The credit with payment in 24 hours is actually a small miracle, which was made possible by organizational changes at the banks and the emergence of credit comparisons and self-confident bank customers. If you deal with the details, you will soon see the speed of this loan option. This is not a completely new type of loan of its own, but simply a result of the acceleration of lending and the optimization of the processing process.
Fast processing & security
The loan with payment in 24 hours is a real piece of competitiveness and was first implemented by direct banks and financing providers. They looked at the traditional lending process and found that quite a bit of paper was moved to different places in a bank, and most of the time was spent on postal terms. The individual steps, however, were comparatively manageable. And were centralized for the express credit in one place. They consist of:
1.) The mandatory identification of the customer: No third party can take out a loan at your expense
If you already have an account with the bank, you can sometimes find and fill out the loan application directly in the online banking area. Then the new identification can be omitted.
2.) The calculation of the credit option and an interest and condition proposal for the customer. Based on the information on disposable income, the desired monthly rate and previous experiences of other lenders, a package that is as attractive as possible for the customer is put together.
3.) Submission of the contract documents and signature of the customer
When a bank introduced this new loan offer a few years ago, there was even talk of a credit factory. This awakened the mental association that it works quickly and efficiently in the style of an industrial production line.
Electronic payment instead of cash transportation
Another building block for the loan with payment in 24 hours is the type of payment. As a borrower, you don’t have to go to a bank branch yourself with a very limited opening time, but you can have the amount transferred directly to one of your accounts.
As a rule, the current account should be the “payout account” of your choice, since larger amounts can also be quickly arranged or reused. Most savings cards and savings accounts limit the amount paid out to $ 2,000 per month – otherwise you would have to pay additional fees for the early withdrawal.
Thanks to the shorter transfer time between accounts due to EU regulations, the payment of the express credit no longer takes several days. If the lending bank or a financing partner instructs the loan amount by the closing time in the afternoon, it will be in the bank account the next morning. The credit with a payment in 24 hours can therefore actually be drawn on from Monday to Friday. As a borrower, however, I would plan an additional, small time window for queries or delays in processing.