Monthly Archive: April 2020

Banks grant loans for distance learning.

With a credit for distance learning, more and more Germans are funding their education and training. Depending on the educational goal, age and other criteria, borrowing in different sizes and from different providers makes sense. The article gives the interested reader details.

Credit for distance learning – Student German State Funding

Credit for distance learning - Student German State Funding

A credit for distance learning enables you to improve career opportunities. Investing in an additional qualification pays off at almost any age. The higher income to be expected will later compensate for the cost of education. The bottom line is that successful graduates of distance learning expect social prestige and a significantly improved income. The future investment has paid off.

The amount and design of the funding requests for this project are as varied as the courses on offer. A loan that would be the right one for everyone does not yet exist. The Student German State Funding is recommended as a source of funding for the first full-time course. Further information on this financing offer can be found on the website of the Federal Ministry of Education and Research.

Programs of the Cream Bank

Programs of the Cream Bank

Anyone who falls through the grid at the Student German State Funding does not have to do without state support for distance learning. Cream bank beckons with the education loan and the master German State Funding. The education loan is primarily intended for students in the last phase of their studies. It is granted regardless of one’s own income or parental income.

It is important for students who are already related to the German State Funding that the Cream bank loan is granted in addition to the German State Funding. Although no collateral is required, this distance learning loan offers the dream interest rate of 1.33 percent APR.

A modern distance learning academy offers a variety of achievable study goals. This means that not only can academic training take place, but also training to become a master. This master’s degree can be achieved full-time with the Meister-German State Funding from Cream bank. In addition to training, Cream bank also finances living expenses during the full-time measure.

In addition to the non-repayable government grants for the master’s degree, if successful completion, handsome gifts. Those who pass the exam may already consider a partial amount of the loan as paid. Those who subsequently choose the path to independence and create jobs can cut up to 66 percent of the remaining payment obligation.

Distance learning alongside work

Distance learning alongside work

A full-time course is of course not the only option for distance learning. Many people study, even though they continue to work. They hardly need any funding in the first and middle phase of their studies. Ongoing fees and the cost of living are covered by income.

It is only at the end of the course that it becomes difficult, the examination fees or the masterpiece strain the budget. A credit for distance learning is required. In this case, a normal small loan from the Internet is enough to master this difficult phase.

Students often ignorant of loan terms.

Loan for students

Loan for students

A researched students who borrow money in addition to their student finance. On average, students borrow 365 USD per month, but are often ignorant of the loan conditions and options for surcharges and tax refunds.

Research among 3,000 students by the National Institute for Budgetary Information (Nibud) has shown that students borrow an average of 365 USD per month, but often know little about loan conditions and possibilities for tax refunds and surcharges. As a result, students miss out on a lot of money and are left with high debts. More than a third of all HBO and WO students borrow money through the Education Executive Agency (Binary Lender). After four years of study, this results in an average student loan of 17,500 USD.

Students are not  informed about loan conditions

Students are not  informed about loan conditions

It is striking that almost a fifth of the students do not receive a health care allowance and more than 10% do not file a tax return. In addition, students are very poorly informed about the loan conditions. For example, a quarter do not know how high the interest they pay and some think that borrowing from Binary Lender is free. Half of the students surveyed also do not know that they already pay interest on their debt during their studies. However, most students are not at all concerned about whether they can ever pay off their debt.

In total, more than a third of the 650,000 higher education students borrow extra money in addition to their student finance from Binary Lender. 55% of the 3,000 respondents think that Binary Lender makes it too easy for them to borrow money. It is possible to receive hundreds of USD per month within a few mouse clicks.

The possibilities for income such as surcharges and tax refunds are also unknown to many students. About 120,000 students do not receive a health care allowance while they are entitled to it. In addition, a quarter of the students do not file a tax return and thus leave the opportunity on a lot of money. Partly due to the low income from side jobs, students can often reclaim a large part of their payroll tax.

Yet saving is also quite popular with students, more than two-thirds of the students save 100 USD per month and have around 4,500 USD in a savings account. It is remarkable that half of the students save with a loan at the same time.

Avail the fast credit with payment in 24 hours.


An unexpected and temporary invoice flutters into the house. The account is empty, the overdraft facility has been exhausted. The only solution would be a 24 hour payout loan. Advertising at least promises this quick credit. But what is actually behind it, can such a loan be realized?

The history of a credit with a payout in 24 hours

The history of a credit with a payout in 24 hours

Even if the technical requirements were met to approve a loan with payment in 24 hours, it is not legally possible. Banks are required to check the creditworthiness of the customer and not only the income they mean, but also the Credit Bureau before a loan approval is made. Credit Bureau introduces itself as a credit bureau and collects data that its contractual partners such as banks, telephone companies and mail order companies pass on to them.

It doesn’t just happen that way, it reports a customer’s payment irregularities. An invoice was dunned, the customer does not respond, a legal reminder is issued with the result of a negative entry. The customer should know that not all entries are negative. A credit is entered in the Credit Bureau, a manual contract. As long as the customer pays his installments or liabilities correctly, the entry remains positive.

However, if there are rate shifts, rate suspensions, reminders with attachment or an enforcement notice, the entry becomes negative. The customer’s creditworthiness is ruined, and a loan from a normal bank will then hardly be possible. This is why the Credit Bureau query is so important for banks that they can use it to assess the default risk of a loan.

If the customer now wants a loan with payment in 24 hours, he must first look for a provider who has it in the program. During his search, he will find advertisements that read lightning credits in 30 minutes, loans with lightning transfer or the like. Such a loan cannot be checked and approved in such a fast time. If the customer is considering an online loan, there is a post between the loan approval and the payment.

There is no bank that does not check the creditworthiness of its customer. Therefore, the loan seeker must present proof of salary to prove his income. Some banks also require bank statements. The period is limited to the last three months. The Postident procedure must also be carried out at Swiss Post. A person recognition is thus carried out. With this form and the creditworthiness documents as well as the signed loan agreement, the postal service comes into play.

The bank will carry out the Credit Bureau query itself, but it should also be planned. If the Credit Bureau is clean, no negative entries such as reminders, foreclosures or attachments are noted, a loan with payment can be approved in 24 hours.

The customer can contribute to the speed himself. He ensures that he has all the documents together so that there is no need to inquire and brings them to the post quickly. Most banks also send ready-made credit documents with the loan application, which the customer also sends by post. The longer the customer waits, the longer the loan with payment will take in 24 hours.

Even if the required credit documents are sent away as soon as possible, at least two days must be scheduled before the loan approval is given. After that, the loan will be paid out in 24 hours.

The really quick loan

The really quick loan

The customer can quickly have a loan if he uses his overdraft facility. Banks grant their solvent customers a free-standing credit facility. Depending on how high the income is and how regularly it is received, the bank approves up to three net monthly salaries. For example, anyone who earns 3,000 USD net could have a disposition over 9,000 USD.

However, this loan is very expensive, an interest rate of up to 15% is expected. If the credit line granted is now overdrawn, the bank charges another 5% interest. A handsome interest charge. For this reason, the overdraft facility is only intended for short-term use. It is assumed that if it is returned within three months, the overdraft facility would be a good solution.

Many customers use the overdraft facility like an installment loan, some even make a living from it. In this way, more and more debts are accumulated until the bank cancels the overdraft facility or suggests converting it into a payout loan in 24 hours. Customers whose bank requires a high overdraft facility should consider switching banks, as this can save them cash.

The other way to get a loan with payment in 24 hours is to apply for a loan from a branch bank, for example from the house bank. Here, too, the customer should bring all documents to prove his creditworthiness and a valid ID card. The bank checks the Credit Bureau, is it ok and is the income high enough and has been in permanent employment for at least one year, so a loan can be approved immediately.

The customer can receive the money in cash or have it transferred to his account. However, with such a quick loan approval, there will only be a small loan. Pensioners should know that they can also get a loan with a payout in 24 hours if they have not reached the age of 70 and the pension is acceptable.  After the loan approval, the payment will then be made to the customer’s account within 24 hours.

The credit rating

The credit rating

But what can the customer do if he has a bad credit rating, for example through negative entries in his Credit Bureau, he will not receive a loan with payment in 24 hours from a conventional bank. The risk of default is too high for the banks, since the Credit Bureau shows that the customer has payment difficulties, they reject the loan.

For this group of people there are Credit Bureau-free loans that can be processed by a credit broker. A serious broker can still find a loan for his customer, especially in difficult cases. However, the customer pays commission to the agent.

The funds come mainly from Liechtenstein and since 2010 Litebank has been the market leader for Credit Bureau-free loans. However, only two loan amounts are approved, one for 3,500 USD and one for 5,000 USD. The loan terms for both loans are 40 months, the interest rate is around 11-12%. The customer should have a sufficiently high income that is above the garnishment exemption limit. He must have a permanent position that is not limited.