Flash Loan Without Proof of Income

The term lightning loan is used by most banks as a synonym for an instant loan and means that the customer gets the requested and approved loan within two bank working days. A special institute for short-term loans, however, describes loans as lightning loans, which are paid out within a short time and at the same time paid off within one month.

The corresponding institute pays a requested lightning loan without proof of income, but limits its amount for first-time customers to five hundred euros. Existing customers can take out a lightning loan up to a value of three thousand euros and receive it on request by flash transfer on the day of application, which is not possible with new customers due to the necessary identity verification.

The fast processing of lightning loans

The fast processing of lightning loans

The fact that a lightning loan is paid without proof of income is due to the required rapid processing, which does not allow a careful examination of the usually submitted loan documents anyway. The borrower receives the money in a lightning loan within two banking days transferred to his checking account, to ensure the fast payout, the credit processing is automated.

The two banking days are required for a lightning loan, as the borrower must have the post-ID procedure. An even faster transfer of the Blitzkredites is possible if the selected bank has a Luxembourg license, since in this case a copy of the ID card replaces the Postident procedure.

Without proof of income does not mean without income

Without proof of income does not mean without income

Even if a lightning loan with no proof of income is given to simplify the processing, the bank does not abandon the query of disposable income. Erroneous claims in the flash loan application are probably not due to the lack of evidence before the loan payment, but the borrower must answer all the facts honestly and completely.

Anyone who is intentionally misled into forfeiting proof of income proves punishable. In addition, the bank can terminate the flash loan without notice if it subsequently learns of incorrect details in the loan order. As long as the borrower repays the flash loan, the bank does not carry out a costly review, but in case of late payment, it demands evidence of a future timely loan service and recognizes from these documents that the details in the loan application were fined.

Extra costs for a lightning loan

Extra costs for a lightning loan

Loan customers are willing to pay a reasonable interest charge for a lightning loan without proof of income. Many banks charge an excessively high interest surcharge for the quick payment of the loan, especially as customers often regard the lightning loan as so positive that they refrain from a careful credit comparison. That makes no sense, because the interest rates for lightning loans without salary differ considerably between the individual banks. Decisive for the lightning loan comparison is the effective annual interest rate.