What is a flash credit?
What is a flash credit? The term flash credit refers to the period within which you must repay the loan amount. A flash credit is in most cases provided for a period that varies between 7 and 42 days. The flash credit is often provided interest-free, but you do pay an administration fee. In fact, the fact that you do not pay interest is therefore of secondary importance. If you borrow 100 euros, you always pay more than 100 euros to repay the flash loan.
Where can you request a flash credit?
Flash credits are a real online product. That means that you can request them almost exclusively via the internet. There are different providers of flash credit. Their conditions are basically the same. You must be eighteen years of age or older, have a valid ID, must be resident in the Netherlands and have a Dutch bank account. In addition, many providers of this type of credit request a guarantee. A person who guarantees the repayment of the loan on your behalf must also complete the application and also submit a copy of his or her proof of identity. If you do not repay the loan or do not repay it in time, this person will be approached for repayment, including the penalty for late repayment.
How do you request a flash credit?
Applying for a flash credit is usually arranged within a few minutes. You are looking for a flash credit provider on the internet. You then decide what amount you want to borrow. The repayment period of 7 to 42 days is usually linked to this by the lender. You will also see how much administration costs you owe. In some cases, you must transfer an amount of 1 cent to prove that you own the account number on which the amount is deposited. Your application will then be assessed. After approval you often have the money in your account within 24 hours.
What do you have to pay attention to?
The most important pitfall with a flash credit is the repayment term. Sometimes it is only 7 days. And if you pay too late, a hefty fine will be charged. So take a good look at the payment term and consider for yourself whether you are able to repay the borrowed amount in time, including the administration costs. You can also compare different providers with each other before applying for a flash credit. Sometimes there are differences in the administration costs that are calculated and sometimes the reimbursement period differs. This can be important if, for example, you want to take into account the payment of your salary or benefit.
No review at the BKR
Many people like to use a flash credit because this is often preceded by a review at the BKR. It is often people who already have debts or current obligations that make use of the possibility of a flash credit. They often can no longer get a loan elsewhere and then a flash credit is the last option to get extra money. Flash credit providers often do not need the BKR test because the loan amount must already be repaid in the short term and a guarantee is often requested.What are the conditions for a flash credit?
To be eligible for a flash credit you must meet a number of conditions. These are mainly aimed at ensuring that the lender also gets his borrowed money back. You must provide a copy of a valid ID to prove your identity and your age. A flash credit is only provided if you are of age. You must also live in the Netherlands and have a checking account with a Dutch bank. But the most important condition is that you repay the loan on time. If you do not meet this last condition, a substantial fine will follow.
When is a flash credit a solution?
A flash credit is really only an option if you need money quickly which you can repay quickly. For example, it can be a solution if you have no savings and the television or the fridge breaks down, a week before you receive your salary. Then consider applying for a flash credit so that you can quickly replace the defective device. As soon as your income is credited to your account, you can then repay the flash credit. However, due to the short duration and the relatively high administration costs, it is not advisable to use this product regularly. If you run out of money every month, it might be a better idea to examine your spending pattern.