Getting an instant student loan is not as easy as it looks at first glance. Students have virtually no attachable income. It is difficult for banks to demonstrate sufficient creditworthiness. However, it is the prerequisite for lending. If only the German State Funding is available as a source of income, an immediate loan from the bank is almost impossible.
The family as a lender.
The best contact for the instant loan as a student is the relatives and parents. Your help is free and not tied to lending requirements. If the parents cannot help with cash, they can at least facilitate lending to the bank. If you sign as a guarantor, all credit problems that students have practically automatically are usually eliminated. In the event of default, the bank can adhere to the guarantors.
The instant loan as a student requires ingenuity.
During the course of study, both the state and the state foundations grant loans as well as one-off grants and grants. The process is often lengthy and rather unsuitable for spontaneous bottlenecks. One way to get a modest credit line really practically immediately is through the credit card application.
New providers in particular are often not quite as precise when reviewing applications. With a little luck and without negative Credit Bureau information, the card will arrive in the mail a few days after the application, with a credit line of a few hundred USD. The instant loan as a student has a relatively high price in this form, especially with slow repayment. The interest rates for overdrawing cards are often significantly higher than those in the checking account. Each ATM withdrawal also costs a hefty extra fee.
Offers on the Internet for student loans
There are also ways to get an instant student loan via the Internet. It is mostly the same providers who can also help with lending to the self-employed or with irregularities in information. The money that is given as a loan comes from more risk-taking investors. It is also possible for students and the self-employed to get an instant loan without the monthly payments of an employer. If such a loan application is decided positively, then the payment is very quick. On average, the entire process takes only about 7-10 working days from the time the application is made until it is paid out.