When it comes to quickly covering money needs, an instant decision loan is a good solution. In contrast to many other loan options, you can count on a loan approval immediately with this type of loan. The Internet and the numerous direct banks have also forced established banks to process loan applications more quickly in the wake of competition. This means that you can also get a loan with immediate approval from your own bank.
Fast processing – fast payment
The peculiarity of the loan with immediate decision is that the applicant receives immediate information about the lending. If you have compiled all the necessary documents, you can no longer expect a delay in this loan with regard to the loan approval. The bank checks the creditworthiness with regard to household income and expenses and, if necessary, also the creditworthiness if the loan is applied for from a German credit institution.
Foreign banks – for example based in Switzerland – do not have a Credit bureau and therefore do not check or enter the loan in the Credit bureau. However, it should be noted that such a Credit bureau-free loan with an immediate decision is generally also more expensive than a loan with Credit bureau due to the higher risks for the credit institution.
What should I look for in this loan?
First of all, in the euphoria of the immediate prospect of the loan amount, it is important to carry out thorough comparisons with regard to the interest rates. Not only the credit-free credit with instant decision can be an expensive pleasure. The banks’ offers often differ considerably, which in turn requires a comprehensive comparison. Banks like to use the urgent need for money here.
Furthermore, you should also pay attention to a variable repayment option without additional costs. Some credit institutions offer the option of free special repayments, others limit these free options to a certain number each year, and yet other financial institutions have horrific payments for special repayments. Here one should also calculate and compare well when there is an urgent need for money.
Use an online comparison calculator
Even if you ultimately do not want to process the loan online with an instant decision, but instead want to apply to a resident bank, you should use an online calculator to compare the terms of the individual providers. When using a comparison calculator, all facts and conditions of the individual providers are compared objectively, and you also receive information about special services such as variable repayment options.
One should always bear in mind that such a loan is always a so-called consumer loan. Larger projects such as real estate financing require extensive fact checks and are therefore never associated with an immediate commitment.