Those who take out a loan usually don’t want to wait long for their money. Or worse: he or she is urgently dependent on paying an invoice or making an urgent purchase. Therefore, we have created an overview of the period of time you can now expect for the payment.
Of course, the processes differ fundamentally in whether you take out an online loan or take it out in a bank branch. Furthermore, banks generally do not work on weekends. So always assume normal weekdays (Monday to Friday). So seven days means that you would have to wait from Monday to the following Wednesday. Please also note that the information is based on experience and we cannot give any guarantee or guarantee for the corresponding payout period.
With an online loan:
- You fill out an application form and store all data truthfully and completely.
- Subject to the correctness of your information, many providers will issue an immediate approval if the creditworthiness is sufficient. However, since the bank is obliged to check the borrower conscientiously, the documents must be sent in by post. This initially takes 1-2 days.
- As soon as your complete documents and the signed contract have reached the bank, they will be checked by the clerk. Depending on the number of applications and the provider, this also takes 1-3 days.
- Finally, if everything is OK, the money will be transferred to your account. If you do not have the account with the same bank, you have to plan for another 1-2 days until you have the money available.
- The bottom line is – if everything goes smoothly – three days to a week.
With a branch loan:
- The procedure here is the same except for the first two points.
- The difference is that you first make an appointment with a bank employee. Depending on the workload, this can take a few days. If you are lucky, you can start the credit conversation right away.
- Such a personal conversation naturally also takes time (30 to 60 minutes + arrival and departure). You should therefore have brought all the required documents with you by this date. The specific requirements are usually given to you when you make an appointment.
- If the conversation is positive for both sides – that is, you have sufficient creditworthiness for the desired amount and you are satisfied with the bank’s offer – you will receive a preliminary loan approval and sign the loan agreement. Now 1-3 days pass again until the documents are checked (sometimes a binding credit decision can also be made immediately) and the loan is finally paid out, which can also take another 1-2 days by transfer.
- With a branch loan, it only takes one to five days from the approval to the money in the account. However, the on-site appointment usually gives you a few days in advance. On the other hand, you also have to leave the house with an online loan to put the documents in the post.
Tips to get the money faster:
- First research the providers who are shortlisted for a loan on the Internet. Find and read testimonials and opinions from other customers.
- Have all documents ready. For an online loan, also an A3 envelope and the necessary franking.
- Despite the fact that the payment may be faster, do not pay attention to the interest rate if two days are more or less irrelevant.