SuperFastCreditis an online credit service of Zaloan Bank plc, which in turn is part of the international Zaloan group. The subsidiary Zaloan Bank plc, which is responsible for the German brand SuperFastCredit.de, is domiciled on the island of Malta and is authorized as a credit institution by the Malta Financial Services Authority. However, the short-term loans brokered by SuperFastCredit come from the Chandero Bank and are only marketed by the Zaloan as a loan broker. The Chandero Bank is a bank founded in Berlin in 1924 with a German banking license, which was bought in 2009 by an American investor, but is still supervised by the Dufol. In this respect, the offering of SuperFastCredit is indirectly a bank operating and authorized according to German standards.
As the only mini credit provider, it is possible at SuperFastCredit to take out a micro loan from 50 €. With this loan offer SuperFastCredit sets the lowest available credit threshold of all short-term credit providers. To what extent the granting of such a low loan amount really makes sense, we may not want to judge here. The maximum amount for a mini loan since November 2016 is € 1,500 for existing customers of SuperFastCredit. Incidentally, as an existing customer, SuperFastCredit defines borrowers who have paid back their first short-term loan on time to the mini loan provider without any problems or without any problems. New customers have the opportunity to apply for € 500 for the first time. With interest rates for a mini loan SuperFastCredit moves with 10,36% APR in the golden mean of all offerers.
But the small credit offer has its pitfalls: So it is mandatory for anyone who wants to take a short-term loan with SuperFastCredit, participate in the so-called direct debit SlimPay. By claiming the direct debit authorization via Slimpay, SuperFastCredit tries to protect itself against the risk of a non-timely repayment by the borrower. On the day the loan expires, SLIMPAY collects the loan plus interest and any costs of additional options – without ifs and buts. In principle, such a measure is understandable especially in the lending business. Admittedly, this approach is commonplace in almost all other loan offers made through a “normal” bank. Nevertheless, it has the slightly bland connotation of ” We only trust our credit customers to a certain extent.”
Which brings us to the next point of criticism of the Zaloan loan offer: Although the name SuperFastCredit suggests a certain speed, this is unfortunately not the case in practice. If you do not use the additional options such as Superfast service, it can sometimes reach up to 15! Working days until you can dispose of your loan.
In addition, not too fast loan approval within 60 seconds (lait statement on the website) can disguise.
But if you need the money faster, you have to pay, and not a little. For example, the cost of accelerated credit transfer called Superfast service depends on the amount of credit you want.
To illustrate in figures: For a € 50 credit you would pay for the SuperfastService whopping € 22.50 lightning transfer fees, with a loan amount of € 100-299 already 45 €, with a € 300-600 credit unbelievable € 99. Unfortunately, SuperFastCredit does not justify such a fee pyramid, and inquiries in this direction remain unanswered – unfortunately! In this case, transparency in fee structuring would not only be desirable from the consumer’s point of view!
As with competitors in the mini-credit and short-term credit market, SuperFastCredit.de also has some requirements to be met by a borrower. Before you apply for the application for a mini loan, you should inform yourself about these requirements. For example, Zaloan, as the bank behind SuperFastCredit, expects every borrower to have a fixed, regular income, the minimum age of 18, and a registered residence in Germany. If you are not a citizen of the EU, proof of a valid residence permit or confirmation of registration with current address is required. In addition, the specification of a German mobile phone number is mandatory, as a code is sent to the borrower via this mobile phone number via SMS. This code must then be entered in an online form for confirming the identity as a kind of digital signature.
If one can live with these terms and conditions for the short-term loan offer of SuperFastCredit and, moreover, if all prerequisites have been met, one has access to the loan offer. If the decision has then been taken to accept the offer, the customer has the option of receiving a short-term loan from SuperFastCredit / Zaloan as follows:
Once all this has been done, additional personal data will be requested as a result of the application process: name, address, account details, income, etc. In addition, approval of the SLIMPay direct debit procedure must be given.
Without authorization to direct debit there is NO mini loan!
Since the entire application process is fully automated even with SuperFastCredit, the processing is very fast. SuperFastCredit promises an instant online decision within 60 seconds!
Once all steps have been completed, the legitimation is still in place, which can be carried out quickly and easily using the Video-Ident procedure. Optionally, this identification can also be carried out by classic post-ident, but this slows down the editing process significantly.
As mentioned earlier, SuperFastCredit’s lending offer is in the mid-range APR of 10.95%, making it the third cheapest mini-loan on the Targobank direct money and cash-on-loan line in terms of interest rates. Thus, the following calculation example results for a SuperFastCredit short-term loan:
Credit amount: 5 00,00 € Credit term: 30 days interest due: 4, 26 € Total repayment sum: 504,26 € Annual percentage rate: 10.95% With this interest rate, the mini loan offer of the Zaloan is superior to that of the competitor Vexcash and occupies third place behind the Viloan mini loan and the Targobank mini loan offer. However, it should be noted that if you do not select the very expensive Superfast service option, you have to wait too long for the loan to be paid out.
|ESuperfast Payout||optional: up to 299 € (depending on the loan amount)|
|Annual percentage rate pa||10.36%|
|Reminder costs in case of default||9 EUR|
|Cost of deferment||optional: up to 149 EUR (depending on the loan amount)|
|2-rate option||optional: up to 179 Euro (depending on the loan amount)|
Reminder: If you want to get your credit quickly enough, you can not avoid the costly Superfast service. The crux is that the level of service fees is based on the amount of the loan. In plain language, the higher the sum of the mini loan, the more expensive the Superfast service. Otherwise, as with all providers for a mini loan, which incurred even with this loan provider no pre-cost.