According to the current definition, an instant loan is paid out within just two bank working days after the online loan application. This period is necessary for the receipt of the Postident confirmation. It can be reduced to one day by financial institutions licensed in neighboring countries such as Luxembourg, where a photocopy of an ID card is sufficient as legal proof of identity.
The creditworthiness check is done less carefully for instant loans due to the time involved than for loans with long processing times. Some banks refrain from submitting proof of earnings and comparable receipts for instant loans, since an examination is only carried out superficially anyway. This procedure makes it easier for applicants with low income to get an instant loan.
Apply for an instant loan without proof of salary
Applying for an instant loan without a permanent job promises success if the lender refuses to provide proof of earnings. Despite the unnecessary submission of proof of salary, every financial institution asks for the available income in the loan application. If the borrower does not have a permanent job, but achieves a reasonably equal regular income through temporary work, he can indicate the corresponding amount in the credit form.
Occasionally, applicants succumb to the temptation to apply for an instant loan without a permanent job and to provide too much information about their income. We do not recommend doing this because deliberately incorrect information in the loan application is punishable. As soon as the applicant does not properly repay the instant loan, the credit institution subsequently checks the information provided in the application.
Most banks file a complaint if they discover deliberate misrepresentation. In addition, the credit institution can immediately call for an immediate loan, which is applied for false pretenses, for repayment, even if the amount of repayment arrears actually required for a loan termination has not been reached.
Instant loan with guarantor
Not every bank offers a guarantee for instant loans, but offers can still be found. If you want to apply for an instant loan without a permanent job, select one of the few providers for this type of loan and suggest a person with a good credit rating and a regular income as a guarantor. In this case, the loan is granted on the basis of the income and the creditworthiness of the guarantor.
Don’t agree on big rates
Anyone who does not have a permanent job and does various temporary jobs can expect considerable fluctuations in their earnings, even if they have been low in recent months. For this reason, borrowers do not agree on excessively high monthly installments for an instant loan without a permanent job, but opt for an extended loan term.
So that the instant loan does not become excessively expensive, they also obtain several offers and carefully compare the interest rates. It should be borne in mind that an immediate loan is more risky for the bank than a conventional consumer loan and is therefore somewhat more expensive due to the reduced options for checking the documents or because no proof of income is sent.