A quick microcredit can already be on your account on the next bank business day and thus perhaps avert the unpleasant consequences of a late payment at the last minute. With good preparation, you can accelerate the loan approval.
In two stages to instant loan
The best loan conditions can be found on comparison websites on the Internet. You will receive a condition comparison for small loans after entering a few basic data that are forwarded from the online portal to the cooperating banks. Your advantage: a pure market comparison does not lead to a negative credit bureau rating. If you choose one of the offers, you can receive an instant confirmation within a few minutes. The prerequisite is that the first rough credit check based on your information has turned out positive and the desired loan amount was not too high. A loan of up to $ 5,000 is still under the heading of microcredit for most banks and intermediaries. As a rule, however, interest rates are not yet finalized with the immediate commitment. Your preferred bank will now ask you to submit a specific loan application. Now that a number of documents have to be submitted, the lender can get an accurate picture of your creditworthiness. Interest is not just the fee for providing debt, but also a measure of the risk of default. Depending on your credit rating, the interest rate may change again.
The post is canceled
The fact that a small loan can be paid out so quickly is largely due to the digitized application process. The initial assessment is made by a computer based on criteria previously defined in the software. Only in the second step does an agent look at the submitted documents. These are no longer sent by post, but can usually be uploaded during the application process. What is required is different from bank to bank. You can prepare yourself by providing typical documents in electronic form. If no scanner is available, photographing with a smartphone or tablet is enough. The quality of today’s cameras is absolutely sufficient. From your identity card you should take a photo of the front and back, alternatively a passport with a registration certificate. Usually, the lender wants to see your employment contract and the last three payslips. Anyone who already operates online banking, has account statements mostly available as a PDF. That helps when it comes to setting up regular costs. If the amount of the rent from the bank statements is not clear, a lease is helpful.
Black sheep easily unmasked
The large majority of small personal loans from the Internet is absolutely reputable. Beware of providers who do not have clear contact details with company headquarters, landline telephone numbers and intermediaries a registration authority for the required permit in accordance with § 34c of the Industrial Code. Do not pay any advance costs if the conclusion of a loan agreement is not yet certain. Do not use chargeable hotlines or downloads. This will ensure that your account will not be cashed up, but will have more credit the next business day.