Requesting a loan is no longer a problem today. Thanks to the internet, it is not necessary to make an appointment in a bank branch as before. Online, the loan request works as it were in self-service. And the answer is usually prompt.
It only plays a subordinate role, whether the request is made via a comparison portal or directly on a bank website. The processes are similar everywhere. For comparison portals, only offers from multiple banks can be compared at the same time. This is more cumbersome when using bank websites.
From the loan request to the preliminary loan commitment
If you want to request a loan, the first step is usually to define the loan request. For this purpose, the Internet sites often offer credit calculators, which determine the rate to be paid for interest and principal payments, depending on loan amount and term. However, this is only a preliminary value, because it refers to the displayed interest rate, but not necessarily relevant to the user.
Whether and on what terms he receives the loan will only be determined in the further process of the loan request. In the next steps, the user will be asked for the information necessary for a credit decision. In addition to the personal data (name, address, dates of birth, marital status) is usually asked about the occupation, the income, the housing situation and the economic conditions.
In general, the request route includes three to four steps. Consent to credit bureau information is also part of the inquiry process. From this information, the creditworthiness is calculated automatically. In addition, so-called scoring methods are used. Assuming a positive result, feedback is given almost immediately on whether a loan is possible and what interest rate applies. The offer is provisional and subject to the condition that the information given is correct and proven.
Credit inquiry – when it gets serious
How are credit inquiries continuing? The next step is to print out the loan application or to request it by post. Only with the personally signed loan application and its sending to the bank, including the required evidence, the loan request becomes “serious”. New customers also have to legitimize themselves. In many cases, the PostIdent procedure is used, in which legitimation takes place in a post office. In order to shorten the process and to save the post, some institutes now also use the possibility to legitimize themselves by means of the VideoIdent procedure and to scan the required documents and to upload them directly online.
If the information and evidence are complete and in agreement, there is nothing in the way of a final loan commitment and payment will be made within a few days of the request for credit.