The terms instant loan and instant commitment refer to different situations when taking out a loan. While the immediate approval actually says that the decision to grant a loan will be made immediately after the loan application has been sent, the instant payment simply means that the customer has the requested loan amount in his account after two banking days at the latest. This period is necessary for the identity check and the transfer of the amount.
A Credit Bureau-free instant loan with immediate approval means that the loan applicant is informed of the acceptance immediately after submitting the loan application and can also dispose of the money within two bank working days. Since a Credit Bureau-free instant loan with an immediate commitment is paid out by a Swiss bank in USD and via its German bank account, public holidays and bank holidays in Switzerland or Germany extend the permissible processing time.
The immediate approval is given online by the Swiss bank, provided that the documents to be submitted as a file or as a fax confirm the information provided in the loan application. German banks partially refrain from submitting proof of income and similar receipts when issuing instant loans without Credit Bureau, while Swiss banks always request these for Credit Bureau-free lending. This is understandable, since the banks with instant loans without Credit Bureau have no other evidence of the creditworthiness of the customer than proof of the disposable income.
Of course, an identity check is also required for a loan payment from Switzerland. In order to guarantee accelerated credit processing, this can also be done in the case of a Swiss instant loan when the loan amount is paid out by means of a payment instruction for settlement, since this is only paid out against ID performance at the post office counter or credited to the recipient’s own postal giro account.
Most Swiss banks only pay a Credit Bureau-free instant loan with an instant commitment to salaried borrowers, while only a few Swiss financial institutions accept freelancers and the self-employed as customers. Most banks limit the amount of Credit Bureau-free loans to $ 3500, some institutes state different maximum rates of $ 3,000 or $ 5,000.
A Credit Bureau-free instant loan without Credit Bureau does not mean that the borrowing is not reported to any credit protection. Rather, a Swiss bank must report any lending to the ZEK, which is a similar facility to that of the German Credit Bureau.
Nevertheless, borrowing in Switzerland is possible despite negative Credit Bureau entries, since the federal credit protection system naturally does not contain any data on loans taken out in Germany. The data collection of the ZEK differs in part from the German Credit Bureau; among other things, its database also shows the borrowers’ profession.