The “instant credit approval” – what is meant and was not

Many consumers today apply for a loan online through one of the myriad of online banks. This has advantages, because the conditions of these banks are much better than those of the branch banks. However, sometimes it is difficult to quickly choose a bank. Terms appear that the customer sometimes cannot do much with. This includes the term credit with immediate approval. How to get a loan quickly and easily?

What is an instant loan?

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There are situations where the loan needs to be processed quickly. In this case, anyone who applies for one on the Internet must look for a loan with an instant commitment. In this case, the banks check the creditworthiness of the customer directly during the loan application and prepare a household bill. If the creditworthiness and the income are correct, the corresponding bank gives a loan with immediate approval. The customer can be sure that the money will be in their account within a few days.

Not to be confused with an instant loan

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An instant loan should not be confused with an instant loan. It is a different loan model. In the case of an immediate payment, the loan amount will be paid out within 24 hours after approval. There is therefore a preferred processing of the loan application. The payment is then made with a lightning transfer, which is subject to a fee. Not every bank offers an instant loan.


What happens after the loan approval?

It can take a few days before a loan with an instant approval is paid out. The bank first needs the signed loan agreement and the income notices. A copy of the employment contract and the latest account statements may also be required. The bank can only transfer the loan amount after receipt of the complete documents.

Credit with instant approval without Credit Record

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There is also a loan with an immediate acceptance without Credit Record, and as the name suggests, Credit Record is not asked in this special case. As a rule, it is intermediaries who can make such a loan possible. These loans often come from abroad. The Credit Record is not queried in these cases because the banks abroad have no access to it.

The necessary security must then be provided elsewhere. As a rule, the collateral includes a fixed salary, which must not be from an independent activity. Although these loans are more expensive than conventional installment loans, they are happy to be taken up by consumers who can no longer get a loan due to the negative creditworthiness in Germany. However, this loan is not suitable for the unemployed.

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