Installment loans have long been an integral part of financing in German households. Without long-term financing options many consumer goods would be difficult or impossible to pay. Instant Installment Installment Loan is the electronic answer to the locational advantage of local banks in credit inquiries. The preliminary loan commitment corresponds to the preliminary discussion of the bank’s specialist and creates a certain degree of planning security.

The installment loan with instant confirmation – this is the result:

The installment loan with instant confirmation - this is the result:

The installment loan with immediate approval is issued by direct banks. Your test procedure is divided into two tests. The first check takes place online and in real time after data entry. Practically, only the income is compared to the expenses, taking into account the marital status. The bottom line should be a sum above the seizure limit, which makes an installment payment possible. The rating and a closer examination of the credit bureau entries are ignored.

The provisional immediate acceptance becomes a final commitment only after the second test. The precondition for the decisive second examination is the receipt of the documents by post with proven identity. It is checked once again whether all the information contained in the online application was true and proved through the attached attachments. Those who received the promise in the first examination step, complete and true information, will almost always receive the final approval.

Why is not an examination procedure sufficient – preferably the online application?

Why is not an examination procedure sufficient - preferably the online application?

At first glance, the double test does not seem to make any sound sense. The background, however, are the legal requirements. Without the verification of the identity, whether by the person in charge or the Post ID procedure, no legally binding credit agreement is concluded. This even applies to credit agreements with the house bank, where the salary account has been kept for years.

The immediate check and provisional commitment is a customer service of the direct bank. Previously, local credit institutions had a competitive advantage with the client to conduct a preliminary conversation. All facts and wishes came once on the table and were reviewed by the clerk fleetingly. At the end of the conversation, the documents to be submitted and the provisional commitment. The Direct Banks offer this service of planning security for the borrower in the installment loan with instant confirmation by electronic means.

The facts in the summary – only one sentence at a time.

The facts in the summary - only one sentence at a time.

  • Installment loans are the key to purchasing valuable goods.
  • Without a long-term financing option, households could not afford many goods.
  • The provisional immediate commitment for installment loans creates planning security for the borrower.
  • For the direct bank, the electronic credit check corresponds to the preliminary discussion at the counter.
  • Competitive advantages of local providers through personal customer contact are therefore eliminated.
  • The most important reason for subdividing the credit check into two exams is the law.
  • Proof of the identity of the applicant is required for binding loan agreements.
  • Only the online application for the installment loan with immediate approval is therefore not sufficient.