Financial institutions pay out an instant loan within two banking days if the applicant submits the loan application by the specified time. A second credit customer is referred to as a co-applicant.
Both applicants do not have to be related or live together. The application for an instant loan without a co-applicant is submitted via the Internet, the requested documents are faxed to the financial institution together with the printed and signed instant loan application. As a rule, an additional visit to the post office is required for the postident procedure, which the bank does not have from customers known from previous or other current business relationships.
Credit institutions licensed in Luxembourg may also accept a copy of the ID card as proof of identity instead of the Postident system and can therefore shorten the instant loan payment to a single banking day.
Borrowers can take out an instant loan without co-applicants even if their income fluctuates. In this case, you choose a quick loan without proof of income. Dispensing with the submission of salary slips simplifies loan processing, since the promised fast cash payment does not allow a careful review of the usual banking documents anyway.
It does not release the immediate borrower from the obligation to provide honest information about the monthly income, but allows the inclusion of all income components as well as the formation of an average value if the actual incoming payments fluctuate greatly. When planning the possible monthly installments, the applicant makes sure that he can make them even in months with payments that are below average and chooses the longest possible loan term for the instant loan without co-applicant.
The need for quick payment easily leads to no price comparison for the instant loan without a co-applicant. However, applicants only need a few minutes for an online loan comparison; the savings potential is high thanks to finding a cheap loan. A credit cost comparison is particularly useful for instant loans, since the additional benefit of the quick payment leads to an increased interest rate compared to loans with a conventional processing time.
Given the short processing time for instant loans, credit intermediaries are only of limited use. If the loan seeker engages one, he makes sure that he only has to pay a success commission and no upfront costs. If the Credit Bureau information does not contain a negative entry, the instant loan can be taken directly from a financial institution without a co-applicant.