About Instant Approval Personal Bank Loans

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Getting an instant approval personal bank loan generally requires a prior relationship with the bank and a significant amount of money invested in the bank. Find instant approval credit cards more easily than personal loans with tips from a financial adviser in this free video on money management and loans.

Part of the Video Series: Credit Cards & Personal Loans
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Video Transcript

Hi, this is Matt with Innovative Financial Group. Question post to me today is, "What type of instant approval personal bank loans are available?" Generally, if you have a good relationship with your bank, you've maybe had car loans with them in the past, you may have had personal loans with them in the past and you may have a substantial amount of money invested in the bank either in CDs or checking or savings, IRA's for example, generally when you have that type of a cash position with the bank and a history, it's very easy to get an instant approval loan. You really don't have to go through the same process as if you were new customer walking to that bank with no relationship and applying for non-secured loan. I think that's from my understanding, probably the best example of an instant approval bank loan. Now there are credit card companies that will offer instant approvals also for credit cards. But generally, they're getting less from the credit reporting agencies like Trans Union and Equifax; they meet a certain credit criteria as far as score, the amount of debt they owe and a base on that, those perimeters, they will offer an instant approval on credit cards. But again, on instant approval bank loan, I think that's going to happen more often than not with a bank that you have a prior history with. Again, my name is Matt McKillen. I'm with Innovative Financial Group.

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