No bank can guarantee an instant credit for every customer, because the bank is of course also in its own interest obliged to subject potential customers to an extensive credit check. A loan can only be paid out to this person if the creditworthiness of the potential borrower can be determined without a doubt.
The terms of the instant loan itself do not differ from a conventional installment loan. Only the payout and processing time differs, since borrowers always use the instant loan when the requested amount of money must be quickly available. This is the case, for example, if another loan has to be repaid as quickly as possible or the payment term of an invoice is due.
In the case of instant loans, the loan is usually accepted or rejected immediately, but at least within 24 hours. The prerequisite for this is, of course, that the borrower provides all required documents truthfully and in the form requested. Only then can the bank or the respective employee check the application directly.
If documents are missing or parts of the documents are incomplete, the bank has to claim the missing payments retrospectively, which of course also extends the payment and processing time of the loan. The instant credit for every customer is therefore possible if every customer would also have sufficient creditworthiness. Since this is not the case in reality, people with poor credit ratings have to use alternatives or provide additional collateral.
Not all collateral is rated equally difficult in the course of a credit check. Income is still the most important factor when borrowing, which is why it should be available in sufficient amounts and ideally earned through an official position or at least through an open-ended employment contract. In addition, the Credit bureau will be checked if the bank does not announce otherwise in advance.
Cream banks do not ask Credit bureau for the entry, whereas Agree banks tend to always consult Credit bureau. If the Credit bureau entry is negative, there will be no rejection if the borrower has a sufficiently high and secure income.
However, if deductions have to be made when evaluating the creditworthiness of the income, the borrower has no choice but to use alternative loans or to include collateral in the loan agreement with the bank. An instant loan for every customer can almost always be issued if the borrower has another guarantor written in the loan agreement.
This guarantor must of course declare himself willing to do so, and he must also have a correspondingly high and secure income in order to be recognized as such by the bank.