The preliminary decision on an online loan request from Consumer Bank is usually made on the same bank working day. However, since all the data you submit must be plausibly documented, it makes sense to provide the necessary documents in advance. You can read more about the exact conditions for a loan from Consumer Bank below.
Elementary requirements for a loan approval
The bank formulates its regulations relatively vaguely, but the following points can be noted:
- You receive a regular income from an employment relationship or as a pensioner.
- The amount of income is sufficient as security for the loan.
- You have no negative entries at Credit Bureau.
This means that commercial or freelance workers are excluded from the outset, and Consumer Bank loans are only available to private individuals.
Financial requirements for a loan approval
Since private loans are based solely on regular income as collateral, the bank checks the liquidity that remains free each month. In this way, she can assess whether you are reliably able to cover the credit installments. It is best to compare your income, which should also include additional income, with the recurring expenses in advance. In addition to the housing costs including ancillary costs, this list also includes the expenses for electricity, telephone and insurance. If you already operate loan or leasing contracts, you should record both the monthly installments and the outstanding residual values.
The evaluation of your information also depends on the intended use: an additional rate will naturally have a different impact on the decision than would be the case with a debt rescheduling. In the end, burdens from the settlement of liabilities are exchanged, and there is no additional reduction in liquidity. Therefore, be sure to state the intended use and the contracts to be replaced in order to set the right course from the outset when checking credit.
The mandatory Credit Bureau information
In Germany, all banks are obliged to obtain the assessment of a reputable credit agency regarding your creditworthiness. The Consumer Bank uses Credit Bureau for this purpose. The information and data collected there with your consent report both to your home address and the frequency of a change as well as to contracts that you enter into with banks, service providers or trading companies. If, for example, there are payment disruptions or defaults, the companies concerned report this to Credit Bureau, and such entries must be deleted three years after the transaction has been completed. Since there are always irritations, mix-ups or omissions, it is advisable to use the free self-assessment, which you are entitled to once a year.
The score calculated by Credit Bureau allows Consumer Bank to draw important conclusions about your creditworthiness and thus the probable default risk, but the conditions are not affected by this.
Important documents for the credit check
In order to be able to check your loan application, the Consumer Bank requires the following documents:
- Copies of the last three income certificates
- If you receive a supplementary income, also document this and also copy the account statement with the booking.
- Completed and signed loan agreement
- Identification by post-identification procedure
Examination process and payment
On the basis of the data and personal information entered online at Consumer Bank, the bank carries out an initial check and queries at Credit Bureau. If you meet the criteria, you will receive the complete loan documents by post within one to two banking days. Fill them out and go to a post office. You will then carry out the post-identification process on presentation of your valid identity card or passport. You will find the required form in the credit documents. Swiss Post sends all documents to the bank, which can then go to the final audit. After approval, the loan amount is paid to the specified account. All in all, the procedure only takes a few days if you have already prepared all the documents.