The Internet brings many conveniences to consumers worldwide. You can shop online, qualify online, get to know each other and take out loans online. In addition, the Internet in our fast-moving time, in which quick and spontaneous decisions often have to be made, offers the possibility to take out an instant loan quickly and spontaneously.
In advertising, an instant credit is even promised to the account in 24 hours. Is that just advertising or is there instant credit on the account in 24 hours? We have investigated the question, have researched and report as follows:
There is an instant credit on the account in 24 hours
There is actually an instant loan. Installment loans offered online today are standardized banking products. If the applicants have appropriate creditworthiness, computer systems make the decision automatically around the clock, 365 days a year. The first part of the statement is correct, there is also an instant credit. But this is only a preliminary commitment. Money is not flowing at this moment. It takes some time before an instant loan is paid out.
The instant loan from the acceptance to the payment
If the instant credit is approved, the contract documents must then be sent to the customer by post or the customer prints them out himself. The borrower must sign the contract, attach the required documents such as current earnings statements and bank statements and go to a post office in order to legitimize himself to the bank as part of the Post Ident procedure. Legislators have established this procedure if customers do not personally go to the bank.
The postal employee checks the customer’s identity on behalf of the bank and then sends the complete documents directly to the bank. At the bank, the contract is checked in detail for completeness and accuracy. If everything is correct, the loan is instructed to pay. Overall, borrowers should assume that it takes approximately seven days for the money from the instant loan to actually be available in the borrower’s checking account. Advertising on the account with the instant credit in 24 hours is therefore completely unrealistic. It is certainly possible that this process only takes three days in individual cases, but that would be an exception rather than a rule.
The instant loan in retail
Retail is faster, but there is also no cash for free use. In retail, consumers take out a loan to buy goods. Ideally, you can take the goods with you.
When the money is needed quickly
If an instant loan is really needed, with the money in the account in 24 hours, it is probably the cheapest option if consumers contact a branch bank, ideally their house bank, and apply for a loan on site. It is theoretically possible here that the loan, if approved, is available the following day. Alternatively, relatives or good friends can be pumped on.