How fast is an instant loan?
Instant loan sounds like the money immediately falls out of the printer when the application is accepted. However, this is not the case, the process of an instant loan must be divided into three time periods. The speed of part one affects the bank, the speed of part two of the borrowers. How fast it goes in the end, in part three, then depends again on the bank.
Instant confirmation – completely correct
Suppose a consumer seeks an installment loan and wants to have it available as soon as possible. Ideally, this is also an instant loan without Private credit examination. The first step is to use a comparison portal to explore what the terms and conditions of each provider are. After the decision has been made in favor of a provider, the application is now made. In this process, personal data such as birthdays, employment or marriage status are queried, as well as data on the financial situation. These include income, real estate or other assets. Of course, the application process takes place online. Once all necessary information has been collected, the data is transmitted to the intermediary. At this point it is now up to the intermediary how quickly the commitment for the instant loan is made. The nice thing for the prospective borrower is the fact that the data is checked immediately and the loan commitment is made within a few minutes – practically immediately.
Mail must be
After the confirmation comes the part that only the customer can influence. He is now required to send the necessary documents, account statements, salary statements, proof of collateral to the intermediary as part of the PostIdent procedure. Although a VideoIdent process is possible, some documents still need to be in paper form. For both types of identification, a valid identity card or passport with residence permit is mandatory. A driver’s license is not recognized as a legitimation paper. The quicker the documents are with the intermediary, the faster it can check them and compare them with the online information. If all documents are complete and correspond in terms of content to the information provided in the loan request, the loan will be disbursed within 24 hours. This process may qualify the term instant loan a little, but as a borrower you can not complain about the processing time. Especially not if it is a Private credit-free loan, which is not processed directly at the bank, but first through an intermediary and then again over the bank. Classic German branch banks and savings banks often have a harder time here, which means a timely and fast disbursement of the loan.