Borrowers should be aware that, in some cases, after a loan application, it may take some time for the amount to end up in the account. The lower the amount, the faster the payout usually goes. Many loan providers pay for the money by submitting all documents within 24 hours. Credit institutions first check the borrower for Schufa entries, regular income, etc. However, it is not uncommon for borrowers to need the loan very quickly. The duration of loan processing is crucial for many clients. Therefore, more and more providers have specialized in keeping the process from borrowing to disbursement as short as possible.
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From application to payment of the loan
When a bank lends a loan, there is always a risk that the borrower will no longer pay the agreed installments, resulting in a loan default. In order to keep this risk as low as possible, the review of the creditworthiness of the customer is a standard procedure of the bank. Particular importance is attached to the client’s ability to pay. That is, the borrower must be able to generate enough income to always pay his loan installments on the agreed terms. The income of the borrower comes first here. When applying for the loan, he must therefore submit documents such as wage and salary statements to the bank.
Using the documents submitted checks the credit institution whether the specified in the application of income corresponds to reality. But also the expenses of the borrower are important for a positive credit decision. The bank often requires bank statements from the previous month to get an overview of the expenses of the applicant. From the information, the bank can then see whether the borrower has enough money for the timely payment of credit installments. There are loans, for example for mortgages, for which collateral such as guarantees must be submitted. These are also the financial institution to consider. The entire loan process can take some time. It always depends on how exactly the bank checks the financial circumstances of the applicant. The longer this takes, the longer the entire application process will take.
Duration of work processes at the bank
Some banks transfer the loan amount to the borrower after about four to five business days in his account. Those who promise the loan payment in 24 hours, should be considered again. Many dubious providers play with the plight of the people and take advantage of it. Very few providers can actually do that in a few hours. In other cases, it can take a few weeks to pay the amount. It is not always possible to predict how much time the bank will ultimately need for credit processing. Various factors play a role here. The type of loan the borrower chooses is another important aspect. Likewise, the amount of the loan influences the speed of the payout. With large amounts such as a 50000 euro credit the credit institutes look even more carefully. It also depends on how many loan officers employ a bank. Here are the pure credit intermediaries such as Creditend or Check24 a small advantage, since they specialize in loan transactions. The efficiency and thoroughness of the audit mechanisms also influence the duration of the loan payment.
Can I get my credit faster?
The borrower depends on the timing of the loan payment from the bank. But it can also help speed up procedures or shorten processing time. The borrower should already make sure when the loan request that its specified data is correct. If the bank detects discrepancies in the later procedure, of course, the entire processing time will be delayed. The borrower should also be careful to send all the documents requested by the bank in full to the bank. If the bank needs to ask for documentation, the processing will be dragged on. It is advisable to compile all the necessary bank statements and salary statements before the credit inquiry in order to save time during processing. In addition, providers such as Creditend already offer online verification, which means that your identity is confirmed via the webcam of your computer and you no longer need to participate in a post-ID procedure.
Credit at Online Bank faster than at a branch or savings bank?
A loan can be made via a conventional bank in a branch or at an online bank. It is often assumed that the loan is paid out more quickly via an online bank than at a bank branch. This can not be answered unambiguously. Ultimately, it always depends on the respective bank, how much time is needed for the loan processing. Online banks work relatively faster than branch banks because they are able to lend out instant loans. For online banks, the borrower has the opportunity to legitimize himself through the Postident procedure. Some banks now offer Video-Ident for legitimacy. In both cases, the borrower immediately identifies or identifies with the bank. This significantly shortens the loan processing process.
Pericredit – How does it work?
Borrowers today often depend on fast loan repayments. The credit institutions are now also reacting to this and are increasingly offering instant loans as well. A particular advantage of instant loans is the immediate notification whether the loan is approved or not.
A long-term loan is no longer required for a loan loan. In a smooth process, a payout is possible after only a few working days.
Fast processing works because the credit institution limits itself to the most necessary information when checking the borrower. It is usually only checked whether there is no negative Schufa entry and whether the income of the borrower is sufficiently high. However, due to the lack of a detailed audit, the bank also has a greater risk. Providers of instant loans are therefore limited to rather small loan amounts. Banks such as Credit bankive are an exception. Here is a maximum loan amount of 70,000 euros possible.
Hints for a quick loan settlement
In order for the borrower to have some idea of how long the bank will take on average for loan repayment, it is advisable to learn about the experience of other clients. There are special Internet portals such as experience.com or Ekomi.de available. Here, customers rate the respective bank with regard to their processing times. Independent tests by various banks also serve as information for new clients and thus facilitate the choice of the right credit institution. For many banks, strong brand specifically reviewed the duration of loan processing. However, most banks provide information on the processing time as well as further information on loan processing on their websites. This way the customer can inform her very well.
Which banks pay out loans the fastest?
For most borrowers, it is very important that they get the loan amount paid into their account as quickly as possible. Therefore, it is also of great importance for them to be informed about the average processing time up to the time of the loan request. Direct banks, as a rule, through their automated credit check, are in a position to be able to communicate a credit decision to the applicant very quickly. However, here is not guaranteed that the request processed very quickly and the loan amount is paid quickly.
Even in branch banks, it is quite possible that the period between credit inquiry and payment is rather short. Here, however, it depends on whether it can be clarified in a personal interview, whether the loan granted and the loan agreement is concluded directly on the spot. Banks such as Credit bankive, Metabank and Camibank are known to handle loan requests very quickly and to pay off the loan amount within a few working days. Especially with installment loans in the form of instant loans, borrowers benefit from fast processing and payment of the loan amount.
Is a fast loan transaction to be rated as positive or negative?
For the borrower, it is always always positive if he gets paid his loan quickly. However, a bank that takes longer to process credit can not generally be rated as poorer. A thorough examination of the borrower makes sense and can not be construed as bad service for the bank. However, if a bank needs an above-average processing time due to inefficient structures or a lack of staff, things will of course be different. Likewise, a very fast processing can lead to errors. A loan, for example, is prematurely rejected even though the borrower should have actually gotten it. The quality of a bank is therefore not only based on the processing time. Service quality and customer orientation also play a crucial role here.