Online loans with instant binding compared to providers
Each loan application requested on the intranet is, in principle, an on-line loan, but the term is mainly used as a product name for consumer businesses on the Web. In any case, most financial institutions only refer to loans that are linked to a loan application on the Web, as loans with immediate approval. The completion of the loan application via the web is not necessarily linked to an immediate obligation, as many financial institutions themselves review applications received via the web.
If an automatic credit institution decision makes a commitment immediately after the submission of the loan application on the website of the financial institution, the credit institutions explicitly advertise as an online loan with immediate acceptance of their takeover bid. Some banks set a maximum amount for immediate attachment to an online loan. In the case of an on-line loan, most banks have lower borrowing rates than a loan application in the branch because the processing effort is significantly reduced by the loan application in the network.
In any case, the inclusion of direct banks without their own branch network is only possible via the network and thus as an online loan. With an instant-on-line online loan, comparing the cost of various offers is essential, as interest rate differentials are great even with online loans. When applying for an on-line loan by the debtor, a loan application is completed on the website of the financial institution.
As further documents for the online credit usually the last three payslips and the bank statements of the past three years are to be submitted. If the online loan is not a non-purposive installment loan but a car purchase or other purpose that Lite Lender can offer at a reduced rate, the applicant must also enclose the relevant supporting documents with his online loan application.
Online loan submitted documents
If the online loan is not linked to an instant bond, an agent of the lender checks the submitted loan documents and usually makes a decision within two to three days. In addition to the loan amount required, the ratio between the loan amount required and the borrower’s income is crucial to the immediate commitment. It is not uncommon for applicants to receive the desired immediate promise when they submit a new request for an online loan with a longer term and correspondingly lower monthly installment after a first automated cancellation.
Of course, an instant loan online loan will make a quicker decision about the loan. The completed credit application will be automatically audited in this case so that the applicant is immediately informed that the credit application has been accepted. In the case of an on-line loan, immediate approval is usually subject to the documents to be submitted being consistent with the information in the loan application. An immediate approval is not possible.
However, some credit institutions do not submit the documents and rely on the transmission of the usual documents when applying for an online loan. The prerequisite is that there are no negative entries for the applicant in the school. In addition to the immediate confirmation, it is also important for the applicant that the registered online loan is credited to his account within a very short time.