Most consumers now feel very safe using the Internet – regardless of whether online shopping or travel bookings, with a click, most everyday business can be done without much time or without additional costs. However, Germans are still reluctant to do their financial business online.
Although many consumers know that they can find the most favorable loan terms via a free loan comparison on the Internet within a few moments and then apply for the desired loan conveniently via the loan comparison at the bank of their choice – what happens after that is often a challenge for applicants Mystery. We explain how easy and straightforward it is to send in the contract documents using the Postident procedure.
Identity determination through the Postident procedure
After the interested consumer has submitted the loan application to the bank after entering his data in the application section of the comparison calculator, the bank checks the customer details in a standardized online verification process and then notifies the customer within a few moments of a preliminary acceptance or rejection of the financing request by email , Fax or over the phone with. If the customer has successfully passed the first credit check, the application documents for the loan are available in PDF form as a free download. In order to send the loan application to the bank, these documents must be printed out, checked for correctness and then sent to the bank together with some necessary documents. Depending on the financial institution, the applicant must submit several proof of salary and a certain number of bank statements together with the loan agreement.
Due to the Money Laundering Act, money houses in Germany are required to determine the identity of their customers before granting a loan. However, the online application for the loan does not result in personal contact between customers and bank employees at direct banks – in this case, an independent middleman takes over the establishment of the customer identity – Deutsche Post. The method by which Swiss Post determines the identity of a potential borrower before sending the loan documents to the bank is known as the Postident procedure.
Free Postident procedure when submitting the loan application
In order to be able to carry out the Postident procedure, which is free of charge for him, the applicant must, in addition to the signed loan application and the additional documents, bring the Postident coupon and a valid ID document to any Deutsche Post branch. An employee from any post office will transfer the relevant information from the applicant’s ID document to the Postident Coupon, which the applicant usually finds on the last page of the loan application.
With their respective signatures, both the customer and the postal employee confirm the correctness of the data. Swiss Post then sends the entire loan application to the relevant bank. After receipt of the complete contract documents, the bank then examines the customer’s application in a second, more thorough credit check. If the applicant also passes this, the money is usually paid to his checking account within the next two to five working days.