Getting a loan with an instant approval on the Internet is basically not that difficult, because numerous providers are campaigning for the favor of consumers who search the Internet in search of Credit Bureau-free instant loans. This results in a wide variety of conditions, which is why a comparison of interest rates and general conditions is essential in advance.
First of all, however, the consumer has to say goodbye to the fact that a loan with an instant commitment is money, that it is paid out within a few hours or a day – this is not the case. Rather, the “immediate commitment” should be supplemented by the word “provisional”, because the bank cannot make a binding commitment based on information that has been made digitally and is not further supported.
Online in the loan application, which is usually also sent directly over the Internet in the case of a loan agreement with an immediate approval, the applicant only makes provisional statements that are initially not further substantiated – for example, about his income and his professional activity.
If the loan application is sent away, the borrower receives a promise almost immediately, but as already mentioned, it is only provisional. The applicant must provide evidence, by showing the lending bank that the lender is actually generating revenue in the amount specified: it is usually required to send copies (or originals) of the last three monthly pay slips to the bank usually a copy of the employment contract stating that the borrower was not employed for a limited period or on a trial basis.
Only when the bank or the credit agency has received these documents by post can the applicant expect a binding loan approval or even a cancellation, not beforehand.
Then a credit contract is drawn up, which in turn has to be signed and sent – just from the various postal channels, it is clear that the money cannot even theoretically be received in the borrower’s account within 24 hours; rather, a few working days must be taken into account before the payment is possible.