Not only can he apply for a loan on the Internet, but he can also visit a branch bank that is ready to make a cash payment of the requested loan amount if necessary. Regardless of which variant the borrower wants to prefer, he should compare different loans and different banks.
Online loans – usually be an instant loan
If a loan is to be paid out in 24 hours, it will usually be an instant loan. It can be requested around the clock on the Internet, for which the bank provides a corresponding form. This form must be completed correctly, provided with the personal data and sent to the bank. Once this has been done, the bank will obtain Credit bureau information, which should at least be neutral or ideally positive. Otherwise, the desire for a loan will be very difficult to realize.
If the Credit bureau test is positive, the customer receives a message that his loan request can be provisionally met. The bank can only make a final commitment if all other credit requirements are met, which primarily include a regular, sufficiently high and secure income.
If all the requirements are met, the loan can be paid out in 24 hours. It is even faster if the customer requests a lightning transfer, which is, however, associated with fees. Here the money is in the account within a few hours. If no explicit purpose is stated, an instant loan is freely available.
Branch loans – agree to immediately check a loan application
There are only a few branch banks that agree to immediately check a loan application and get the money paid out within a few hours. For this reason, anyone who is interested in a loan from the house bank or another German branch bank should inquire beforehand exactly how long it takes to process the loan application and whether a cash payment of the entire loan amount is possible.
A transfer to the account usually takes a little longer. Even if a loan is paid out in 24 hours, the customer has to factor in the transfer method so that it can take several days before they can have the money.
The repayment of the loan is regulated individually and recorded in the loan agreement. The contractual agreements relate not only to the term and the repayment rate, but also to the question of whether early repayments or loan repayments are possible.