The usual commitment is that an instant loan will be credited to the claimant’s account within two bank business days. The basic requirement is that the latter complies with the time slot for submitting the loan application specified by the selected financial institution.
The latest time to loan after two bank working days is mostly in the early afternoon, with some money houses but already at twelve noon. For an even faster loan payment within 24 hours basically the same time windows apply, moreover, it is not always possible. The mere instant promise does not mean that the loan will be credited to the account after one day, but in many cases is sufficient as a commitment to secure funding.
In order for the requested instant loan to be credited to the credit applicant’s account in 24 hours despite a post-beneficiary procedure, a Prior 1 transfer of the loan amount is required. This form of transfer is also referred to as lightning transfer and involves high additional costs that the borrower has to bear. Without the accelerated form of bank transfer, due to the postal delivery times a loan payment after 24 hours in connection with a postident procedure is not possible.
If the Postident procedure is not required, an instant loan can be credited to the applicant’s account in 24 hours. If existing customers submit a new loan application, of course, another identity check is unnecessary, so that the desired loan can be instructed immediately to disbursement. If the selected bank maintains branches, the borrower can have their identity check made there by visiting them and presenting their identity card. The release of the loan payment is possible in this case immediately after the visit of the bank branch. Most frequently, the instant loan requested by a bank licensed in Luxembourg is in the account in 24 hours.
The reason is that the Luxembourg banking supervisory authority approves the identity check by sending a copy of the identity card up to a maximum amount. It also allows its licensed financial institutions to receive a copy of the identity document as a fax. A bank equipped with a Luxembourg banking license may well have branches in Germany or any other EU member state and arrange for the loan to be processed so that it can obtain a private credit request. Often, the loan processing takes place in Luxembourg, so that credit applicants also take into account the holiday regulation of the Grand Duchy.
If the money from a requested instant loan in 24 hours on the account of the customer to be received, banks rate the rapid payout as an additional service, which they priced in the loan rate. The calculation of reasonable additional costs for the fast payout is accepted by both borrowers and consumer advocates. So that no borrower pays too high interest, a price comparison between several providers is indispensable. The decisive factor, as with any credit comparison, is the annual percentage rate of charge.