Can You Get An Instant Credit Decision?
Applying for credit online
The fastest growing area for credit applications is the online financial market. Here, in addition to well known
banks, are a range of finance providers that have no customer presence in the mall or in the main street of any
town or city. These providers may specialize in online credit only or are located in a foreign country. Online
finance providers will often advertise their services as offering an instant credit decision, a
promise rarely offered by your standard checking bank, for good reason, as realistically it can take two or three
days to check someone's creditworthiness. However, with the 24 hour availability of online credit scoring, and
weekend working by many of these companies, credit decisions are getting faster and faster.
Types of instant credit decision
People need different forms of credit, and basically each requires the same information, a valid name and address.
However, depending on your application you may be required to present different information for the decision to be
made. The most instant form of credit applied for is the payday loan; this is where someone applies for immediate
cash, which is then, put directly into their checking account. The companies offset the risk of giving their
clients an instant credit decision followed by fast transfer of monies, by charging extremely high interest rates.
This is not a long term credit solution, more an immediate cash relief for an emergency situation, and if you only
need the credit for a few days it can work out as affordable to cover an emergency. Other credit decisions are
those attached to personal loans and almost always the decision to lend will be subject to certain conditions being
met and the instant decision will be to offer the loan, "in principle". The offering of a credit card through
unsolicited emails and letters is often marketed as if it was an instant credit decision, but, in reality, it takes
a few days to process.
Information required for obtaining an instant credit decision from a provider
Proof of address is more than a zip code typed into a form, the search of a credit report will confirm that you are
registered to vote at a certain address, so if you have recently moved you will need to send alternative proof of
address. For this to be accomplished swiftly, some credit and lending companies will accept faxed copies of utility
bills, or the same, which are scanned and then mailed to the provider. Similarly, you may be asked to scan your
passport or bank checking statement showing your address. The search of your credit report will reveal your
creditworthiness and a client with a good rating will be more likely to get an instant credit decision.
All of these methods completed online will require electronic signatures. Alternatively, visit your bank, sit with
a financial services assistant, complete an application form, show your proof of address and id, sign your
application and in most cases they can give you an instant credit decision once the credit check is
Source: Credit Cards For People With Bad Credit Rating
page | Bookmark this page