When looking for a suitable loan offer, consumers are increasingly encountering the term instant loan. What is an instant loan? Many consumers ask themselves this question, because consumers mostly come across the term when looking for installment loan offers. The differences to the normal installment loan are minimal and yet these can be reason enough to opt for an instant loan.
What is an instant loan?
An instant loan is a conventional loan, but it is ready for payment within a few days. This definition is the answer to the question of what is an instant loan.
The focus here is on fast processing and distinguishes this type of loan from conventional loans. Of course, the creditworthiness of the applicant is also checked for the instant loan after the application. Accordingly, the applicant must provide information about his financial situation. Income and expenses are an important point here, but of course the creditworthiness is also checked and the previous payment behavior of the applicant is examined.
Instant loans are mostly pure online offers
Immediate loans are usually offered online because, like the answer to the question of what an instant loan is, implies quick processing.
The quick processing can only be guaranteed by the provider because the applicant enters his key data directly online in the application form. A corresponding check is carried out on the basis of the data. If this test is positive, the applicant often receives a loan approval on the same day.
Of course, the loan is only paid out after an identity check. For online offers, this is done using the post-identification procedure. Proof of identity can be provided via any post office, so that this step is also as straightforward and as easy as possible for the applicant. As soon as this step is also completed, the processing of the instant loan goes into the next round and the payment of the loan amount is initiated. There are usually only a few days between the application and the loan disbursement and this is the big plus of an instant loan.
How to get an instant loan
What is an instant loan? This is when you leave your loan application and the money goes to your card within half an hour. And it takes literally a minute to complete the application, all this happens online and without any additional difficulties.
Instant Internet loans are offered by microfinance companies. You are required to:
- to register on the website;
- indicate the amount required;
- specify the term for which you want to take the loan;
- leave your contact information;
- attach passport scans and TINs;
- specify the card number of any bank.
Applications are processed around the clock, and instant loans are received immediately after a positive decision is made. The refusal is possible in the situation, if you incorrectly filled in the application, left insufficient data about yourself.
How to repay an instant loan
Once you have applied for instant online loans, a personal account is registered on the website. Here you can track the status of your account, make payments, use shares of the company. You can also pay off debt through payment terminals or at a bank branch. Paying back money is as convenient as getting a loan!