Depending on the processing speed of the bank, it often takes up to two weeks from submitting a loan application to paying out money. However, it is possible to get the desired loan in a short time if the applicant is looking for suitable offers. These are usually referred to as a lightning loan or an instant loan, and sometimes also as a loan with immediate payment. A promised immediate decision, however, is not necessarily associated with a quick money transfer. It only means that the loan application is checked online immediately after it has been submitted.
How quickly can the loan be paid out?
The lower limit for a loan in a short time is two banking days for banks with a German banking license and new customers. The delivery time of the form in the postident procedure contributes to this. This form of identity control is not required if you take out a new loan as an existing customer of a financial institution, so that they can receive their loan amount within one day. If online banks also have branches and the credit customer lives close to one, the processing time of the loan can be reduced to one day.
Banks equipped with a Luxembourg banking license can offer the same period for instant loans. Unlike German financial institutions, you have the right to have a copy of your ID card faxed to you as proof of identity. In order for the loan to be paid out quickly within one working day, the signed loan application must be received at a time specified by the bank. It is usually sent as a fax.
The benefits of quick loan payments
The fact that the bank pays the loan applied for in a short period of time is an additional benefit compared to a loan with a conventional processing time. This means that an appropriate interest premium can be tracked. To ensure that this is not too high, the borrower carries out a price comparison before submitting the loan application and pays attention to a favorable effective annual interest rate. Since the bank pays the loan requested in a short time, it can only check the documents that are usually to be submitted on the surface.
For this reason, individual financial institutions do not provide proof of income for instant loans. In this case, loan seekers are obliged to provide honest information in the application form. However, you can include all sources of income in household income without the bank opposing this procedure. The inclusion of additional income as part of the credit check is not generally common, many financial institutions only consider the income from their main job and child benefit as payment received that is relevant for the award decision.
Alternatives to bank loans in a short time
The pawnbroker pays a loan in a short time, the usual thing is to hand over the agreed amount of money to the pawnshop cashier. However, the pledge is limited to short terms and small amounts. In the mail order business, the credit decision is usual immediately after the order is placed, if the customer wishes to pay in installments. Whether organized personal loans will be paid out after a short time depends solely on the period within which the members registered as lenders subscribe to a specific request.
In order to get the desired private loan in a short time, loan seekers specify the financial and personal situation as precisely as possible in their request in addition to the purpose of the loan. Since higher amounts of money are drawn in partial amounts by several lenders, small-scale loan applications have the greatest chance of being fully subscribed by a single person within a short period of time.