Many life situations require immediate, financial action. An instant loan helps when originally planned costs explode unpredictably – for example when building your own four walls. Quickly, additional bills will be added to those already scheduled. If prices for the required materials or services are then increased, the financial cushion originally estimated as sufficient can quickly dissipate.
But it does not necessarily have to be real estate financing. The car gives up its ghost and must be repaired immediately, the washing machine fails its services or it rains through the roof without an insurance claim. There are plenty of reasons for a sudden financial crisis – but are there any solutions?
In such cases, a faster, financial compensation is necessary. By far the fastest way of lending money from a reputable financial institution is an instant loan.
How is an instant loan different from classic installment loans?
By “immediately” we understand immediately. The fastest way to get an instant loan is through the Internet. “Immediately” at the end of the application routine, the applicant learns whether his loan is approved or not. Hence the term “instant loan”. However, this undertaking should be considered provisional since the information provided by the Bank must still be verified on the basis of supporting documents.
Apply for an instant loan
By means of the online form, the applicant submits all the required data to the selected bank. These are the usual details for the credit check. These include
- marital status
- household income
- Other assets
- Other liabilities
- Since when busy
This impersonal approach ensures that, in most cases, the prospective lender can provide immediate information on whether a loan is approved.
After the provisional commitment
If the applicant receives a pledge after completing the online application, it will only be considered as a preliminary response and under no circumstances may lead to immediate expenses according to the motto: pay bills on credit, the loan was approved.
The credit bureau information is already collected by the bank during the application process. Previously, the applicant had to return documents such as salary and bank statements in the context of the PostIdent procedure to the bank along with the signed loan application.
However, technological progress has accelerated this process, even if not all banks are yet to access the feasible. This starts with the account statements. Some institutions offer applicants the right to legitimize them during the application process, to access their checking account once a month to analyze their disposable income and verify their salary intake. This eliminates the paper-based transmission of documents.
The electronic signature avoids the printing of the application and the mailing for the return. With the VideoIdent procedure, the applicant saves the way to the nearest post office.
These new processes allow the immediate, final commitment to be made after the preliminary loan commitment. In the case of a credit-based interest rate, the customer also immediately learns which interest ultimately reaches him. The money is in such an application process within two days on the account – an instant loan.
The repayment of the instant loan is different depending on the bank, but in most cases quite similar. As a rule, a fixed monthly amount is repaid to repay the loan.
“Some banks also allow annual free special repayment. For example, this can amount to ten percent of the remaining debt. Other institutions allow special repayments in the full amount of the remaining debt without charging a prepayment penalty. The legally permitted prepayment penalties for installment loans amount to one percent of the remaining debt for a residual term of more than twelve months and 0.5 percent for less than one year. “
All in all, instant loan is the fastest way to earn money in a serious way. Especially the way in which the application for an instant loan takes place may scare one or the other customer at first sight. The sober, factually oriented inquiry of the personal, financial situation without decisive consideration of context factors is necessary to process a loan request as quickly as possible.