Many offers in the area of furniture, hi-fi or even used automobiles are sold out very quickly and will not come back anytime soon. Or you want to start an extensive shopping tour and want to have the money in your account beforehand – and not use a comparatively expensive overdraft facility.
The credit in 24 hours in the account is the right solution for this financing question. Many people wonder how such a quick loan is possible. A look at the processes of lending at the new, smart credit providers and also at the payment system provides the impressive solution.
Transfers in Germany will be credited on the next bank working day
The modernization and computerization of the processes in payment transactions makes it possible for transfers to be credited to the next bank working day if they were electronically submitted the previous day. If the loan processing and payment approval has been received by the afternoon, then you can assume Monday to Thursday: The credit will be issued on the next bank working day. So the transfer and credit is possible within 24 hours.
How fast loan processing works
Loan processing at modern loan providers and financing partners has significantly accelerated the payment and enables the loan to be in the account in 24 hours. The main factor for the quick decision is the local and temporal amalgamation of different work steps: For example, the loan request – for example in a credits shop or a bank branch – is prepared for decision-making by an employee and then released using the four-eyes principle. If you want to apply for a loan, you should have all the documents with you for a quick decision and approval of the loan amount: A current proof of income, for example in the form of a wage or salary slip or a pension notification.
For the very first loan with a bank and a bank account that does not yet exist, you should also be able to present your ID card or passport. Then nothing stands in the way of loan processing on the same day. If you have forgotten your ID at home, you can do it at a post office. The data is then sent to the head office of the bank or the financing partner. Then the payment period is no longer 24 hours, but a few days.
In addition to reporting income and opening a credit account, the bank or funding partner also relies on the experience of other lenders. If there is a credit request and the customer’s consent, a Credit Bureau margin illuminates the previous payment behavior. If the borrower has already taken out and paid off many loans, the loan can be made available at a low interest rate. For example, if there are some delays in previous repayments, a risk surcharge can be calculated on the interest.
All in all, the credit in the account works smoothly in 24 hours on most credit requests.