In some cases, borrowers need the amount of money to borrow relatively quickly. While the processing time of a conventional loan can be a week or longer, the product instant loan means a loan in 48 hours.
Applying for an express loan
So that an applied for loan can be paid out within two days, it is applied for on the Internet. The borrower fills out the loan application form online and faxes it to the bank in printed form and signed with the required documents. At the same time, he goes to the post office and has the Postident procedure carried out. This procedure is required for identity verification unless the applicant of the bank is already known due to a previous loan agreement.
Banks licensed outside of Germany are content to simply fax a copy of their ID, this variant is expressly not permitted for German lenders to verify their identity. The bank can only partially review the documentation for a loan to be paid out within forty-eight hours, so some lenders do not request supporting documents. This waiver does not release the borrower from the obligation to provide honest information in the loan application.
Practical rules for a quick loan
In order for the bank to actually pay the loan in 48 hours, the borrower must have faxed the application by a time specified by the financial institution. Furthermore, the loan payment will not work in two days if the day of application or one of the following two days is a Saturday, Sunday or public holiday, including a bank holiday. In addition to the nationwide bank holidays Christmas Eve and New Year’s Eve, some banks treat either Rose Monday or Violet Tuesday as a regional bank holiday.
The cost of the quick loan
When consumers need a loan in 48 hours, they don’t always pay close enough attention to the interest payable on the quick loan. Some credit banks take advantage of this lack of care and charge too high interest rates for an instant loan, so that it is essential to compare several offers for a loan in 48 hours. The fast payment and the loan approval after a shortened credit check justify a reasonable surcharge compared to a loan with customary processing times.
To ensure that the surcharge actually paid is not excessively high, borrowers pay attention to the effective annual interest rate before applying for a loan to be paid within forty-eight hours and do not accept an overly expensive offer. The time at which the loan application for the loan must be received by the bank within forty-eight hours differs only slightly between the individual providers. It is always in the early afternoon, so that consumers ideally start comparing the conditions for an instant loan in 48 hours in the morning and thus have enough time to select the cheapest loan offer.