Loans are trendy and So-called instant loans with a simplified credit check are popular, in which the loan application is processed particularly quickly and the desired amount is credited to the applicant’s account within a few days or even hours. Consumers prefer same day loans that can be taken out easily and quickly.
The world has become faster and processes that used to take several days or even weeks are now processed in less than 48 hours. A lot has happened in the last 10 years, especially in the credit and banking sector. More and more credit institutions are offering so-called instant loans for consumers.
What is an installment, consumer or consumer loan?
The terms installment loan and consumer credit are used synonymously. Basically, an installment loan is a loan in which the loan amount disbursed by the bank is repaid over a certain period of time with a consistently high partial payment. The bank charges interest for this service, the amount of the interest depending on the calculated default risk. The bank’s risk is calculated based on credit worthiness and credit worthiness. In addition, the credit bureau of the borrower is queried. If all the basic requirements are met, the loan is approved and the money is paid out.
How to get a loan in one day? An instant loan is basically available to every consumer. However, the quick money is by no means approved by every consumer, because that is only possible with a very good credit rating. Anyone who can claim the latter should try a cheap instant loan. Everyone else has to be patient for a few more days and apply for an installment loan.