Above all, if the loan is to be used to make a very important purchase that cannot be deferred, it is important that the banks and savings banks give a quick OK for the loan. Because quick purchases require quick decisions, which often decide in which direction life will develop.
Many consumers now use the internet to borrow money. All banks, savings banks and above all the direct banks can be found there and present their products. Anyone who compares a little and outweighs the advantages and disadvantages of the individual offers will find excellent loan offers at very favorable conditions.
But what should you do if you are looking for a loan with an online decision? As a borrower, can you influence the bank’s decision and which banks give an immediate decision?
It depends on the type of loan
First of all, it is important to choose the right loan type in order to be able to take advantage of a loan with an instant online decision. It is generally the case that small loans or consumer loans are granted much faster than large loans that are long-term and have a correspondingly high loan amount. Because the larger the loan, the higher the default risk and the more important are collateral that reduce the default risk.
So if you choose a small loan or a simple consumer loan, the chances of a loan with online instant decision will increase immensely.
The requirements of the borrower
The requirements that the borrower brings with it are always very important. If you have a good credit rating, you are a welcome customer of the banks and you can also be sure that your loan application will be processed quickly. However, if you have a poor credit rating and may even need support with borrowing, you have to expect that the application will take a little longer. Because here too, the banks have to check a little more intensively and consider whether a loan is possible under the given conditions.
On top of that, it is important that all important documents are available at the bank for the online decision. The bank can only decide on the loan if it has access to the borrower’s income and expenses, has documents on the employment relationship and is also allowed to query the Credit Bureau. It is the borrower who is responsible for the provision, who can have a major influence on whether a loan with an online instant decision is possible or not.
Where can I get instant decision loans?
In principle, the banks that quickly decide on a loan application advertise with their service. Otherwise, it is worth asking the bank briefly before applying how much time should be scheduled.
In general, however, the loan application should be made during normal banking hours. Even if this is ordered online. Because people also work at the direct banks who check the loan applications. And they prefer to do this during normal working hours than at the weekend or in the middle of the night. It is therefore worth filing the loan application in the morning or early afternoon if a quick response regarding approval is expected.