How to get a loan with immediate approval
- Instant approval: With an instant approval loan, you will receive feedback within a few minutes as to whether you are creditworthy or not.
- Online loan: To get a loan quickly, it is worth applying for an online loan. This is usually cheaper than a branch bank and processing can also be done faster.
- Have documents ready : Despite immediate approval, the bank will request documents, such as proof of salary, from you. Have these documents ready for quick processing.
In some cases it just has to be quick. A broken smartphone, a craftsman’s bill or an overdrawn account. If you are in dire need of money, a loan with an instant confirmation can be the right solution.
In the case of an instant loan, the bank will give you information within a few minutes as to whether the loan will be approved or not. This is usually particularly quick with a small loan.
The immediate acceptance is usually done electronically by checking various parameters and querying the Credit Bureau score. After the exam, you already know whether you are fundamentally creditworthy. However, the promise is usually provisional until further examination.
How to apply for a loan with immediate approval
Nowadays, a loan with immediate approval can be applied for conveniently and easily directly from home. After a few minutes you will find out whether you are creditworthy or not. If everything fits, the money will be in your account in a few days. The best way to apply for this loan is as follows:
1. Credit comparison
In the first step, you use our online comparison calculator to determine the best loan offer for your case. Such a loan comparison can save you several hundred USD if you choose the cheapest provider. All you have to do is enter the loan amount, usage and loan term. It is not yet necessary to enter further personal data. Immediately afterwards you will receive various offers from different banks and you can choose the best offer from the list.
2. Apply for a loan
If you have found the cheapest provider for your loan when comparing loans, you can apply directly to the respective bank online. At the same time, a credit check is carried out and you receive a preliminary acceptance or rejection. In order to apply for a loan, you must enter your personal data and provide information on your income situation.
3. Submit documents
After the loan application, you will usually receive a preliminary approval. However, the bank reserves the right to examine further documents. This includes, for example, pay slips or bank statements. You must also submit the originally signed application to the bank and carry out an identification procedure. However, this can also be done directly online in just a few steps.
4. Wait for withdrawal
In the best case, after checking your documents, you will receive the information that your loan has been released for payment. Now it will not be long before the money is in your account. It is best to set up a standing order to repay the installments.
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The online loan with instant approval
As a rule, it is worthwhile to request a loan with an instant approval directly online instead of going to a branch bank. Online loans are usually much cheaper than loans from a branch bank. The processing can usually be done faster.
Another advantage is that you can carry out a credit comparison online without any problems, where you can get several offers from various banks and choose the cheap offer. However, a branch bank can usually only offer you one.
The processing of online credit is mostly digital. You submit your application completely paperless. You upload all necessary documents by upload and carry out a video identification.
When is the payment made?
Basically, one has to differentiate between an immediate commitment and an immediate payment. With immediate acceptance, you will receive feedback from the bank within a few minutes as to whether you are creditworthy.
However, the commitment is usually only preliminary, as the bank may want to check other documents such as pay slips and bank statements. As soon as these have been checked, payment will be made within a few days. It is best to have all documents ready so that processing can be carried out quickly.
Most instant credit means that the money is in your account within minutes. This is often used to advertise, but this is only possible to a limited extent. A normal transfer alone can take up to 2 days. In addition, there is a credit check, which also takes some time.
In such a case, overdraft is a faster method than a classic loan. So an overdraft on your account, insofar as this is granted to you. If the overdraft facility is already exhausted or not activated at all, the bank can also approve a “tolerated overdraft”. This is the fastest way to get money.
What are the requirements?
Anyone who is of legal age, has a residence and account in Germany and has a regular income and creditworthiness can apply for a loan with an immediate approval. Creditworthiness is a very important criterion for banks, because they want to avoid default on payments under all circumstances.
Credit Bureau information
For most loan applications, the applicant’s Credit Bureau Score is almost always requested electronically. This score (0 – 100) is a summary of your creditworthiness and gives the bank relatively quick information about your profitability. If this score is too low, there will probably be a rejection without further conditions being checked.
If you want to have a loan, you have to be able to show the bank a regular income. No matter whether you are employed or self-employed. For employees, this is usually done via the pay slip and for self-employed persons via the BWA.
In addition to Credit Bureau and income, your basic creditworthiness must also fit. Perhaps you already have too many loans or excessive household expenses. Then the bank’s risk may also be too high.
So that your loan can be processed as quickly as possible, it is best to have all documents in digital form. This includes pay slips or BWA and, in individual cases, account statements. Depending on the bank, the documents are checked somewhat differently. So be well prepared.