Offers from direct banks and credit intermediaries for instant credit
The online loan as installment loan is often advertised as an instant loan. The loan amount should be paid out in a very short time, sometimes in 24 or 48 hours, by wire transfer. In principle, these loans show the same conditions as an online loan without immediate payment, but the borrower can incur additional costs due to the fast payment. Technically, transfers are possible within 24 or 48 hours. The normal duration for transfers in Germany is between 1 and 3 working days.
Furthermore, a direct payment can also be made in cash at a bank counter or at service points of money transfer service providers such as Western Union.
A loan with immediate payment after the loan approval can be associated with additional costs. Some providers explicitly refer to this extra service and state what the fast payment costs. For others, these costs may be included in the APR and are therefore not apparent at first glance. Processing fees can also include this service. The immediate disbursement is often linked to an immediate loan approval, which can also result in additional costs.
When making an online loan comparison for the online loan with fast payout, interested parties should therefore take a closer look. What is the APR? Are processing fees charged? Is the borrowing rate relatively high compared to other providers? Even if many consumers find it difficult to read the often extensive general terms and conditions, this gives rise to indications of costs that need not be directly recognizable in the offer.
Does the online loan with immediate payment make sense?
Those who are urgently dependent on the money will accept extra costs. But rash decisions for an online loan with fast payouts can be expensive afterwards. An intensive comparison and the demand for loan payments from interesting providers is the right solution here. After all, even the “normal” online loan is usually paid out within a few days after the loan agreement is concluded. It is therefore questionable whether extra costs really pay off or whether it makes sense not to wait a few days longer.
Even an immediate commitment does not mean that the loan amount is in the account within a few hours, because it is a preliminary commitment. Here, too, the providers have to check whether the loan request can be realized and that is not possible from now on due to the various requirements such as identification, submission of proof of earnings and other documents.