The payment of the requested amount within two bank working days is the typical product feature of an instant loan. The two-day period is necessary because banks licensed in Germany have to wait for the Postident form to be received before the loan is paid out. An even faster payout is tied to different requirements, but is certainly possible.
Requirements for the immediate loan payment in 24 hours
In order for the bank to be able to pay out an instant loan within 24 hours, the Postident procedure must be superfluous. This applies to existing customers. Furthermore, some direct banks also maintain a small number of branches and enable applicants living close to them to present their ID cards personally at the counter. A flash transfer also allows the immediate loan to be paid out within 24 hours, but is associated with high additional costs.
Most often, credit institutions with a Luxembourg banking license offer instant credit within 24 hours. In contrast to German money houses, they may recognize a faxed photocopy of their ID card as proof of identity. According to the free movement within the EU, this regulation also applies if you operate branches in Germany with the license obtained in the Grand Duchy. Naturally, an instant loan can only be paid out within 24 hours if the application is not submitted on Friday or before a public holiday or is free of work at the location of the banks involved.
The lender and the bank holding the applicant’s checking account are involved in the transfer of an instant loan. Lenders therefore pay attention to the state in which the branch of the selected loan bank is located. Another requirement for the loan payment within 24 hours is that the applicant faxes all requested documents to the bank.
Do not forego the credit comparison
If consumers want to receive an instant loan within 24 hours, they often do without a price comparison because of the necessary speed of lending. This can be done easily online and does not take much time. However, the price differences between different instant credit banks mean that borrowers easily pay unnecessarily high interest rates without making a price comparison.
The other contractual conditions also differ for the individual offers for instant loans with payment within 24 hours. The agreement to be able to make free special repayments at any time is advantageous for the consumer.