Cheap instant payday loan: Where is it and what do you have to pay attention to?

An instant payday loan is a loan that is paid out in as short a time as possible and usually refers to a relatively small amount of 5,000 euros or less.

The instant payday loan is especially suitable for medium-sized purchases, holidays or – if it is a cheap instant payday loan – for the evasion of the emergency payday loan .

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Mini payday loan immediately

When is a payday loan an instant payday loan?

Of course, the term “instant payday loan” is a little over the top, you do not get the credit from one to the other second. However, in the case of instant payday loans, many processes are automated and, above all, there are some big bureaucratic hurdles to be overcome by the relatively small payday loan amount. Among other things, many lenders offer the small sums even without a query .

This time saving is passed on to the customer in the form of a quick check of the credit inquiry and payment of the money . Many providers advertise with decisions regarding the payday loan request within a few minutes and payouts within a similarly short period of time.

Here, however, it should be remembered that the test procedures are fully automated, otherwise such a fast processing would of course not be possible. This means that if you do not fall exactly in the grid of the digital review, you probably have no chance for a payday loan.

In this case, you have to ask different providers – the inquiries are practically always non-binding – to see, with which one has the best chances with its individual circumstances. There are clear differences between stricter and more tolerant providers of instant payday loans .

Incidentally, the number of newly acquired personal payday loans in Germany is increasing from year to year and over 95% of all consumer credit is repaid duly and without any problems in Germany. So the negative image that lending often has may not be as justified as you might think.

Pros and cons instant payday loan

At this point we would like to briefly summarize what are the advantages and disadvantages of this type of payday loan after our instant payday loan experience.

Cheap instant payday loan – Uses

What is an instant payday loan suitable for? And above all: when is he a better choice than a normal installment payday loan?

1. First of all, a cheap instant payday loan is of course suitable for purchases that simply can not wait, such as a new washing machine or a car repair.
Just, if this is an emergency situation, the instant payday loan, in our experience, the salvation in the last second. If, for example, just before the holiday the car makes problems and the necessary small change for the repairs is simply not available.

2. If you notice towards the end of the month that you are threatening to slide into the minus and thus into the credit line , an instant payday loan can possibly prevent this. Whether this procedure is worthwhile, of course, completely depends on the conditions of the MRP and the instant payday loan.
So, if the instant payday loan offers a better interest rate than the credit line, it may make sense to think about whether to embark on a longer-term payday loan than the credit line. Equally, of course, it can also save money if you pay off an existing credit line through an instant payday loan with better terms.

Reputable providers

If a cheap instant payday loan is the goal you have to make sure that you do not get to dubious providers. The lack of bureaucratic hurdles that make the processing of payday loans so fast can also become security holes.

We’ve put together a number of instant payday loan providers that have proven their trust over the years and also offer good terms and conditions.