In the case of an instant loan, the requested loan is paid out within two bank working days. The prerequisite is that the loan application is received by a time specified by the financial institution. The borrower fills this out online and also sends it signed to the lender as a fax, since the legislator prescribes a signed loan agreement.
The identity is verified using the Postident procedure; only commercial banks licensed in Lite lender are allowed to accept a copy of their ID card and can shorten the processing period to one banking day. As proof of earnings, a copy of the last salary slip is customary for credit applications; depending on the bank’s specifications, it may also be necessary to send the corresponding documents from several months. If the financial institution takes additional income into account in the household bill, the customer also provides receipts for this. Proof of earnings are not always required for instant loans.
The earnings on the proof of earnings are used for practical loan processing
There are practical reasons why a bank offers instant credit without proof of earnings. The promised quick processing of a submitted loan application does not allow a thorough review of all documents that are usually to be submitted. Such an inspection can only be carried out manually by an employee and not automatically.
The request for documents, the verification of which is not carried out or only on a random basis, does not constitute customer-friendly behavior and undermines the seriousness of a bank when the procedure is discovered. It is therefore more honest to issue the instant loan without proof of earnings. The financial institution fulfills the requirements for a creditworthiness check by querying the income even if the proof of earnings is waived.
Honest information is required even without proof of earnings
The fact that the bank provides instant credit without proof of earnings does not release customers from the obligation to provide honest information in the loan application. Deliberately made upside-downs on income entitle the bank to terminate the loan without notice if it is subsequently discovered and can be punished under criminal law. Borrowers with strongly fluctuating income can in principle form an average income, and the inclusion of all regular and occasional income components is permitted.
In this way, credit applicants also receive the desired instant credit without proof of earnings, whose income consists of a wage and other benefits or is different each month. Before submitting an application for an instant loan without proof of earnings, consumers conduct a price comparison so that they can get a cheap loan.