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Loan request with instant confirmation – many providers advertise on the Internet and thus promise a quick instant loan. How does such a process work? And how fast is the lending actually?
Credit application generally means inquiring about the possibility and terms of a loan and, if applicable, submitting a request. Posting a loan request online is not a problem. Comparison portals and many banks make this possible on their websites. As a rule, the loan request must first be specified. That is, credit amount, term and usage are to be defined. Subsequently, all information and data required for a loan are requested. paydaynow.net have loans when you need money fast.
At first, only provisional commitment
In the case of an online loan request with instant confirmation, after the completion of this request route, a response will be generated within a very short time as to whether a loan can be granted and on which terms it is available. This usually takes at most a few minutes, in many cases even just a few seconds. During this period, the data is evaluated and used to derive a credit rating. This happens automatically using scoring methods. Also a private credit query is already performed, which also happens automatically. The feedback usually takes place via e-mail, partly also by fax or telephone.
If the result is positive, the user receives a loan commitment, to which the provider is then bound for a certain period of time, usually two to three weeks. This commitment, however, is preliminary. It is subject to the condition that a corresponding loan application is submitted within the commitment period and the required evidence confirms the information previously submitted online. Only when the examination of these documents has been completed, the loan will finally be approved and the credit relationship can be established.
Ways to shorter loan commitments
While the online loan request with instant confirmation takes at most minutes, more time passes until final approval and payment. That can be weeks. It also depends on how quickly the borrower submits his application and submits the documents. Loss of time often means the postal service, which always takes one to two working days.
To shorten this, more and more providers use the Internet to support the processing – for example, in the legitimization of new customers (VideoIdent procedure instead of Post-Ident method), when sending documents (uploading documents and electronic mail rather than mail) and when applying (digital signature instead of personal signature).
This reduces the processing time to a few days or even hours. The payment in case of a loan request with instant confirmation then takes place in the same week.