Does the creditworthiness of applicants also play a role when it comes to quick credit solutions? Our contribution deals with the connection between the creditworthiness of individuals and the possibility of obtaining an instant loan.
The right instant loan for everyone – Interesting facts about instant loans
Unfortunately, there is an instant loan for everyone only if the person applying for it is creditworthy. Only small loans that are checked as part of simplified procedures are literally instant loans. How the creditworthiness on the one hand and the quick credit decision depend on one another becomes particularly clear when you look at the beginnings of instant loans.
There is no such thing as instant credit since the internet has shaped our lives. There were instant loans when there were no direct banks. Anyone who wanted instant credit had to go to a branch bank to apply for their loan. Even then, it was not an instant loan for everyone, but these special offers were aimed specifically at customers who enjoyed the best creditworthiness and were able to prove it. At that time, the banks waived time-consuming credit checks on such customers. This led to significantly faster credit decisions and was also the birth of the instant loan.
The instant loan for everyone today is an online loan for loan seekers with the best score
Today it is mainly the score that is the basis for a particularly quick credit check. As part of the credit applicant’s credit check, each bank uses internal scoring procedures, which ultimately result in many loan decisions being made automatically by the system. Loan seekers with top credit ratings can get their loans within a few minutes. It is no longer necessary for clerks to deal with these requests. However, it must be clearly stated here that it is not an instant loan for everyone, but an instant loan for everyone who has the best credit rating and the group of people is again significantly restricted.
The instant loan for anyone who can demonstrate a good credit rating and shine with a good score is no longer approved by the clerk, but by a computer.
Bank employees first have to deal with inquiries that do not go through automatically, it is no longer an instant loan in the sense of immediately. Loan applicants who do not meet the requirements for lending can now also expect to be rejected much faster. The credit business has become a mass business. This means that the direct banks do not have staff on site who deal with individual problematic loan requests. For this reason, for example, the self-employed and freelancers at many banks that offer instant loans are completely excluded from lending.
However, many banks give applicants a second chance by submitting their loan application to the individual case check. Often, the loan seeker has to submit additional documents or provide a solvent guarantee so that their loan can be approved in the end. Individual cases and difficult inquiries are always decided by loan officers with the appropriate competence.
The instant credit for everyone even with poor credit ratings
The classic instant loans convince by the easy application, an immediate approval, with few requirements and a quick payment. This special service is guaranteed to customers with the best creditworthiness. If the instant loan is advertised online for everyone, even with poor creditworthiness, it is usually advertising from credit intermediaries that should always be used with caution. Nevertheless, there are also credit intermediaries who are very well able to provide loan seekers with an instant loan, for whose creditworthiness it looks rather bad. However, this will never be a real instant loan because it takes a while for the intermediary to find a bank that is ready to issue a loan.