Just a few years ago, it was almost inconceivable to be able to calculate and offer a loan in 5 minutes. In the traditional large bank, there was a very pyramidal structure in which the individual work steps were spatially and personally separated from the loan request on the condition calculation and the approval. On the other hand, the new, smart credit providers are quite different: they redesign the entire lending process on a blank sheet of paper and incorporate the latest mathematical findings as well as the new legal regulations on lending. Accompany a loan in 5 minutes just once in its non-binding offer phase from the issuance of the loan agreement to the safe payment to the account requested by the borrower.
Real-time input instead of internal bank mail
The credit in 5 minutes saves valuable time already at its first step. Mostly it is started after a credit comparison, whereby the Internet comparison portal directs to the offer of the bank. There the loan request itself can be entered and transferred to the bank as a non-binding pre-inquiry. After entering the personal data, a kind of credit factory takes over the preliminary work and calculates first conditions. It also provides an answer as to whether the loan will be started as an online loan or if more detailed processing is required due to the size of the loan or individual requirements. In the vast majority of cases, the credit offer for the loan is ready in 5 minutes, so that further steps can be taken until payment is made.
PostIdent procedure and signature on the loan agreement
For some years, it is unfortunately no longer sufficient to send the loan agreement to the borrower by registered mail. Instead, with each completely new bank account the unique presentation of a passport or identity card is necessary. The best way to do this is through the PostIdent procedure, where the post office employee records the ID number and that the borrower is in person. The completed form will then be sent to the lending lender who can then prepare the payout. Before paying, you should also send the signed loan agreement.
Money is often already available one day after receipt of the documents
The credit in 5 minutes is actually available very quickly. But rather plan a few days spare time – in case there should be any further questions. Maybe the bank proposes another loan amount or another term. This happens especially if the calculated monthly installments are comparatively high compared to the income or the monthly budget surplus. A term extension (for example, 36 instead of 24 monthly installments) then makes the loan much more attractive to borrowers and lenders. If, on the other hand, the loan is fully processed, the short bank terms make it possible for the money to be available on the desired payout account one banking day later. It is best to choose your own checking account for the payment, since you can withdraw or transfer higher amounts here immediately. So you get as long as possible to your credit.