It can take up to fourteen days for a loan to be applied for and paid out, with the review of the loan application taking up the longest time. Some financial institutions offer online credit transfer within a few days, so that the borrower has the desired amount quickly.
The immediate payment is clearly defined
When a bank advertises a quick loan payment, it does not make a binding statement regarding the processing time of the loan. Only with instant credit is the generally accepted practice of paying off the desired loan within two bank working days. A prerequisite for a quick loan payment is that the borrower immediately submits all requested documents with the loan application and that lending is considered a standard case.
Which loan documents the bank requests depends on its lending guidelines and the desired loan amount; for small amounts, some institutes refrain from submitting the pay slip. Most credit applicants also associate the term instant payment with the term lightning loan, which is the case with many lenders.
An even faster loan disbursement than within two bank working days is hardly technically possible if the applicant is not already an existing customer, so that a new postident procedure is not necessary. An advertised immediate approval only means that an online assessment of the given data and a preliminary loan approval is made on the basis of this.
Does the accelerated loan payment cost additional money?
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A fast loan payment is one of the additional services of a bank, for which the calculation of an appropriate interest premium is understandable. This can be met both with the increased default risk of the lender as a result of the simplified application review and with the fulfillment of a request expressly expressed by the customer.
Applying for an accelerated loan makes sense if the borrower actually needs the desired amount of money within a very short time, because he has to pay a planned purchase in cash. A careful comparison of the costs of different loan offers is also indispensable in this case. It is not uncommon for an advertised quick loan payment to signal a prospect to consider the respective offer as outstanding and to forego an interest comparison.
The good news is, there are plenty of ways to get cash in your pocket in the next 24 hours. They may not all be glamorous, but you could rely on these methods in a pinch.
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