A short-term loan helps you to master the upcoming expenses better. Most of these can be taken up at fairly favorable terms at many banking houses.
In order to provide you with optimal information, we have drawn up a short-term loan comparison for a good overview with our financial editors and experienced experts.
If you would also like to read more about the topic or are interested in specific aspects, you can find a comparison in our small guide. Find the best short-term loan in the test now and apply for it online!
What is a short-term loan?
For us, applying for a loan has become a matter of course. As a rule, larger projects are to be carried out or accrued liabilities are serviced. The banks and savings banks provide a wide variety of credit models for this.
One of these loan models is the short-term loan. It is still fairly new to our latitudes, but is already enjoying great popularity. The most striking feature of a short-term loan is the fact that it has a manageable amount of money and is repaid to the lender within a few weeks or months. It is therefore not a loan that will keep you busy for a long time, but only a short phase in your life.
What needs to be considered if you want to apply without credit?
Many prospective customers have problems with credit, and more than 6.6 million consumers have liabilities that they cannot or can only partially service. This is reflected as a negative entry in the credit, which is difficult to explain to the banking houses. Because they always see a lack of creditworthiness in this negative entry and would reject your short-term loan if you wanted to take it up under such conditions.
However, there are also banks or lenders who approve the short-term loan despite a negative credit. For example, if you can name a guarantor or if you repay the money to the bank or the lender within a month. It is always important that you have a good income that justifies the short-term loan of the money.
Tip: If you are not entitled to a short-term loan due to your economic circumstances, then just consider whether you can also borrow the money in the private sector. The family or good friends can often help out quite well.
What are the costs of a short-term loan?
It is always possible to borrow money free of charge. So you don’t have to worry about costs just because you are applying for a short-term loan.
Costs only arise when you get the loan approved. This is because it has an effective interest rate that includes all costs and fees relating to the loan. The effective interest rate can vary from lender to lender. We therefore recommend that you use our comparison for the selection and, if necessary, be confirmed by test reports.
You pay the effective interest within the installments for the short-term loan. If you pay the money back to the lender in one fell swoop, you still have to pay an effective interest rate. This is then simply added to the loan amount.
Our conclusion on the short-term loan
A short-term loan is a good way to cleverly bridge a short-term financial bottleneck. Tests show that it is usually cheaper than the overdraft facility and should therefore always be considered first. The short-term loan can be taken out with and without credit record, but the range of offers aimed at borrowers without a positive credit record is limited. Through tests and comparisons, you can quickly find the best short-term loan for you these days.