In the consumer credit business, but also in the area of loans for the self-employed, there are always offers that are advertised online or in print media as “quick loans” or “instant loans”.
Since these terms are not defined or protected by law, it must be examined on a case-by-case basis as to when a loan offer with the attributes “quick” or “immediate” can be described as fair and in line with the market in terms of the conditions.
Quick loans - appearance and content
When assessing quick loans or instant loans, the decisive factor is what the provider's advertising message is based on.
- Some offers relate the statement to the processing of the loan as a whole - i.e. starting with the application, through the credit check and the approval through to the payment.
- Other offers only advertise the speed of the individual processing phases, for example by describing the credit check or the approval or payment as “quick”.
In addition, it is always important to ask which comparison standard is used with regard to the “speed” of the loan. Since there are no legally standardized rules about how long it may take to process a loan and there are no generally recognized industry standards, each provider or broker ultimately defines themselves what they consider “fast”.
The “normal” loan processing process
Many online and direct banks, as well as numerous traditional commercial and branch banks, offer online loan processing. The processing process begins here with the applicant filling out all relevant forms online or downloading them from the internet from the provider's homepage and then sending them back to the credit institution by post.
Since the credit check takes place on the basis of the documents required for the credit check, at least one postal route is required even if a loan is applied for online, because most providers base their credit decision on the presentation of original documents (e.g. wage documents for employees, balance sheets and business evaluations). make the self-employed) dependent.
Loans for students are generally possible if you have been employed alongside your studies for at least two months and can prove this with your payslips from the last two months. The internal credit check also takes place for quick or immediate loans by consulting SCHUFA or another credit reporting agency.
Although this process usually takes place online, it depends on the credit agency's processing time, which can hardly be accelerated from outside. This is particularly true if there are queries between the bank and the credit agency due to unclear names and/or addresses. Only when the credit scoring for the future credit customer is available does the bank's internal credit check and the credit decision take place, which is quickly communicated to the applicant online.
If the loan decision is positive, the loan value will be paid out within one day . You will find the highest level of acceleration, seriousness and fair design of the loan conditions, for example, in the offers from well-known providers such as easycredit.de .
Accelerated forms of credit
With a quick or immediate loan, the only thing that can be accelerated is the loan processing itself and the payment after a positive loan decision. However, since loan processing depends on the credit check, which in turn is based on the speed of the credit reporting agency, the acceleration portal is limited here.
Significant time savings can usually only be achieved if the credit check is omitted. However, this is only possible for relatively small loan amounts (usually 3,000 to 5,000 euros) and is often only offered by providers from abroad (mostly from Switzerland) who are represented in Germany by credit brokers and other financial service providers. The interest rates charged by these providers are often at the upper limit of what is usual on the market.
Other conditions - especially with regard to the permissibility of early loan repayment and the amount of the early repayment penalty usually required - should often be carefully checked before the contract is concluded - ideally with a detailed online comparison. You can also find more offers on the subject of finance here .
Check out whether quick loans are worth it!
