In principle, an installment loan with immediate approval is a normal installment loan, which can be applied for on the Internet. Applicants will receive confirmation immediately after submitting the online application if the loan can be approved.
These are always useful when the loan amount is urgently needed, for example to take advantage of a temporary offer. Due to the increased number of direct banks, there is now a wide range of corresponding loans. In addition, more and more branch banks are offering online loans with, particularly favorable terms.
Planning security through an installment loan with immediate approval
Those who urgently need money naturally want to know as soon as possible whether the desired loan can also be approved. With an installment loan with immediate approval, borrowers often receive a message about the approval of the loan just a few seconds after entering the data.
In order to receive immediate confirmation, in addition to the personal data, details of the monthly income and expenses are entered online. Based on this data, an automated credit check is carried out and the user receives the result directly. The instant confirmation is only of a preliminary nature, but it is entirely reliable provided that all information has been provided truthfully.
Fast processing and payment
An installment loan with immediate approval not only ensures quick confirmation, but also, due to the mostly automated processing, also for quick processing and payment of the loan. After the borrower has received an immediate commitment, he can print out the documents directly on his computer.
These will then be sent to the bank along with the payslips. Most banks use the Postident procedure for this. With this, the borrower legitimates himself at a post office by presenting his ID. In the event that the loan agreement is to run on several people, all of them must legitimize together.
The branch employee confirms the personal data on a coupon provided to the bank. Once all the documents have been received by the bank, the bank carries out a final credit check and usually transfers the loan amount to the borrower’s checking account on the same day. In many cases, it only takes 48 hours from the application to the payment of the loan.
Requirements for an installment loan with immediate approval
Due to the automated credit check, a perfect credit rating is required for an immediate approval. This means that the difference between income and expenditure must be sufficient to be able to pay the monthly installments. In addition to the fixed costs, the banks use a flat rate for living expenses. In addition, the borrower must not have any negative entries with Credit Bureau. Depending on the credit institution, the Credit Bureau check is carried out directly on the first credit request or only after all documents have been submitted. The same prerequisites apply as are usual for an installment loan.
The borrower must be at least 18 years old and have a permanent residence within the Federal Republic of Germany. Most banks only grant loans to non-self-employed workers, civil servants and pensioners. Anyone who is self-employed or freelance can generally not apply for an installment loan with immediate approval due to the more complex credit check and the greater risk of default.