A payday loan with immediate approval is basically similar to a installment loan. The bank processes the application only faster and pays out the amount in a timely manner. The banks use Internet-based computing and interface tools. Within a short period of time, the bank informs the customer whether the loan is being disbursed. This message will be sent within a few minutes.
Expiration of the payday loan with immediate payment
Since the online banks have lower costs than branch banks, they are able to offer cheaper interest rates. Even the usual bank fees are eliminated.
To apply, the creditor only needs to visit the bank’s website and use the local tools to enter the loan request and the planned term. The transfer of personal data, marital status, income and professional status of the borrower. In addition, information about other obligations and existing possessions is added.
The bank makes a credit bureau query after receipt of the application. If the bank is satisfied with the information and if the loan request is compatible, it will send the customer a positive e-mail.
Some online banks give a non-binding receipt or rejection during the credit application. Also, the prospective loaner can not get the loan amount immediately. Even with a loan with immediate commitment, it takes a few days until the payment of the corresponding amount.
Online banks also need proof of collateral. These are to be provided in written form. Online banks are also required to perform a legitimacy check. This means that the loan application must be signed. All proofs of income and bank statements are to be sent to the bank.
In addition, the prospect must authenticate himself by the Postindetes method. The payment of the loan amount takes between 36 and 48 hours.
There are ways to speed up editing and approval. First and foremost, it is important that the loan application is complete and that all signatures are in place. Proof of income from the last three months and a copy of the employment contract must also be enclosed. Any additional income must also be stated and a copy of the identity card enclosed.
Where are the advantages?
The advantage of a payday loan with instant confirmation is to be seen in the good repayment terms. The terms are twelve months, 38 months and 120 months. Interesting is the free option of special repayment within the term. The waiver of a debt relief makes the loan with immediate promise interesting.
Elderly people are not sure of this type of credit. This is mainly due to the lack of a local personal contact. Due to the lapse of time between application and payment many customers decide against such a loan.
With a good contact and excellent creditworthiness, it may be that a corresponding loan request at the house bank comes faster to pay out.
Not recommended are loan offers from banks that do not do a credit bureau query. The loan amount is rather low in this case. This type of loan is interesting for those who were denied credit by traditional banks.
If the applicant does not appear to be creditworthy to these banks, this rejection of the loan application will be recorded in the credit bureau and such loan will have a high APR. This is often in the double-digit percentage range.
In the case of a loan with immediate approval, the applicant receives an acceptance or cancellation within a few minutes. Here is an excellent credit rating the basic requirement. The acceptance or rejection by e-mail is not binding. The applicant receives an explicit answer only after all necessary documents have been received by the bank.
Advantageous are the favorable conditions. Compared to traditional financial institutions can achieve great savings. If you can do without a local contact person, such a loan is a good option.
5 tips on credit with instant decision
1. Compare loans online
One way to get a good credit with instant decision offer comparison portals. Here the customer can enter his wishes and then gets an overall overview of all offers. However, the customer should not rely solely on a comparison portal. Often not all banks are listed on one and the same comparison portal.
Some banks do not even want to appear in a comparison portal. So they are not in direct comparison with the competition. Much rather these banks want to advertise themselves and thus build trust with their customers.
2. Consider alternatives
A request in the circle of relatives and friends can also enable a quick loan. The advantage here is that friends and relatives often give up on interest, as there is a closer relationship in most cases. Nevertheless, a credit agreement should always be created here. Should there ever be a dispute in the future, everything is clearly regulated.
This not only gives security to the borrower but also to the lender. This credit agreement has also existed in court. Also, bank statements should always be kept. Thus, the borrower can always prove that he has paid regularly.
3. Find private financiers
Private platforms offer another way to get a loan with immediate payment. Private lenders give money to the borrower. The borrower has to present exactly his project. Furthermore, he must have a regular income. Collateral is also an advantage. This can be eg a car or another valuable object.
If the borrower can not repay the loan, then at least the collateral is there. It is also important that the borrower presents his project in great detail and does not leave open questions. Here it can help if another person let the ad through once. Often the borrower overlooks something.
Even the private platforms are often equipped with an automatic bidding system, so that released money is reinvested in new projects. It will be met in the selection certain Cretan.
4. Credit from abroad
Another possibility is provided by foreign banks. They do not have access to credit bureau AG, which records the payment behavior of all citizens and examines them according to probability of default. The foreign banks rely on regular cash receipts and collateral.
The disadvantage, however, is that such banks often have to pay a higher interest rate. It is advantageous, however, that a loan from a foreign bank is not covered by the credit bureau and so there is no devaluation of creditworthiness.
5. Pay attention to the creditworthiness
The creditworthiness of each individual person can thus influence himself. Unpaid invoices or the completion of many loans can have a negative impact. But also frequent moving is bad for the creditworthiness.
A steady income and a solid job are of vital importance. Also helpful are collateral. This additionally protects the loan. In general, no bank will lend if it sees no collateral. Otherwise, this would not last long.
If the borrower still requires a loan, although this has no collateral, a guarantor can help. This guarantees in case of default for the borrower.
The just money is a special loan offer for customers who want to get a clear loan amount quickly. It is partly comparable to the short-term loans of other providers, but also has some significant differences in product features.
What is the just money?
The just money is available for loan amounts of at least 100.00 Euro up to a maximum of 3000.00 Euro. The repayment term can be two months to half a year, with a monthly installment of at least € 50.00. For the express service, the bank actually charges a surcharge of 25,00 Euro. However, it has been campaigning for a long time to temporarily abandon this service.
For the accelerated payout, the availability of a webcam is imperative because the bank in this case makes the video identification of the loan applicant. Otherwise, the just money award can be made only with normal processing time and after performing the Postindetes procedure. Income documents and account statements need not be made immediately when the loan application is made, but only on request. Whether this takes place depends on the amount of the requested loan and the content of the credit bureau information. In any case, the bank will collect a credit report from the credit bureau. However, it does not generally reject lending for just money if there is a negative entry.
Instead, she examines the individual case for soft and completed credit bureau entries. Part of this check is often the request to present a current income receipt and a corresponding bank statement. Applicants with good credit bureau experience reports that their income receipt with a loan amount below 1000 € almost never submit, while the bank in part to new customers with higher credit requests. It goes without saying that the obligation to correctly state the income demanded in the just money application also exists if the bank waives proof of this due to the low loan amount. Lending for this product is also for freelancers and the self-employed. The purpose is free.
Differences between most short-term loans and just money
Already the possible loan amount represents a clear difference between the just money and the short-term loans of most other offerers. While a relatively large bank gives also new customers maximally 3000,00 euro credit, restrict the smaller special lenders this amount on mostly 300,00 euro to 500, 00 Euro. Larger loan amounts are only possible with them if the customer has at least repaid the first loan properly.
Unusually, there is also the possibility of repaying the Bank’s short-term loan in two to six monthly installments. Classically, the short-term lenders presuppose repayment by means of a single monthly installment. Although they offer their customers the repayment in two installments as an additional service, but charge for a high surcharge. At the bank, on the other hand, two monthly installments are the minimum and no repayment in one single amount is planned.
What are short-term loans for?
Short-term loans are used for short-term financing. Many borrowers opt for short-term debt financing instead of using their discretionary credit. At the same time, this provides an economically sensible upper limit for the interest on the short-term loan. This may not exceed the debit interest rate for the credit line to be paid by most giro banks.
In contrast to a discretionary loan, a fixed agreement applies to the repayment of a short-term loan. A modification of the repayment date is possible for most short-term credit providers, but associated with a high lump-sum special payment. Another advantage of short-term loans over longer-term installment loans is the low minimum income. This amounts to 601.00 euros per month for the direct credit, while the competitors presuppose 500.00 to 700.00 euros. The just money and other short-term loans are also available while waiting for payments whose access time can be safely estimated.
The loan with online commitment is a loan or a loan from the bank to the person requesting the loan. A bank that has the money makes the money available to the requesting person for a certain period of time.
Which regulations are made?
The person asking for a loan concludes a bilateral agreement with the bank. The contract usually regulates how long the loan (the borrowed money) is repaid and how high the interest is. Some banks often provide loans with a 0 percent interest rate.
This means that if someone asks the bank about 5,000 euros for example, gets this loan approved online (borrowing) and repays the money in monthly installments within the contractually agreed period of two years, for example, the person does not have to pay any interest.