If borrowers need to quickly get the money they need, there is an instant loan and immediate payout loan. In this case, the desired loan amount is available within a short time. Most banks refer to the corresponding loan as an instant loan, sometimes also terms such as lightning loan or emergency loan in use.While the credit approval for a simplified application examination is actually possible immediately after the application has been submitted, a certain period of time elapses until the payment is made, for legal reasons. Due to the necessary post-ID procedure most financial institutions consider a money transfer within two banking days as an immediate payment. Accelerated provision of the desired loan amount is possible if the selected bank offers the videoidentity procedure or if submission of the identity card is possible at a branch office following the online application. In addition, the Luxembourg Financial Supervisory Authority allows banks licensed by it to recognize a copy of identity card as a proof of identity and also to accept such a copy online with the loan application.In many cases there is the option of Prior1 disbursement for loans with instant confirmation and immediate payment. This speeds up the transfer process by a maximum of one day and is associated with high costs, which the loan applicant contributes in addition to the lending rate.
What borrowers pay attention to immediate outpayments
The immediate award decision is a prerequisite for the fast transfer of the desired amount in the case of a loan with instant confirmation and immediate payment. Since both terms are not defined by law, credit seekers pay attention to the actual processing times of individual banks. The definition of immediate payout as a bank transfer within two business days is common, but some financial institutions have some differences.The interest rate is usually higher for an immediate loan and an immediate loan than for a bank loan that has the same bank processing time. This is acceptable as the bank will provide an additional service requested by the customer with the fast cash payment. In addition, the automated credit decision inevitably leads to a limited review of the loan documents and thus to an increased default risk.Precisely because of the comprehensible additional costs compared to a bank loan with usual processing time, a careful bid comparison before the application for the loan with instant confirmation and instant confirmation is absolutely necessary. It makes sense not to pay attention to the lowest effective interest rate, but to include factors such as the right to an occasional installment break and the option of free premature repayment when deciding on a specific loan offer. The installment break agreed in the loan agreement, to which a borrower is entitled once a year or once within two years, depending on the bank, facilitates the proper servicing of the instant loan in the event of unplanned additional expenditure.
How reputable are offers for immediate loan disbursement without proof of salary?
Loan seekers encounter different offers to lend without proof of income in their search for a loan with immediate promise and immediate payment. These are controversial and are generally rated by some critics as frivolous. However, they overlook the fact that lending without salary is by no means unusual. Finally, most retailers do not provide a proof of salary for installment arrangements, as do many credit card issuers if the card applicant initially satisfies the minimum limit.The fact that individual providers waive a salary for a loan with instant confirmation and immediate payment, simplifies the processing. Corresponding loans are limited to small sums and are entirely legitimate, provided that the applicant does not have to pay any pre-treatment costs and no disproportionate interest after borrowing. The seriousness of the borrower’s behavior is that, despite the fact that he refrains from submitting supporting documents in the loan application, he honestly states his income. Deliberately made misstatements in the case of accidental discovery entitle the lender not only even with proper amortization to a termination without notice, but may even result in criminal consequences.There is no reason to include the offers for a loan with immediate promissory note and immediate payout without salary statement in a credit comparison. They are of particular interest to workers with widely fluctuating income as well as income from multiple sources, since the speedy processing of applications with the usual submission of proof of income in these cases is hardly conceivable due to the increased testing effort.
Are instant loans also available with weak credit ratings?
In the case of the Swiss Scheme-Free Loan, the federal banks define the loan with immediate payment and immediate disbursement differently from the domestic financial institutions. They call a bank loan with a processing time of about one week as an instant loan, while the usual payout period is about fourteen days. The extended processing period is comprehensible, as the missing credit report makes an exact examination of all loan documents indispensable.It is basically possible to take out a loan with instant confirmation and immediate payment with another applicant whose creditworthiness is significantly better than that of the main borrower. However, due to the doubling in this case, corresponding offers make very few banks.The appointment of a credit intermediary facilitates the acceptance of an instant loan and immediate disbursement loan in the event of a bad credit rating, as market knowledge and the total demand represented will have a positive effect on lending. The service provider inevitably needs a certain amount of time to pass on a request to the individual banks, so that an immediate commitment and an immediate payment are more likely to mean a period of three bank working days up to one week.