Banks always check whether the customer is creditworthy before granting a loan. This is done on the basis of the so-called creditworthiness documents such as proof of salary and bank statements. Banks are legally obliged not to grant a loan without checking their creditworthiness. However, this takes some time from the application to the payment. Is a loan with a fast payout still possible?
Banks have the burden of proof of creditworthiness. There is always a risk that if the collateral for a loan is insufficient, it can lead to a loan default. In order to keep the risk as small as possible, the income and expenses of a loan seeker are checked. She draws up a budget and then sees whether there is any financial scope left. If the income is insufficient or there is a temporary employment contract, banks often require a co-applicant or guarantor, but also collateral such as real estate or a loanable life insurance.
Generally, a loan seeker has the option to choose a branch bank or an online bank when searching for a loan. What the advertising promises Loan payment of a few minutes cannot be realized. However, a loan could be applied for in one day and could also be paid out. To do this, the customer has to contact a branch bank and apply for a loan there. The customer should then have all of the necessary credit documents such as proof of salary, identity card, pension notification with them.
The bank documents the documents on site, asks Credit Bureau and, if the decision is positive, will approve the loan. The customer can then take the money with them in cash or have it transferred to their account. However, no large loan amounts are approved for this loan carryforward, one thinks more of a small loan.
This loan with fast payout is only possible if the credit rating is correct and the Credit Bureau is clean. A later increase in this loan is also possible with the same creditworthiness and perfect Credit Bureau.
However, the conditions the branch banks have are not as good as an offer from a direct bank. There are also customers who prefer anonymous credit. You can get it from a direct bank. The process is the same as for other banks. With a credit comparison, the customer can choose a provider, check the terms and conditions and make the loan application.
Name, address, loan amount, term, installment amount and income are entered in the loan application. A preliminary loan decision is made on the basis of this data.
The loan with fast payment – the direct bank
The customer can do a number of things to get a loan with a fast payout. After the loan application has been sent to him, it must be signed and returned to the bank with the necessary credit documents. This is done by post, whereby he must also carry out the Postident procedure. This is a recognition of the person and the form with the documents is sent to the lender.
If the customer has done his preparatory work quickly, he will receive a loan with quick payout in 5-6 working days. In order to guarantee an immediate cash payment, the postal route and the Postident procedure are in between. This process takes a few working days, even if the bank processes the loan application quickly. A loan amount in the account in 24 hours is a promotional promise that cannot be kept.
Banks are obliged to check the income as well as the Credit Bureau. However, this also has the advantage for the customer. If the loan is rejected, the bank puts a stop to possible overindebtedness of the customer. A credit with a fast payout does not have a fast processing time but a very long term with rates that have to be paid every month.
That’s why it’s not just the bank that draws up a budget, the borrower should do the same. This shows whether the monthly budget allows payment in installments and if so how much. Experts advise that a residual amount should not be used entirely as a rate, but only to allow for a third. The remainder could serve as a financial buffer if there is a shortage of funds in the short term.
In general, a loan with a fast payout at online banks always takes a few working days from the loan application to the loan payment until the customer can dispose of the money. A lightning transfer can be specified, but the way to pay out will always be the same.
The advantage of a loan with a fast payout from an online bank can be applied for around the clock. Many banks also use the automated verification process, which means that the loan application can be processed quickly. But there is always the postal route and the postident procedure in between.
The overdraft facility as a quick loan?
A credit with a fast payout is without a doubt called the overdraft facility. Banks provide this loan to their solvent customers in order to make short-term purchases or urgent repairs or other items. If the overdraft facility has not yet been set up, the customer can ask his bank for it. The overdraft facility is a loan that is provided quickly and easily without paperwork. But the overdraft facility is expensive, its interest rate level is in the high double-digit range.
However, the customer must also meet certain conditions. His income must be high enough and be paid into the account regularly. The disposable amount is also calculated based on the income. Banks typically approve up to three net monthly salaries. If a customer earns around 2,000 USD net, his overdraft facility could be equipped with 6,000 USD.
The overdraft facility can also become a debt trap. It is intended for short-term use. For example, if an urgent invoice has to be paid at the end of the month but the account is empty. Then the overdraft facility can be helpful. With the incoming salary at the beginning of the month, however, it should be compensated again. If you do this with the overdraft facility, it makes sense. But many customers use it to make a living. This is the case if the salary no longer covers the overdraft facility. Then you should think about an installment loan, which then replaces the overdraft facility.