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Credit in 24 hours on the account

Borrowers who need a loan through a house bank usually have to have a lot of patience as well as a good credit rating and positive credit bureau information. It often takes several days before the desired payment is made. Some online loan providers make it possible for a loan to be in the account in 24 hours and the money to be available.

An instant loan is not always available immediately

An instant loan is not always available immediately

Consumers who need a loan often have to have liquid funds very quickly. One-time offers that only last a short time, due invoices that are about to be sent to a dunning procedure or a current account credit that must be repaid immediately are just a few examples of an immediate loan requirement. However, a so-called instant loan does not generally say that the consumer can also have the loan applied for immediately.

Usually only an immediate acceptance is made after checking the credit bureau information and the economic situation. Since the submitted documents have to be checked thoroughly, it usually takes several days even for instant loans applied for online. However, some banks have specialized in quicker lending and promise that a loan can be called up in the account in 24 hours.

The borrower receives an initial loan approval via email

The borrower receives an initial loan approval via email

In order for a loan to be available in the account in 24 hours, the lender must guarantee this payment and the borrower must meet the requirements. As with all lending in Germany, creditworthiness and credit bureau information play a significant role. Banks that provide quick loans get the credit bureau information via an online form after the first contact and inform the borrower by e-mail which documents are required to grant the loan.

These documents include, among other things, the signed loan agreement, valid identification documents and a copy of the wages and salary statements. If the loan is applied for by married couples, the loan application must also be signed by the co-applicant. Valid ID documents and any proof of salary are also required here. The identity of the borrower is determined using the post-ident procedure.

Missing documents can delay lending. Since letters in Germany reach the recipient the next day, credit is possible on the account in 24 hours. However, if the loan is applied for on the weekend or before or on a public holiday, the time until the payout can vary.

An instant payout loan can be more expensive

An instant payout loan can be more expensive

Compared to normal installment loans, these quick or lightning loans have different terms. Direct banks that provide quick loans charge fees for immediate processing and faster transfer to the borrower’s account. As usual with reputable credit providers, these fees are included in the APR.

As a result, the interest rate on the loan that is available in the account in 24 hours can be a few percentage points above the interest rate for installment loans that is usual on the money market. In any case, borrowers must calculate these costs before borrowing.

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