Credit in 5 minutes, does it really exist? Admitted credit requests are sometimes in a hurry, but what is really behind this pithy-sounding advertising?
Credit in 5 minutes – what is it?
A 5 minute loan is an instant loan with real time credit verification. The principle of the process is quickly explained. Before the five-minute period expires, a credit search engine provides a comprehensive comparison offer from the various credit providers. When comparing loans, the view should not only be based on interest rate offers that depend on creditworthiness. The cheapest interest rate cannot be achieved for 90 percent of all borrowers. It is more important to compare the offers for fixed interest rates that are independent of creditworthiness. Playing with the loan amount and the terms can lead to particularly favorable offers.
After a detailed loan comparison, for which nobody should take just 5 minutes, the choice of loan is made. With a click of the mouse on the field of the loan provider it goes from the loan comparison calculator to the application.
An online loan application is not a complicated data work. If you can use your keyboard and know the most important key data, you can fill out an online loan application in less than 5 minutes. After the entries have been made, the application will be sent to the credit provider.
Real-time credit check
The standardization of the checking procedures allows the credit check to be carried out automatically. Based on the data entered, the program checks in real time whether lending is fundamentally possible under these conditions. A loan can be applied for and approved in 5 minutes or even less, without obligation.
A legally effective loan application cannot be made without an ID check. A legally binding loan approval or rejection always requires the legally binding application. For this reason, every application for an online loan must be sent to the credit provider using the post-ID procedure.
Is there a 5 minute credit for credit problems?
There is only a limited application procedure for real-time credit with credit checks for loans with creditworthiness problems. A loan without credit bureau can be applied for equally quickly, but a realistic credit check is more likely to be impossible. Loans without credit bureau are not yet decided in a fully automated process.
The procedure for loans via credit intermediaries differs from the loan offer of a direct bank. The credit intermediary does not decide on the lending itself. He only transfers the data to his correspondence providers. Each of these loan providers checks the loan request according to its own examination procedure. After completing the individual checks, the correspondence providers inform the credit broker of their credit decision. This forwards the offers or the loan rejection to his client.
In the case of a loan from private donors, the loan is unfortunately completely excluded in 5 minutes. The chance of private lending lies in the detailed description of the loan request and the living situation. Even a professional journalist wouldn’t be able to find the right words within 5 minutes.
A loan from private lenders is often the last chance to get a loan. A “clapped” credit description within 5 minutes would be a credit barrier rather than a recommendation.