A normal loan application from the house bank takes a few days or even weeks from the check to the payment. For many consumers, the process simply takes too long, they need a loan as quickly as possible, for example to go on vacation or pay for important repairs.
There is a special form of financing for them: instant or payday loans. The term is somewhat misleading, “immediately” does not mean that the loan is paid out immediately. Of course, banks always require proof of collateral, which must be presented in writing. However, the providers of instant loans endeavor to process the credit inquiry as quickly as possible and then evaluate it. The usual examination procedure has been streamlined to such an extent that applicants can expect to receive a money order within a few days.
The Internet makes accelerated awarding possible
Fast or express loans are a domain of online banks that have special loan applications on their home pages. Interested parties can submit the application online and submit it with a click of the mouse. The request is processed automatically and evaluated immediately. After a few seconds, the applicant will already receive confirmation with an acceptance or rejection.
If the decision is positive, all application documents will be made available for printing. This also includes a form for identity verification, the so-called Post Ident Coupon. It must be filled in and presented to a Deutsche Post employee together with the identity card. After the identity check has been completed, the documents are sent to the bank together with the proof of income by post.
This carries out a subsequent credit check immediately after receipt
If the information from the online application is confirmed, the approval remains. In this case, the loan amount is immediately transferred and credited to the borrower 1-2 bank working days later.
As with all forms of credit, the following also applies to this loan: compare first, then close. On
Favorable payday loan comparison creates clarity about the current top offers and provides a clear summary of the most important conditions.