The Internet gives people around the world a lot more options. You can not only shop online and do your banking online. Loans can also be applied for directly online today.
The instant loan in 24 hours is not a promotional promise, but a reality – at least if you assume that the promise will be made so quickly. If you know the procedure, it goes without saying that it is not possible to make an instant loan available within 24 hours.
Why a loan payment in 24 hours is not possible
Installment loans are now standardized banking products that are processed automatically by banks according to a certain procedure. If the credit applicants are creditworthy, the system today issues an approval within a few minutes of receiving an online request from the bank. However, this commitment is always a preliminary commitment, which is subject to the examination of the incoming documents.
However, it will always take more than a day for contract documents signed by the customer and his proof of income to be available in the bank, from which an instant loan was requested in 24 hours. This period of time can hardly be shortened simply because of the mail delivery time. In the following we have shown the process from the request to the successful payment of a loan for a better understanding. If you know the process, you have no false expectations when applying for a loan.
The path from approval to payment of a loan
If an instant loan was approved, the bank then sends the contract documents to the borrower by post. Alternatively, he can also print out the documents himself, which of course saves some time. A copy of the documents required by the bank must then be attached to the contract documents. Usually these are the last three earnings slips and bank statements from the past three months.
The information on the economic situation can be checked on the basis of this evidence. With these documents, the borrower goes to a local Post branch to authenticate himself using the Post Iden Coupon as part of the Post Ident procedure. This is a legislative requirement that must be met if customers do not appear in person in the bank to identify themselves.
The documents then go from the post office to the bank and are checked there. If everything is OK, the loan will be paid out. The process described ideally takes three days, but seven days are also not uncommon. An instant loan in 24 hours with simultaneous availability of the loan amount is therefore not possible.
The instant loan in retail
The process is significantly faster if an instant loan is requested in 24 hours on site in retail in connection with the purchase of goods. In many large specialty stores such as furniture stores or electronics stores, instant credit is available on site. Customers who wish to do so, have the opportunity to finance the purchase of a loan in connection with the purchase of goods and, if the goods are available accordingly, can take them with them immediately.
This is often the case when a car is financed through the car dealer. In retail, one can definitely speak of instant credit in 24 hours, if it is disregarded that cash is not paid out.
What consumers have to consider
In principle, loans are now available more quickly and can be taken out without complications. Nevertheless, consumers should keep in mind that spontaneous purchase decisions, where the goods are paid for with a loan, mean that afterwards a loan has to be used for a longer period, which reduces the freely disposable income. If you have several loans in parallel, you always run the risk of getting into debt.
We advise not to make spontaneous purchase decisions in which the goods are financed by means of credit, but to sleep at least one night over them.