Often you can read in advertisements or on the Internet that loans are offered with a particularly fast payout. The words “immediate payment” or “payment in a few minutes” are often used. As a borrower, you are naturally happy to read such advertising statements. After all, pretty much everyone wants the planned loan to be implemented quickly. But what is really behind a fast-paying loan? Where can this be found and what influence can a borrower have on the speed of payment?
It depends on the borrower
A loan with a fast payout is not magic or a special offer, which the banks only have in small numbers and may still be gilded. Rather, it is the case that credit with fast payouts can actually be found in many places and can also be taken up without any problems. Because the banks always endeavor to process loan applications quickly and competently and to make them payable.
Therefore, it is often up to the borrower if there are delays in the payment and this may take several days. We therefore want to show you what you can do personally so that a loan with fast payout becomes a reality.
First of all, it is important that you have all the documents for applying for the loan. The bank can only review and approve your application if it is complete and has been truthfully completed. Therefore, check in advance which documents the bank requires from you for the loan application. Submit it along with the signed contract. This means that the bank does not have to request additional documents and there is no delay.
On top of that, it is important that you have a positive Credit Bureau and a steady income. Both are crucial criteria when granting a loan. If you have any problems in this regard, it is worth naming a guarantor right from the start. Otherwise, the bank will reject the loan application in the old form and ask you to make improvements, which in turn leads to delays.
Also pay attention to when you submit your loan application. For example, Friday noon is a very unfavorable time, as banks also have weekends and no bookings are made from Friday noon. However, if you apply for the loan on Monday morning, you can be sure that it will be processed quickly and paid out.
Note the loan amount
A very important criterion for a quick payment can always be found in the loan amount that should accompany the loan. If it is small, processing by the bank is also quick. Small loans only require a small amount of collateral, as these are repaid to the bank within a very short time. And this with the help of small monthly installments, which in most cases can still be served even when things are not going as smoothly financially.
However, if it is a large loan with a long term, the bank looks very closely at whom it entrusts its money to. As a result, a loan with fast payouts may not always be possible. Because checking the collateral can take some time. The bank’s employees also secure themselves and have to ask their superiors before approving large amounts of credit. However, this also takes some time, which can have a negative impact on the payout.
By the way: The type of loan can also be an obstacle to a quick payment. Complicated special loans cannot be applied for as easily as, for example, a consumer loan that you simply take out from the dealer around the corner. Therefore, think carefully in advance about what you need the money from the loan for and which type of loan is best suited for your project.