Submit a loan application to a bank or financial service provider, it usually takes four to five working days for the loan amount to be paid out. However, this also assumes that all the necessary documents have been submitted and that the information about you and your financial situation leaves no questions unanswered. Basically, the lower the loan amount, the faster the loan will be paid out.
Low risk for the bank speeds up the payment on a loan
With every loan request, the bank checks how big its risk is when it lends you the money. That means: what is the probability that she will get the money back? In order to check your creditworthiness and creditworthiness, the bank needs some documents from you. These include, among others
- bank statements
- Documentation of rental income
- Documents on existing loans
- identity card
- Self-disclosure from credit check
Each bank decides whether to get a loan. The banks themselves determine the criteria for lending, so that not all documents have to be submitted. It is best to ask your house bank which documents are necessary.
If your loan is rejected, it does not mean that another bank will not approve your loan application. Due to the different criteria, it is quite possible that the banks make different decisions about loan applications.
What can I do to speed up a loan payout?
It is best to submit the documents completely and filled in. Any demand from the bank delays the payment on a loan. As a result, you have to wait longer for your money. It is therefore advisable to submit the documents in full and correctly to the bank. Your bank will give you more information about which documents are relevant for a credit decision. In most cases, information from credit check is required. Before you apply for a loan, it is best to find out which data is stored about you at credit check. It can happen that loans that have already been paid off are still listed or that the entries are incorrect. You can then have them deleted. This will increase your chance of a positive credit outcome.