The payday loan for trainees – what is it?
First, a payday loan is a neologism from the advertising of online providers. Apprentices corresponds to most providers an instant loan. Immediate emergency and payday loans were created as a challenge to the formerly long credit processing times of traditional banks. An instant loan is always processed as quickly as possible. The entire process, processing, credit decision and disbursement of the money take at most up to five working days. Not infrequently, however, one working day is enough.
The fast processing process is made possible by the online connection to the Schufa and a simplified approval process. If the circumstances are clear, the clerk can forego an in-depth credit check and quickly approve the loan. . It costs about 10, – € and guarantees the availability of the money within a booking day after the payment. Above all, this will speed up your own house bank. Otherwise, she could legally work three working days with the money.
Traps and stumbling blocks for urgent payday loans
There are black sheep in every shop. They are trying to capitalize on hardships with excessive demands. Anyone who needs fast money should still not get involved with prepayment models or overdrawn fees. An availability of the money, measured within 24 hours of the application, is only possible with branch banks. No matter what the advertisement claims, only online it does not work.
The payday loan for trainees, paid out within 24 hours, which can come from the house bank or the branch of an online provider. The reason for this is the legal obligation of the ID examination. The check can only be done by an employee of the bank, post office, notary or consulate. An online provider without its own branch network is always dependent on the postal service. This path can take up to three days. The promise from advertising is thus untenable.
Instant or payday loan from private
One of the biggest advertising ducks is the payday loan from private. Privately, a payday loan can only come from the circle of friends. The established platforms for personal loans do not offer instant loans. Your business idea is designed so that people in difficult life situations do not lose the chance of getting credit.
It takes two weeks, or even longer, for sufficient bidders to choose to lend. Only then will the money be collected by the bidders and paid out to the borrower after full payment has been received. The loan for apprentices can of course be a personal loan, but it does not exist as a payday loan for trainees.