Life is expensive these days and not every purchase can be made. If bills arrive unexpectedly, the salary can sometimes not be enough to pay them. For example, there is a lightning credit with 500 USD for emergencies, which can be taken up under certain conditions.
Who can take out the loan?
Since it is a small loan, many people are allowed to take out this loan. The lightning credit with 500 USD is suitable for trainees, for example. This small amount can be reconciled with the training salary. However, if the applicant is under the age of 18, lending is only possible if a guardian or guardian signs the contract.
Part-time workers and low earners can also take advantage of this loan. If the salary is too low to be below the seizure allowance, the bank will offer the customer to provide a surety or to take out insurance that can secure the loan.
People who have no income at all and receive social benefits from the state will not receive a lightning credit with 500 USD. Although the total is very low, it is too high for the unemployed and social welfare recipients. As soon as a bank granted such a loan, the office would withhold the borrower’s money. Firstly, it would be of no use to the customer and secondly, hardly any bank would get involved.
Social security benefits, regardless of how high they are, may not be seized by law. Should there be a loan default, the bank would never see their money again. No bank or savings bank will take the risk and therefore generally reject the application from these people.
Pensioners can only avail themselves of the loan to a limited extent. If they have already reached the age of 70 and cannot find a guarantor for protection, the bank will not issue a lightning loan with 500 USD. In this case, the loan must always be secured, either with a life insurance or with a guarantor.
Which lenders are the best?
It can never be said in general that a loan should be taken out at your own bank or at a direct bank. It is always decisive here who has the cheapest offer and who also works with very good conditions. A credit comparison is inevitable if the customer wants to save money.
This credit comparison will compare all offers that can be found. In just a few minutes you can filter out which bank or direct bank and savings bank has the best offer.
What is most important to them is up to the customer. Some prefer a low credit rate, so the term is set higher accordingly. Others want to avoid high interest rates and prefer to repay the loan quickly. So it cannot be said that bank A is better than bank B. This always has to be decided individually, depending on the customer’s requirements.
A credit facility would be an alternative to a conventional lightning credit with 500 USD. However, most banks charge a high interest rate for the repayment. Every customer has to decide for himself whether his salary is high enough to quickly pay back the overdraft facility. A long term should never be chosen here, because then the loan will be very expensive.
Some have already got into high debt because it was almost impossible for them to get out of the overdraft facility. Such a loan should really only be selected in a state of emergency and only when all other options have been exhausted.