Payday Loan: Does the Creditend Loan Comply with Current Offers?

Payday Loan is an offer from Creditend. It is aimed at customers who need their credit very quickly. The application is online. The commitment takes place within a few moments. Immediately thereafter, the money comes to payout.

The loan amount and the installments can be chosen freely from the offer. The most important requirements include a minimum age of 18 years, a regular income as an employee or civil servant, and a positive credit rating.

The submission of documents is not required. The identity is checked by Video Ident. Self-employed persons, tradespeople and freelancers unfortunately can not apply for a Payday Loan.

The Advantages of Payday Loan

The Advantages of Payday Loan

With the Payday loan, customers opt for an instant loan . This can be applied for online via our loan calculator. There are no time limits. The application is possible around the clock. The advantage of this type of borrowing is the short time gap between borrowing and disbursement.

Terms of the payday loan

Terms of the payday loan

The total amount for the payday loan is made up of the loan amount and the interest. The interest rate is creditworthiness dependent. This means that customers who can demonstrate a very good or excellent credit rating, get a cheaper interest rate than customers with limited credit rating.

The offered interest rate is between 0.69% and 10.39% (as at 02.2019). The interest rate is set at the time of application and is valid for the entire duration. Further costs are not incurred. An example calculation should be carried out on the basis of the current credit conditions. This is based on an interest rate of 4.71%. This value is the interest rate that is granted on average to all customers.

  • Loan amount: 3000 EUR
  • Interest rate: 4.71%, fixed over the entire term
  • Duration: 36 months
  • Monthly rate: 89.52 EUR
  • Total amount: 3222.81 EUR
  • Cost of the loan: 222.81 EUR
  • Monthly costs: 6,19 EUR

Another calculation is to be carried out for the cheapest interest rate of 0,69%:

  • Loan amount: 3000 EUR
  • Interest rate: 0.69%, fixed over the entire term
  • Duration: 36 months
  • monthly rate: 84,22 EUR
  • Total amount: 3032.02 EUR
  • Cost of the loan: 32.02 EUR
  • Monthly costs: 0,89 EUR

The loan can also have a longer term or be repaid faster. The customer decides for himself what rates he wants to pay. This payment is based on the interest rate and thus the cost of the loan. As a general rule, shorter terms have lower interest rates than longer maturities.

Fast borrowing with little time

Fast borrowing with little time

The big advantage of the Payday Loan offer is the quick approval and the little time associated with borrowing. The customer can compare the offer directly on the Internet with the conditions of other banks and convince themselves that the interest rates are favorable. In addition, the customer saves the way to his house bank. A cumbersome submission of documents is eliminated, as well as a long wait for the credit decision. In less than fifteen minutes, the loan is approved and released for disbursement. This is particularly beneficial for customers looking for financing that is both short-term and cheap.

Special features of borrowing

Special features of borrowing

The loan2day is paid out to the customer for free use. This means that no collateral must be deposited. The customer need not provide proof of how he used the money. This is an advantage over other loans that are spent only for a specific purpose, such as a car. In the credit comparison with other banks the Payday Loan achieved a very good ranking. This is due to the favorable conditions offered to customers with good credit ratings.

Terms and payout amounts

Terms and payout amounts

The customer can choose before the start of the payday, which loan amount to take and how many months he wants to pay off the loan. The maturities are set by the lending bank between 12 and 84 months. The loan amount can be between € 1,000 and € 50,000.
It should be noted that the loan is only paid to a German bank account. Unfortunately, customers resident in Germany who use an EU bank as part of the banking unit within the European Union can not be taken into account when lending.

Also find out about other loan amounts:

  • 5000 euros credit
  • 10000 euros credit
  • 20000 euros credit
  • 30000 euros credit
  • 40000 euros credit
  • 50000 euros credit
  • 100000 euro credit

Examination of income and creditworthiness

Examination of income and creditworthiness

Thanks to digitization, it is possible to book the creditworthiness of the customer immediately after the application has been submitted. The necessary consent is given by the customer by setting an appropriate hook. Then the creditworthiness can be checked using the data stored at Private Credit and other credit bureaus.

In addition, it is necessary for the customer to provide information about their income and fixed monthly expenses. An examination of this information is done by digitally examining the income that regularly enters the salary account. The documents are uploaded via a secure server.

If all information is conclusive and if there is a positive credit rating, the desired amount can be paid immediately. For many banks, the money already enters the next business day on the account of the borrower. Thus, it is available at short notice and is very well suited for the quick need or for the short-term fulfillment of wishes.

The test of identity

The test of identity

An identity check is compulsory for new customers who borrow from a bank. At Payday Loan, the check is performed using the Video Ident procedure. The customer needs his identity card or passport. A telephone number of the financial institution is made available, a video call can be arranged with an employee of the bank.

The customer just needs the personal document a smartphone, a tablet or a laptop / PC with webcam. This webcam allows the identification of the customer. For this, both sides of the ID document are held in the camera. The employee of the bank checks the specified address and compares the passport photo on the ID card with the identity of the customer. A digital copy of the identity document will be made. If the identity check is successful, the loan can be released.

Digital signature for the loan application

Digital signature for the loan application

The rules state that a loan application must be signed by the customer by hand. Again, no need to go to a bank or post office on the Payday Loan. The loan application can be provided with a digital signature. For this, the customer uses a finger or a digital pen, which is moved via a smartphone or tablet. Such a signature may be recognized by the Bank.

Awards for the payday

Awards for the payday

EKomi, a portal through which customer reviews can be collected, has given Payday Loan very good ratings so far. The payday credits are considered reputable and can be completed by all customers who meet all of the above requirements.

Test results and ratings

Test results and ratings

The Payday Loan achieved good to very good ratings. So the offer on the portal Creditend got five out of five possible stars, whereby nearly 2,500 individual evaluations were taken as a basis.

In recognized tests, such as Stiftung Warenrest, or in studies by FOCUS Money we could not find any test results for Payday Loan. So far, the product seems to have not been included in the current tests.

Conclusion

Payday Loan is an offer for an instant loan, which convinces with particularly favorable interest rates and a quick and uncomplicated application. For the approval of the loan, no documents have to be submitted. It is also not necessary to speak to a bank in person, to print out documents or to carry out an identification of the person by post.

All proofs are provided immediately by digital means. This allows a credit decision within minutes and, if granted, an immediate payment to the checking account. In many cases, the loan amount has been credited to the applicant’s account within 24 hours and is available for free use.