Many banks that offer their products online also promise customers instant financing. All the consumer has to do is indicate his or her credit request, fill out and send a self-assessment online. The credit decision is then often made within a few minutes, because loans within the framework of immediate financing are standardized banking products. If the loan applicant is creditworthy, he then receives the approval for immediate financing immediately or immediately. Hence the term instant financing or instant loan.
But be careful – the immediate financing may be approved immediately, but the money cannot be used immediately because a number of formalities have to be completed in advance. It usually takes between seven and ten days for the money to reach the borrower’s current account.
Immediate financing only means the possibility that the financing is approved immediately, but you still have to wait for the money because the payment is technically and organizationally not immediately possible.
Immediate financing can be applied for from any bank
Any bank that has immediate funding in its program can apply for immediate funding. The advantage is that this loan can then mostly be used freely, so that the borrower decides what he wants to finance immediately. He can buy a new car, new furniture, or a TV, but can also use the money for a vacation or cosmetic surgery.
Actually, there are no limits and there are already the most curious things that borrowers do with the money from immediate financing. But there are also things that you shouldn’t do, for example. For example, it is very risky to take the money out of an instant loan and then buy securities in the hope that prices will go up. If it backfires, you are sitting on losses and also have to repay the loan.
Immediate financing only for creditworthy people
Anyone can of course apply for immediate financing, but not everyone is granted an instant loan. What is important is the creditworthiness, which is checked by the banks for each loan applicant.
If a loan application is received by a bank, Credit bureau information is automatically obtained, the economic performance is determined in the context of a household calculation and the scoring is carried out. Only loan applicants who meet all the requirements to get a loan can count on the bank to approve the application. The whole procedure at the banks now runs automatically using the appropriate software. Those who are creditworthy can expect to get an automatic loan decision.
If the credit rating is not given
Immediate funding will not be granted if the applicant is not creditworthy. This can be the case, for example, if the applicant’s Credit bureau information is poor, if his monthly earnings are too low or not attachable, and / or if there are already some credit obligations, so that no freely disposable income can be determined from the household bill.
If an instant loan cannot be approved or if additional documents are required, bank employees will contact the loan applicant in writing. In this way, a guarantor is requested or the possibility of providing other collateral is offered. Even if the immediate financing was not approved immediately, it can still be said that even more complex inquiries are usually processed quickly and unbureaucratically by the banks.
Immediate financing enables consumers to apply for a short-term loan if necessary and to plan better thanks to the very quick decision. In the case of immediate financing, which is awarded directly in the trade, it is usually even the case that the customer can take the goods with them immediately, because the approval is actually given immediately.