A credit with online instant approval is not a special loan product, but rather a service that prospective customers can avail themselves of. Banks that offer instant online loan approval are mostly online banks.
These banks provide an online form on their website that must be completed. Here information on income, occupation and life situation is given. This information should of course be truthful, since this is the basis for the online immediate acceptance and this will also be checked later. The system uses this information to calculate whether a loan from this bank is possible or not.
Are loans with online instant approval paid out immediately?
Consumers should note that an online instant credit loan is not necessarily paid out immediately. If the respective provider is an online bank, prospective creditors usually have to send their documents to the bank first. This means that the loan application, the necessary evidence and the coupon for the Postident procedure must be sent to the bank by post.
The Postident coupon must, of course, be filled in and confirmed by the postal employee. The loan application then goes through the normal mail. It usually takes one to three days for the application to reach the bank. Once the loan application has reached the bank, it is checked first. The information on profession, life situation and income that led to the online immediate acceptance is checked against the enclosed evidence.
Online instant loan is usually paid out faster than other loans
In addition, the banks usually obtain Credit bureau information about the applicant and check their creditworthiness. If all documents are available, the evidence confirms the information in the loan application and the credit check is positive, the loan with online immediate approval is usually approved. With some banks the payment takes only a few working days, with other banks it can also take a few weeks before the payment. An online instant loan is usually paid out faster than other loans, but consumers can expect a few days or weeks.
If you want to use a loan with an instant online approval and are in a hurry to take out a loan, you should still take the time to compare the loan.