Loan payout - How does it work?

MAXDA is your helper in all loan matters

The disbursement of your loan can usually proceed very quickly. The prerequisite, however, is that the loan requirements are met and that the loan application has been approved. Once this has happened, the loan payout could take place within a few hours or days.

Requirements for loan approval and subsequent loan payout

Getting a loan isn't that difficult

The number of private or institutional lenders and banks offering installment or consumer loans under different conditions has steadily increased in recent years. On the one hand, this makes the choice of loans significantly more difficult; on the other hand, the borrower could benefit from the sometimes very different loan offers and select a loan that is tailored exactly to their personal needs.

In Germany, a regular income and a positive Schufa report are almost always required; abroad, often a secure income is sufficient. If the requirements for granting the loan are not or not fully met, the lender may require a guarantor or other collateral from the customer. In a personal or telephone conversation it can be clarified in detail which options exist for granting a loan or for which loan amount, and which difficulties could possibly be resolved.

Self-employed persons, freelancers, unemployed people, trainees or students usually have to search a little longer to find a suitable loan. If you have clear ideas about how and within what timeframe you can repay your loan and have the appropriate documentation, you will certainly sooner or later find a suitable lender. Self-employed persons and freelancers have good chances of receiving a loan payout if they have been working in their trade for at least three years and are firmly established in the market.

Application

The first step to your own loan

Not so long ago, there was no other option than to submit a loan application in person and present all documents directly at the bank. Although this approach is still practiced today, more and more borrowers are submitting their loan applications online and sending their income and/or asset proofs by post afterwards. Quite often, the loan application can be approved within a few hours. This type is commonly referred to as an instant loan.

For the disbursement of the loan or instant loan, the customer must provide a bank account or checking account, which can be with their own bank or any other domestic or foreign bank. If someone does not want any bank to be informed about the loan payout, they can also opt for a cash payout. Anyone who places great value on this should, however, inquire in advance whether the lender they want offers cash payouts or restricts payment to a non-cash disbursement to an account or checking account.

If the terms and conditions provide for it, the lender obtains a Schufa report from the customer after receiving the loan application. If only positive or neutral entries are recorded there, there is almost nothing standing in the way of granting the loan. The lender will then contact the customer and clarify everything further. This also includes requesting additional documents that are absolutely necessary for a loan disbursement.

For workers, employees or civil servants, this will usually be the current proof of income and a copy of the employment contract; for self-employed persons and freelancers, the business accounts, the profit and loss statement or the income-expenditure statement. In addition, this group should have the bank statements of the last months, the last two tax assessments and any asset evidence ready. The lender will request all relevant documents—or only a part of them—if required.

Approval of the application and loan payout

The loan can finally be disbursed

If the lender or bank concludes after a thorough review that there are no objections to granting the loan, they will approve the loan application immediately, notify the borrower and initiate the loan payout. In the best case, the customer receives the money on the same day. Special instant loans are known precisely for this speed. In the worst case, they should allow three to four days for the money to be credited to their account. This is primarily due to the sometimes very different bank processing times.

After the loan disbursement, the funds are usually available for general use. An exception would only apply if the loan is intended to serve a specific purpose, as is the case for car, real estate or construction financing, for example. After the loan payout the customer must begin repayment to the bank. Depending on the contractual agreements made, this repayment can either start immediately or several weeks or months later.

Loan payout by MAXDA

The loan is approved - now the money comes

MAXDA is an independent credit broker that has very good relationships with domestic and foreign lenders and banks. For this reason, there are no problems finding a suitable installment or consumer loan for almost any customer who wants one. A loan without Schufa from abroad can also be arranged if needed.

On the same day the customer submits the loan application, MAXDA contacts them by phone or e-mail. They explore the options for taking out a loan. Employees who have a permanent employment relationship and a monthly net income of at least €850 can receive a low-interest loan that is disbursed within a few days. Repayment must begin 4 weeks later.

Either the 1st or the 15th of each month can be chosen as the payment date for the installment loan. The interest rate is independent of the term and starts at 3.99%. People who do not meet the stated requirements, for example because they are unemployed, can provide a solvent guarantor, which can still make the loan possible. If the requirements are met, MAXDA can arrange loan amounts between €3,000 and €250,000.

A loan without Schufa is available for smaller amounts up to a maximum of €5,000. Since foreign lenders waive a Schufa report, they require a monthly net income of at least €1,130. Anyone who wants to take out a loan through MAXDA must provide their name, date of birth, marital status and residential address. They must also promptly submit all documents that are relevant for granting the loan. These will primarily be the current proofs of income. An installment loan from MAXDA can be repaid early at any time.