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In the case of a credit request with an online commitment, the loan prospective customer first specifies the desired loan amount and the term, and if applicable also the purpose. Subsequently, it is led through a request route on the corresponding website (reference portal or bank page), where all data required for the credit are queried. These are above all personal data, information on the profession, income, and current payment obligations. The consent to private credit information is standard. Subsequently, the credit request is triggered.
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With the given data then a credit check is carried out. For online commitments, this is almost always automated with the help of scoring methods. The information is evaluated using a mathematical-statistical method so that an assessment of the credit risk is possible. The collection of private credit information is also an integral part of the automated credit check. The implementation usually takes only a few minutes, sometimes only seconds. If the result is positive, an offer will be made for the requested loan, indicating the conditions applicable in the specific case. If accepted, the loan will be confirmed online and/or an email, fax or phone will be accepted.
Online commitment is almost always preliminary. It is conditional on the submission of a signed loan application and the required supporting documents within a certain period of time to the bank for review. The above information must be confirmed. For new customers, a legitimacy check is also necessary. Only when this process is completed will the final loan commitment be made – usually in writing and by sending the contract also signed by the bank. You may look at more info for online payday loans direct lenders.
Nevertheless, the bank is tied
Therefore, a loan request with online commitment does not mean that the loan relationship actually comes about. This is only the case when the creditor has made a binding loan application and the audit of the bank has led to a positive result. As a rule, the bank will commit itself to the online commitment for a certain amount of time. After that, it automatically expires. However, if the prospect meets the lending requirements on time, the bank can not subsequently refuse the loan or demand other terms.