Instant loan comparison 2022: compare now quickly and convenientlyPlease mark the appropriate words in the text. With only two clicks you report the error to the editorial office.
With an instant loan, the payment is ideally made the next day. Find out about features. Application for online loans.
If you need money quickly, you can't afford to go the usual route via bank advisors when taking out a loan, because it usually takes a few days here. Instant loans are the faster solution.
Find the right instant loan in the loan comparison
Most loans offered online fall into the category of instant loans: application and legitimation are conveniently done via the Internet, the bank can quickly view the documents, give an approval or rejection and order the disbursement.
To find the right loan for your needs, you should in any case perform a loan comparison. With the credit neutral comparison of FOCUS Online is quickly done and the right loan found.
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Instant loans: fast, variable and modern
The instant loan, often referred to as a lightning or express loan, is a combination of installment and online credit with the prospect of
– on an instant approval and / or – a quick disbursement.
Ideally, the consumer already has the money in the account the next day. The high speed is possible because the entire credit process is usually automated via the Internet. Providers of instant loans are online-. Direct banks as well as the Internet offshoots of the classical institution groups.
With instant credit flexible with intended use
Another special feature: what the instant loan is used for, the customer can often decide for themselves. That is, instant loans are not tied to any specific intended use. In addition to the fast processing, this provides an additional degree of flexibility. With instant loans, you can thus finance spontaneous purchases, unexpected expenses or the redemption of existing loans promptly and conveniently via the Internet.
The specification of a purpose of use is nevertheless recommended, since the interest rates are often lower. A car, for example, should always be financed through an earmarked car loan. the car serves as collateral for the lending bank. This gives the applicant a better chance of obtaining favorable interest rates. Even with the loan amount. The term instant loans are very flexible. Both can be individually controlled. Where upwards is the end, differs from provider to provider. The spectrum ranges from 1.000 Euro to 50.000 euros and more.
Find the right installment amount for the loan
After you have indicated your credit desire in the FOCUS on-line credit comparison, you see the best offers. For each offer, the comparison shows the monthly installment amount, the debit interest per year and the costs of the loan in the form of the effective annual interest rate. Consider already at this stage whether the monthly rate is within your financial possibilities. If in doubt, it is better to choose a longer loan term. Although this will cost you more interest overall, the lower rates will increase your financial flexibility. About the comparison calculator, you can easily play through different scenarios until you have found the ideal combination for you.
Scenarios instant loan at 3.5% effective annual interest rate
Note: A credit check is also carried out for the instant loan
Have you discovered an attractive offer? Then nothing stands in the way of a loan application to the provider of your choice. However, anyone who thinks that a credit check is waived for the sake of speed in the case of an instant loan is mistaken. A credit check is always carried out – even if the loan is applied for via the Internet from an online or direct bank. In this way, the bank ensures that the customer is able to fulfill his obligations under the loan agreement. Only those who are deemed sufficiently creditworthy are granted a loan. If there are significant doubts about the creditworthiness, then a rejection is the result.
Optimized online procedures ensure that loans are granted quickly
It is true that banks often need only a few minutes to make a decision on instant loans. This short period of time is possible because the credit check for instant loans is usually based on optimized online procedures. This can be done, for example, with the help of special computer programs that use mathematical algorithms to determine the probability of default or credit score. This happens within seconds. Only the final decision is usually made by a bank employee.
What you need to provide when applying for online credit
In order for the bank to be able to check whether you are able to repay the loan including interest, your loan application must include the following information in addition to your personal data (name, place of residence, marital status, contact details, etc.).) also contain extensive information about your financial circumstances. As a rule, this so-called self-disclosure includes the following information:
– Occupation – Employer – Amount of monthly income – Amount of regular monthly expenses (z. B. rent, electricity, insurance) – assets, if any (z. B. existing loans and the payment obligations arising therefrom – bank account details
Also a Schufa query is almost always part of the standard repertoire when checking the instant credit application.
Upload documents with credit application
Based on your data, a preliminary credit decision is then made. This is relatively fast. In order for the commitment to be binding, however, you must also provide evidence for your information. In order not to waste time with mailing, direct banks usually offer document uploading. Therefore, you should have certain evidence already saved in electronic form before the application to be able to upload them immediately if necessary. The documents required may vary from bank to bank. As a rule, are required:
– Bank statements of your salary account (for at least one month) – Wage or salary slips for the last three months – Employment contract – Tax certificates (for self-employed or freelancers)
Get instant credit without proof of income
Some online banks waive the submission of proof of income for the instant loan. Instead, the creditworthiness check is carried out by means of a so-called online account view. The prerequisite for this is that your salary current account has online access. In this case, you give your access data such as the PIN via a secure form to the credit provider. This person can now view your account transactions, check your income and expenses, and make a credit decision.
This has the advantage that no concrete documents and proofs are necessary for the creditworthiness check. However, one grants quasi a "stranger" insight into a highly sensitive and confidential area. Therefore, make sure that the credit provider is reputable. In addition, the online account look should serve exclusively the credit decision process. In addition, it should be ensured that the data is neither stored nor made accessible to third parties or forwarded to third parties.
Legitimation for the loan in the video-ident procedure
With the loan approval alone it is not yet done. Anyone who wants to open an account in Germany must prove their identity. This also applies to loans. The legitimation check is required by law. Serves to identify the borrower. Most online banks offer the so-called video identification procedure for this purpose. This allows the verification of legitimacy via the Internet.
Here's how it works: You receive a video ID access code from your bank, which takes you to a secure video chat room. There your identity will be verified by trained personnel. This is done via the webcam on your device by – in simple terms – first holding your face and then your ID card or passport up to the camera. So do not forget to have a valid identification document at hand. Alternatively, the legitimation can also be done via videotelephony (e.g. by phone). B. Skype) must be carried out. The bank will then send you a security code or a transaction number (TAN) by e-mail or SMS, which you must enter to complete the legitimation check.
Now only the (electronic) signature is missing
After your loan application has been approved and you have legitimized yourself, one last step is required before your instant loan can be disbursed. For a credit agreement to be legally valid, it must be signed. In the case of instant loans, the loan is usually signed using a digital signature (eSign). It replaces the handwritten signature on the loan application. For this purpose, you will receive a personalized link from your bank. You will then be guided step by step through the signing process. Once this is done, you can download and save the contract documents.
The most important requirements for an instant loan at a glance
As seen, instant loans offer the possibility to carry out the entire credit process – starting from the credit application, through the legitimation check, to the conclusion of the contract – in the online mode. Which device you use for this – for example, PC, laptop, notebook, tablet or smartphone – although in principle it does not matter. However, the device must have a webcam (for video legitimation). In addition, the Internet connection should be fast and stable to ensure a smooth process. The most important requirements for an instant loan are the following:
– sufficient creditworthiness (income) – no negative Schufa entry – internet-capable input device – functioning webcam – all necessary documents and proofs are already saved in uploadable data format when applying – credit bank offers Videoident and eSignature – good line quality – valid ID card or passport – credit application is within the processing time of the online bank. Internet institutions also have service hours. This means that after a certain time of day and on Sundays and public holidays, processing or the credit decision may not be made until the next working day
How long it takes for the loan to be paid out
After the loan contract is signed, the money can be disbursed. When this is done ultimately depends on the bank. If it is urgent, you should make sure that the bank instructs the disbursement immediately and not at a later date. But even an instant payout does not mean that you will have the loan amount in your checking account just a few moments later. Bank transfers take time. The legislator has stipulated that it must not take longer than one banking day to transfer money from account A to account B for domestic payment transactions. But holidays and weekends are not bank business days. In this case payments will not be processed.
Notice: Admittedly some Sofortkredit offerers recruit thereby that you have your money still on the same day on the account. However, this is the absolute exception. As practice shows, it usually takes two to three days until the instant loan is applied for, checked, disbursed and credited.
Summary: In 5 steps to an instant loan
Step 1: Credit comparison What to do:
– Start online loan comparison calculator – Define credit requirements – Determine suitable installment amount and term – Compare conditions (APR) – Select provider (bank)
Duration: A few minutes to several hours (depending on the wishes of the borrower)
Step 2: Loan request What to do:
– Start the loan request at the bank online – enter the loan request (amount, term) – enter the personal data (name, place of residence, etc.) – and that's it.) – Enter the economic data (income, expenses, employer, existing loans, etc.).) – Provide proof of income (z. B. Upload salary statements) – Start request resp. send
Duration: ideally, under an hour (if all necessary documents are ready for upload)
Step 3: Credit decision The bank does:
– Creditworthiness check based on the data entered – Credit rejection in case of insufficient creditworthiness – Credit approval in case of sufficient creditworthiness
Duration: ideally a few minutes
Step 4: Credit agreement This is to be done:
– Legitimation by video-ident procedure – Signature by means of electronic signature – Credit conclusion
Duration: ideally less than one hour if the process runs smoothly
Step 5: Loan disbursement This is what the bank does:
– Dispose of loan amount for disbursement – Instruct payment (to customer's checking account)
Duration: In the case of immediate disbursement, disbursement ideally takes place immediately after conclusion of the loan. Note: Until the payment is received by the customer, one to two days may elapse.
Instant credit: Mistakes and misunderstandings
The terms instant loan or loan with immediate disbursement awaken in many people the false idea that the loan will be approved in any case. This only means that the decision on whether the loan is approved or rejected is made relatively quickly. So you only know relatively quickly whether there is money from the bank or not. In addition, it should be noted that the immediate commitment is often not binding. The bank may reserve the right to reject the loan application, for example, if the borrower can not prove the income he declared with current pay slips.
Another misconception is that with instant loans no information on income must be provided. However, this is always the case and is done as part of the credit check, for example, by submitting salary statements or bank statements. Even a Schufa information does not escape an instant loan. The Schufa query is as good as always standard.
The advertising of online banks often implies that it is sufficient to quickly enter name and address in the input fields of the online form – and that's it. But it is not. In addition to the disclosure of income, the borrower must also legitimize himself to the bank.
A further error lies in the expectation that the money is credited with an immediate loan already after few minutes or hours on the own current account. Although formalities such as the credit application, the credit decision, the signature as well as the legitimation check can be completed relatively quickly via the Internet. However, several days can pass until the payment is received.
Frequently asked questions and answers about instant credit
Are the credit interest with an instant loan higher than with a comparable classical installment loan?
Usually not. Basically, the amount of the annual percentage rate of charge for consumer loans, whether instant credit or classic installment credit, depends on three factors:
1. Loan term (the shorter, the lower the interest rate) 2. Credit rating (the better, the more favorable the interest rate) 3. Provision of collateral (collateral reduces the interest rate)
I have a low or irregular income. How can I increase the chances of a loan approval??
This is possible, for example, by adding a second borrower, because this reduces the bank's default risk. However, this only makes sense if the bank considers the second person to be creditworthy. The second borrower should therefore have an income of his own.
What if the bank does not offer a video-ident procedure?
In addition to Video-Ident, online banks offer identification with Post-Ident. With this procedure, your bank will send you a Post-Ident coupon together with your contract documents. With the coupon you then go to any post office branch. The employee will then carry out the identity check. Necessary for this is a valid identity card or passport, the loan application and all other documents required by the bank. While you can identify yourself conveniently and quickly from home with Video-Ident, the Post-Ident procedure involves some effort and a certain amount of time.
Is there an instant loan without Schufa?
No, the borrower does not get past the Schufa even with an instant loan. A Schufa query is carried out by online banks as a standard part of the creditworthiness check. Anyone who promises otherwise is either not serious or – whether intentionally or unintentionally – raises false expectations.
Inform yourself comprehensively about loans without Schufa.
Is there an alternative to an instant loan to get money quickly??
Yes, they are available. About the overdraft facility. However, a corresponding overdraft facility must be granted on your salary account. You can take advantage of this at any time without the bank's separate consent. However, the use of an overdraft facility is usually significantly more expensive than an installment loan. There are also limits. Usually, the overdraft facility is a maximum of three net monthly salaries.
Can I change the monthly loan installment during the term of the loan?
It is usually possible to a certain extent – both upwards and downwards. However, you should first ask the bank whether and what effect the desired change will have on the conditions of your loan.
Are unscheduled repayments or early repayment possible with instant loans??
Unscheduled repayments are allowed with most banks. You can also cancel an instant credit at any time and repay it in one sum. However, the bank may charge an early repayment fee for it. But it does not have to. It is best to ask. I have decided otherwise. Do not need a loan after all. Do I have a right of revocation?
Yes, with an instant loan, as with any other consumer loan, consumers can exercise their right to cancel (according to. §355 of the German Civil Code). According to this right of withdrawal, the consumer can withdraw from the credit agreement within 14 days of signing it.