such cases, an online short-term loan is available. We show who has become the test winner in our online short-term credit test.
Facts about the short-term loan test winner
- Loans between 100 euros and 1,000 euros possible
- Terms are between 7 days and 30 days
- The interest rate is 13.90 percent
- Additional options such as express option and 2-rate option can be booked
- Even with a medium Private credit score, there is a chance of a loan
Short-term credit: We clear up!
The concept of such loans originated in the UK and is called there “PayDay Loan”. Here in Germany, it is still a very young product, but enjoys more and more popularity.
An online short-term loan can be regarded as a kind of advance. You borrow a relatively small amount of money for a short period of time to settle your bills or make purchases. Thus, acute costs can be met quickly and you will not be embarrassed to overdraw your account or borrow money from friends and relatives. Significant for a short-term loan are sums between 50 and 1,000 euros and the very short maturities. These are usually between 7 days and 30 days. The borrowed sum will be paid back in one installment after the deadline. The advantages of a short-term loan are that you do not get a Private credit entry and no installment loan, which is usually only given from 1,000 euros.
The test winner introduces himself
Test winner in our large short-term credit test is the credit provider Neofunding. This is a company from Berlin, which has been offering short-term loans since 2011 and was still in close cooperation with the net-m 1894 Privatbank until 2013. Neofunding is a pioneer in the field of short-term loans. Our test winner offers with its offer an excellent alternative to a classic installment loan and with its attractive and fair conditions for more and more customers is the first choice. Is it any wonder that the opinions and criticisms regarding Neofunding are consistently positive? In 2014, the company was named the best provider of short-term loans by BankingCheck.de. Online rating service provider eKomi rated Neofunding’s offer at 4.7 out of 5.
Short Term Credit Test: Why Neofunding?
Those who are looking for a cheap and flexible loan offer, will find the short-term loan test winner. The company offers loans between 100 euros and 3,000 euros. The maximum amount of the possible loan amount is thereby higher than with many other offerers and customers receive thereby the possibility also somewhat larger bills to settle, without having to resort to an installment loan. The terms are between 7 days and 30 days for Neofunding. However, you can access the so-called 2-rate option and thus increase the duration to 60 days and split the loan amount into two installments. This makes sense especially with larger sums of money. Who decides to the 2-rate option, should note that for a fee of 49 € is due.
Another additional option that can also be availed is the express option. The idea behind this is that customers who can not or do not want to wait three to four days to transfer the loan will be credited with the money within 30 minutes, provided all the documentation has been submitted punctually by 2pm. This service is not in vain and costs the customer 39 euros.
If you want to take out a short-term loan, you understandably want to get it at very low interest rates. Interest is at Neofunding with 13.90 percent. This may seem like an enormous view, but considering the short lifetimes, the additional costs remain manageable. Here is a small example: The borrower gets a loan of 1,000 euros for a term of 30 days. If he does not claim any additional options, he only has to pay the interest, which in this case is only 10.91 euros.
Even borrowers with a medium Private credit score can get a loan from Neofunding. In addition to the usual Private credit query, the company creates its own risk certificate, which should convince the bank. The Private credit rating does not have such a great influence on the award. The credit rating is judged differently with short-term credit than with classic installment loans. If the loan is successful, the credit certificate will be charged a 10 percent penalty.
Our conclusion: Neofunding convinces in all areas
Short-term loans are always used when it comes to mastering financial bottlenecks, but payment of salaries is still a long way off.
The short-term credit test winner Neofunding specializes in this field and provides its customers with a serious and fair loan offer. Additionally bookable options provide more flexibility and scope.