Be it a larger purchase, such as a car or a somewhat smaller dream in the form of a modern hi-fi system, the small change required is often not sufficient. In this context, many consumers are right to ask how long it will take to apply for or process a loan. If you apply for an instant loan today, you can expect to receive the desired loan amount in two to three working days.
Signatures are a thing of the past
Annoying signatures are no longer necessary in the age of digital networking. With the help of the most modern software programs, banks can determine the probability of repayments. Such calculation software also takes into account parameters that reflect a bank’s wealth of experience. As soon as the applicant submits an application with information on his income situation, a credit rating is carried out.
Documents such as proof of income, living expenses or possible rent payments are generally used as the basis for calculation. From this, a maximum possible repayment amount is then calculated in an initially fictitious form. By using software, a bank can quickly assess its own capital loss risk and act accordingly. If the prerequisites are perfect, the applicant will receive a commitment for an immediate loan today or on the same day.
Despite the bank’s quick and unbureaucratic approach, a loan cannot be paid out to the – possibly non-existent – applicant without a valid signature. After consumers have sent their personal identification documents, such as the front and back of the ID card, to the bank via PDF file or fax, there is a simple plausibility check. Once this has been concluded, the credit agreement is sent to the customer by post for signature. The contract documents are returned by means of an identification procedure with a capital Post employee. The application for an instant loan still goes back to the bank.
Credit checks remain a must
Despite numerous advantages that an instant loan already includes today, no German credit institution does without various measures to ensure that the potential customer has a good credit rating. In addition to the proof of a regular income by submitting a pay slip, a place of residence in the Federal Republic of Germany must be proven by means of a valid identity card.
In addition, the applicant must not be under the age of 18 for reasons of legally regulated business capacity. The bank concerned determines negative Credit Bureau entries by making an inquiry. If negative comments are noted during this review, the bank generally refrains from lending. Consumption who have to fear a bad credit rating can designate a trustworthy guarantor with his consent.