Consumers who want to apply for credit online at a direct bank value a quick instant loan. There are situations where you do not want to wait long for the money. Anyone looking around the internet for a loan with immediate approval, will also get corresponding offers. An instant confirmation does not mean at the same time that the money is also transferred immediately. Therefore, a distinction must be made between an instant loan and an express loan with lightning transfer. There are other differences that should be considered. Especially in the credit sector there are big differences between the banks.
How does an instant loan work?
Through comparison calculator you will find the right bank to finance your wishes. Free and without obligation, you can compare the offers of the financial institutions in this way. The differences are not only noticeable in interest rates, but also in fees. For example, many banks offer free special repayments, or once a year the borrower may suspend them at a rate. These differences can be found only by direct comparison. For most banks you even get a provisional immediate commitment.
The process is simple. When you apply for a loan online, the bank immediately checks whether you, as a customer, are eligible for a loan. The private credit query takes place in the background. If there are no complaints, you will immediately receive a loan offer or a provisional commitment. Of course, the bank has to check all relevant documents before it comes to the payment of the loan amount.
What documents must be submitted to the bank?
The required documents primarily include proof of income. Here, the bank checks to see if you earn less than what you indicated in your credit application. If so, the loan is immediately rejected. In addition, the bank can determine if your employer already has garnishments from your income. These are also in the income proof.
But that’s not all. After the bank has received the documents, in whatever way, it creates a household calculation. Your income and expenses are compared. This will determine whether, after deduction of all current monthly costs such as rent and electricity, you still have enough money left over for a loan. If so, then you get the firm commitment and the money is instructed. This process can take up to five days, sometimes longer.
In this example, you can clearly see that it can take a while to pay off the loan amount for an instant loan. If you want an immediate withdrawal, possibly the same day, then you should choose an express loan.
Difference Express Credit and Credit with Immediate Promise
With an express loan, the processing is faster. If you also choose lightning transfer, you can count on the money within 24 hours. Not every financial service provider offers a loan with lightning transfer. About the comparison calculator but you will also find. Lightning transfers are in most cases associated with additional fees, as the banks pay well for this service. For such a loan you need the technical prerequisites, PC or laptop provided. A printer is required to print out the loan application. You also need a stable internet connection and a webcam. Last service to be able to identify with the bank. Many banks already use the videoident procedure. In this way, the borrower can identify himself directly in front of the PC. An employee of the financial service provider checks the data on the loan application with the ID card that the customer has to hold in front of the camera. In this way, a faster processing of the loan application. A payment on the same day is thus only possible. With the annoying PostIdent there are no chances for an immediate payment of the loan amount. Here, the post office employee examines the data, enters it in a specially designed form and then sends it to the bank.
Credit from abroad with instant confirmation
If you have a negative private credit, you will not get a loan from any German bank. Only foreign banks could be lucky. private credit is not interested in this. But you need a regular income from a dependent job. Your permanent residence must be in Germany. The maximum loan amount is limited to 7,500 euros for a foreign loan. You can apply online. You will also receive an instant confirmation, but it may take up to seven days to pay out the loan amount.
If you have a loan amount of 600 euros, then you should use the offers of the mini loan providers. A payment of the loan amount takes place immediately after you have submitted all documents online. The providers set deadlines for this. As a rule, the documents must be submitted by 1 pm so that the money arrives on your account by a fee-based flash transfer on the same day.
Do not confuse an instant loan with a loan with instant bank transfer. An instant commitment simply means that the likelihood of a loan commitment is high. The payment of the loan amount will only take place after a detailed check of your submitted documents.