The name says it all: The instant loan is probably the fastest of the forms of credit. Apply, get approval, collect money. It sounds simple, but when you take a closer look it is not quite complete. Because the immediate approval always goes hand in hand with the small addition “creditworthiness required”. This means that even if the bank approves the loan, it can later withdraw it or change the conditions. If you have a good reputation and have no entry at credit bureau, you do not have to fear this. And to top it all off: instant credit without credit bureau is also possible. But one after the other!
If you need a loan, you go online more and more and conclude it there
The banks make it easy for you. The instant loan promises to be approved a few seconds after the application. It is clear that when you need a loan you are not blessed with money. Anyone who thinks he can give false information here to sneak up the loan is on the wrong track. Because, of course, the bank only makes the immediate commitment with reservations.
First, it is checked whether you have a negative credit bureau entry. If this is the case, the commitment is withdrawn. In addition, the bank naturally needs proof that the repayment can be made easily and that the information is correct. For this purpose, the personal financial circumstances are requested afterwards. This includes monthly income and liabilities. If you find here that you would fall below the subsistence level by paying off the loan, the bank will also withdraw the commitment or reduce the loan amount. However, if you make all the information correct with the instant loan and there are no concerns, you can also count on the immediately promised money.
The credit without credit bureau
Which can also appear as an instant loan, is similar, although here the credit bureau query is of course invalid. But: the creditworthiness is also checked here. Without this check, the bank would act negligently – not only in its interest but also in the interest of the borrower. The instant loan is usually to be taken out online and should always be accompanied by a comparison.