VEXCASH review

The effective annual rate is 11.13% and stays fixed for the term. Standard processing carries no arrangement fee, and the representative example on a small loan repaid over a short term shows total interest as a small part of the total repayment. The optional Smart-Paket adds a monthly fee that the effective annual rate does not include.

Loan sizes run €100 to €3,000 and repayment terms are 1 to 6, so this suits a modest bill rather than a major purchase. The fixed rate model keeps the rate steady, and personal and payday products are both offered. Applicants wanting a longer repayment window will find these terms narrow.

You need a main residence in Germany, a German bank account, regular monthly income, and neither over-indebtedness nor open due liabilities, and a minimum age applies. The credit profile that fits is fair, and the lender still assesses each application on its own merits.

The check is a soft prequal, so an initial application enquiry works differently from a full search, which is worth confirming before you submit. Once the lender takes the case further, its own assessment decides the outcome, and the profile that fits is fair.

Standard processing pays out by bank transfer, and the credit takes a waiting period measured in bank days rather than hours. The optional Smart-Paket is the faster route and is processed inside a much shorter window, at the cost of a monthly fee that sits outside the effective annual rate of 11.13%.

VEXCASH is a broker, and the broking permit comes from Berlin's Ordnungsamt Mitte, which authorises loan broking under the German trade and crafts code. It is also entered in the legal services register by the Bundesamt fuer Justiz as a permitted collection service provider, so the operation is registered rather than informal.

Its effective annual rate of 11.13% ranks 155 of 338 brands on rate and sits below the 36.5% median recorded for payday lenders. Consumer credit books in this market carry a retail loss rate of 70.15%, so weigh the total repayment and the term as closely as the headline rate.