A loan is generally about lending money. Today, banks lend money to individuals, entrepreneurs and companies. Both natural and legal persons under private law can apply for and receive a loan. For lending, the customer has access to branch banks, savings banks, direct banks and also online banks. Branch banks and savings banks are characterized by their local presence, which enables personal customer service. Direct banks usually work from a single location and communicate with their customers by email or post.

Today, there are a variety of different types of credit, one of which is the instant payday loan. This term conveys to the loan seeker that his request is dealt with quickly and without delay. Instant loans are given primarily by online banks and direct banks, they are brokered by credit intermediaries such as Mastacredit.

Those who apply for an instant payday loan, is usually in acute need of money. He needs the loan as soon as possible, within a few days or ideally immediately. The contact with a credit agency is therefore correct and time-saving, because it simultaneously checks the borrowing at a variety of banks. An applicant does not have this option; he has to make representations to many financial institutions and valuable time is lost. In addition, there is a risk that after weeks of futile attempts, there may be no commitment.

An instant loan is literally processed instantly at Misticredit. After completing the online application, the applicant immediately receives a response by email. At the same time a request is made to the banks cooperating with Mastacredit, which is connected with a direct credit comparison. Thus, there is a ranking among the partner banks, which could be eligible for the award of an instant loan.

The applicant must cooperate

From now on, the loan seeker can influence how quickly he gets his instant loan in the end. After telephone consultation and / or correspondence by email, he is expected to provide the necessary proof of income for the credit check. These are in most cases 3 salary statements and account statements in the original, from which the receipt of payment is apparent. In combination with the private credit query it can be decided whether the instant loan can be given as a normal installment loan or as a loan without private credit.

The more accurately and speedily the applicant cooperates, the more he can speed up his application for an instant payday loan. This also applies to postal identification. Applicants must have their local ID office verify their ID card that they actually are the applicant. If all the necessary documents are complete, they will be sent to the bank or the credit agency as soon as possible.

All participants are interested in a speedy processing of the instant payday loan. The applicant, because he wants to have the loan amount as soon as possible. Lenders and credit intermediaries have an interest in their commission, which they receive only when the instant loan is paid out. In this respect, the documents are checked and processed immediately after the inbox. If everything is correct, the instant loan will be approved and disbursed.

The chances of the instant payday loan being brokered quickly and promptly by a lending company are high. The deciding factor, as in other cases, is the applicant’s creditworthiness. Every lender checks them because they need to assess and minimize their potential credit risk. The loan seeker must be able to repay the instant loan on time and in full from the income situation.