The allocation of the classic installment loan has meanwhile been simplified and automated more and more. If the payment is made within a few days or even in less than 48 hours, one speaks of an instant loan. In the case of an instant same day loans, the identity of the borrower is checked online using a video chat. The consumer legitimizes himself by means of his identity card in connection with a live video image and signs the contract digitally. The borrower allows the lending bank to pull an online bank statement. This is evaluated digitally and, above all, evaluated automatically. The borrower can receive a pre-approval within half an hour. Depending on the provider, the evaluated data is cross-checked by a bank employee and then evaluated. If this gives the green light, the amount is paid out and is often credited to the borrower’s account within a few hours. Thanks to the shorter processing time, the bank’s costs during the procurement process are reduced. For this reason, the interest rates for an instant loan are often lower than for a classic installment loan. go to the website for more info.
Requirements for an instant loan
First of all, the lender, i.e. the bank, has to offer this service. Furthermore, apart from a high creditworthiness and good credit rating, the borrower needs a computer or at least a smartphone with a camera and internet connection, as well as a checking account with online banking access. In addition, the borrower must find a lending bank that offers or enables an instant loan.