Anyone looking for an instant loan from a private person will quickly find a real instant loan that can only be found at banks. A friend can step in privately with an instant loan, it doesn't work so quickly via a portal. You can find out more about instant loans and the "acceleration factors" of a personal loan in the article.
Instant credit from private - the essence of instant credit
An instant private loan can be found in advertising. All major portals for personal loans advertise with the catchphrase "instant loan". After clicking on the credit description, the provider statements are already extremely vague. Instead of admitting that there is no instant credit from the private sector, the portals are evading. The term can only be found in the landing zone. At the latest in the bank there is only talk of credit. The reason for this is simple:
A real instant loan, usually a small loan, is decided directly by a lender under simplified examination requirements. This lender reviews the application and makes a decision. The loan is then paid out on the same booking day or on the following next booking day. In the case of a real instant loan, there are two to three working days between receipt of the application, loan processing and payment.
Instant credit from private donors - the normal process
With all private loan offers, outside of the circle of friends, many individual approvals are necessary. The loan is only payable if the number of bids is sufficient. A personal loan is often composed of 20 or more loan offers. Often, even the final interest rate is not known by the end of the bidding process. With a view to an optimal interest rate, many lenders “gamble”. It is the last few seconds that make a final decision about the interest rate.
With the best creditworthiness and credit protection, the interest is reduced if the number of bids exceeds the credit requirement. It is in the interest of the borrower to get as many bids as possible. So the borrowing rate falls. An average credit approval, with normal creditworthiness, takes about 20 days.
The processing time for instant credit from private, compared to a "real instant loan", is already tenfold. Now the money still has to be collected by investors. The loan can only be paid out once all the funds have reached the paying bank.
Make a leg of personal credit
Additional donations can be given to the loan from private donors in a number of ways. First of all, all certificate offers should be used. Banners and a good credit description ensure investor interest. Speed is a question of money.
A small loan amount, additionally secured, for example, by the vehicle, can be financed quickly. The interest rate offered by the borrower can also ensure quick bids. Nevertheless, the following applies: An instant loan from a private person is, in rare exceptions, almost as fast as the instant loan from an online bank.