A good loan should be not only cheap, but also fast, so that the customer can receive money for expenses practically on the spot. Today, many banks and non-banking loan companies boast that they can give loans even within a dozen or so minutes. How does it look like in reality?
If your bank account does not have enough money to cover urgent expenses, the best option will be a loan. We can then borrow money from a loved one, for example from a family or a friend, but we can also turn to a lender such as a bank or a non-bank lending company.
Currently, there is a wide range of cash loans that allow you to finance practically every expense – both small and high sum. We can even borrow on-line, that is, without having to leave the house, because all the formalities can then be done online.
However, how can you find a loan that will help us finance your expenses in a shortened time? We suggest what parameters are worth watching!
– Quick loan – what is it?
– What determines the speed of the loan?
– To a bank or non-bank loan company?
– Can anyone take a quick loan?
– What may cause a delay in the processing of the application?
A quick loan – what is it?
When we talk about a quick loan, we often do not think about exactly what we mean. Therefore, for one person a quick loan is one that is available almost immediately, for others it is the one that will be launched within one business day.
Let us assume, therefore, that a quick loan is a loan that we can get as soon as possible, i.e. the shorter the period of its granting, the better.
What loans will we get the fastest? How much can we borrow at that time? When should I repay such a loan? What else should we pay attention to except the speed of its delivery?
Quick loan – only cash?
When we are looking for a quick loan, we can usually meet with cash loans. They were created to make it easier for clients to incur various expenses – there is no need to set a goal for funds, so you can spend them freely. Loans of this kind are offered by virtually every bank and by non-banking loan companies – both on-line and on-line.
It is worth noting, however, that cash loans are not the only loans we can get without delay. This group includes also installment loans, which we get directly in shops, lombard loans that are granted against various property, as well as certain types of loans, for example car loans – if the customer presents sufficient creditworthiness, he can get a loan for the car in within one hour.
However, the cash loans are the most popular among quick loans – it is the best support when you need money for any purpose practically immediately.
We can devote a quick cash loan for such purposes as:
– shopping, for example, home appliances, electronics and other essential items
– repairs when you can not delay them
– trips, for example an attractive last minute trip
– treatment when we can not wait in the queue and time counts
– repayment of debts, if the repayment date is approaching
– payment of bills that are higher than expected
– repair of the car needed for commuting
These are just examples of quick loans, which allow you to finance various expenses at an express pace.
How much can you borrow and when you need to repay?
Depending on the offer, they allow you to borrow a sum of up to 5,000 PLN or 10,000 PLN, but we can get even tens of thousands, or even several hundred thousand PLN.
The repayment time of a cash loan is usually from 1 to 10 years, but usually it is about 2-5 years. Most often when submitting the application, we can determine independently what is the repayment period we prefer. The shorter the repayment period, the higher the installments will be, but also the loan costs will decrease. In the case of an extended repayment period, the loan installment will be at a lower level, but we will give the bank or the loan company more money in fees.
It is also worth noting that the group of cash loans also includes so-called payday loans. These are temporary loans that we enter into low amounts – usually from 100 zlotys to 2,000 – 5,000 zlotys depending on the lender, which we must return within a month (less often with the option of extending the repayment). They are used for instant repairs of the home budget, when repayment can be made within 30 days.
Not only speed is important
Of course, a good cash loan should not only be fast, but it should also have other parameters. Thanks to this, we can find a perfect offer that will allow us to borrow money on the most convenient terms for us, it will be cheap and will be safe.
Currently, banks and non-bank loan companies put a lot of emphasis on the speed of loans, because when we want to borrow money, we usually want to spend it right away. Therefore, a big plus in the eyes of many customers is the instant processing of the loan application and the payment of money immediately.
Therefore, when looking for a good loan, we should look not only at its speed, but also at a number of other parameters – then we can be sure that it will meet all our requirements.
What determines the speed of the loan?
If we’re talking about a quick loan, then we mean one that allows us to get a payout in the shortest possible time. It is worth noting, however, that the speed of its delivery consists of a number of different factors.
The speed of the loan is made up of:
– time of writing out the loan application by the client
– time of client identity verification – on-line loans
– time of considering the loan application
– time of withdrawing money
If these four periods are as short as possible, then we can also talk about the fact that the loan is granted in the short term. Below, let’s take a closer look at each of them.
Time of writing out the loan application by the client
It happens that this is the longest stage of applying for a cash loan, because then we have to carefully write a paper or electronic application, that is on the website when borrowing an on-line loan.
We must put a variety of information in the application, including:
– personal data
– address data
– data from an ID card as its number, PESEL number
– the amount of expenses
– information on the source of income (including data on the employer)
Thus, it can take quite a long time to write an application depending on how much information we need to include in it. However, it usually takes 10 to 20 minutes to complete the application yourself.
However, you can get a loan without a laborious writing out of the loan application – this is possible for regular bank customers as well as for non-bank lending companies. Regular customers already have created customer accounts, so usually there is no need to write a long loan application every time.
Time of client identity verification – on-line loans
If we want to decide on a loan via the Internet, mainly in non-banking loan companies, we must also prepare for the passage of so-called identity verification. It is an indispensable stage and prevents borrowers from using documents.
Identity verification usually takes place online via a verification transfer. We make this transfer from your bank account to the lender’s account – the amount is symbolic and usually amounts to 1 grosz or 1 PLN. The lender then compares the data of the sender of the transfer and data in the application – if they agree, the verification is positive. Therefore, it is not possible to make a verification transfer from another person’s account.
Verification transfer can reach the recipient right away – this happens when:
– quick online payment systems are used, as in Aasa by the BlueMedia system
– or it is an intra-bank transfer, i.e. both the client and the lender have accounts with the same bank
If the transfer takes place in interbank, that is between two banks, without the use of a payment system, then it is most often posted the next business day. This results in a longer waiting time for withdrawing money.
Attention! Loan companies also use other methods of customer verification, for example in Aasa you can use the verification during the courier’s visit and sign documents, or verification in partner facilities.
Time of consideration of the loan application
When the loan application has already been discharged, it is handed over to the lender and considered. The time of consideration is also individual and depends on the bank or loan company.
As we noted earlier, currently banks and loan companies strive to process applications as short as possible, which is why this stage is not long – from a few minutes to one hour, but may also be extended in some cases.
Banks and loan companies use special systems to analyze applications. These systems are automatically able to calculate the customer’s creditworthiness and indicate whether a loan can be granted or not. When everything goes well, the decision to process the application is passed on to the customer instantly. In Aasa, it’s usually a few minutes, a maximum hour!
However, it is worth pointing out that a large part of banks and loan companies consider customer applications only during business hours. Therefore, if we complete and submit a loan application outside these hours, it will be processed only on the next business day. This can extend the waiting time for a decision even for a few days.
The time of examining the application may also be extended if the lender is not sure about the creditworthiness of the client and will ask him for additional documentation, for example a certificate from the employer, an account statement, or special security, for example a guarantor.
Time to withdraw money
The third factor determining the speed of disbursement of a cash loan is the time of withdrawing money.
The payment can take place in three ways:
– transfer to your account
– with the use of a GIRO check carried out at a post office
Payment in cash usually takes place in the case of a flat loan (less frequently)
with loans with home service). In turn, payment by bank transfer to the customer’s account can take place both in the case of fixed-line loans and those granted via the Internet.
When paying with cash, we do not usually have to wait for money. Smaller sums, up to around PLN 10,000, are paid out immediately. However, when it comes to larger amounts, it may turn out that we have to wait for the money to be delivered to the facility. In general, you can receive them the next day.
In the case of transfers, the already mentioned quick online payment procedure also applies. Then it is possible to receive a transfer with money from your hand. We will also receive a transfer immediately if it is intra-bank. With standard interbank transfers, the posting time is usually one business day.
Thus, the speed of a cash loan is conditioned by four main factors: the time of writing out the loan application by the client, the time of client’s identity verification, the time of considering the loan application and the time of withdrawing money. So where is the opportunity to get the fastest loan?
To a bank or non-bank loan company?
Currently, both banks and non-banking loan companies allow for instant cash loans – available in a dozen or so minutes with a bank transfer or with a cash withdrawal. Before we decide to submit an application, let’s check the terms of the offer.
Fast cash loans at banks are usually available for regular customers of these institutions – having an account with regular inflows from at least 3-6 months. Then the bank grants decisions based on data about the client, such as its receipts and expenses from the account. This applies in particular to on-line loans that can be obtained in just a few minutes.
When a person who is not a regular customer applies for a bank loan, the processing of the application may be extended. It may also be necessary to provide additional documents confirming creditworthiness, for example, a certificate from the employer.
Non-bank loans, including installment cash loans offered in Aasa, are easily available to anyone interested. In this case, the application processing time is shortened for all applicants, but regular customers can count on an even faster payment of money.
We will also quickly obtain a non-banking loan online – then we only have to go through the appropriate verification procedure. When we do it with the use of a quick transfer through online payment systems during business hours of a loan company, we can have money at home instantly.
Also applications for non-bank loans made in residential establishments are quickly being considered. Most often, it takes just a few minutes to get the funds available.
Can anyone take a quick loan?
Obtaining a quick loan via the Internet is therefore the most possible, but it is worth pointing out that much depends not only on the lender itself, including the procedures for examining his applications, but also on the borrower. Who then can count on a quick loan and who will not receive it?
The key is to have a positive credit rating. This ability determines the ability to repay a liability at a given time, i.e. if we have credit standing, then we can give back a loan – capital and fees – within a specified period.
Creditworthiness is calculated on the basis of a number of factors, including:
– income and sources as well as regularity
– monthly expenses incurred, including rent, bills, other loans and credit, credit cards, alimony
– type of loan, its amount and repayment period
– credit history affecting creditworthiness
– age, marital status and number of dependents
– education and position held
In the case of quick loans, the most important thing is credit history, which shapes creditworthiness. Why is it such a key factor?
Credit history shows how we dealt with the repayment of liabilities such as loans and credits in the past. It is recorded primarily in the BIK database – the Credit Information Bureau, which was established in order to collect, process and disclose data about the indebtedness of Poles.
The BIK database contains both positive and negative information, so it is not a typical debt base. The database contains entries about each person who took out a loan, a loan, a debit in a bank or a credit card. Credit history is expressed in the form of a special scoring, i.e. a point score, which consists of:
– timely repayment of liabilities
– the number of loans and credits repaid and currently held
– use of credit limits, for example on accounts, cards
– information on applying for loans and credits
Therefore, if we pay our debts in a timely manner, then at BIK we build our positive credit history, which helps in obtaining further loans and credits. Then we can receive them instantly – without the need to provide additional documentation, for example, earnings certificates.
Attention! A person who does not have any credit history may have problems with taking out a quick loan, i.e. they did not have or do not have any loans and credits. Then there is also a risk of obtaining a negative decision or the need to present additional security documents. Then, it is best to start a credit history with small loans for small sums, which are the easiest to get.
What may cause a delay in processing your application?
It is also worth pointing out that even a quick loan can be granted in the long term. What can cause a delay in the processing of the loan application?
Errors in the loan application
When any mistakes get into the loan application, it may cause a delay in its consideration or even a total rejection. It is worth paying attention to typos, amounts entered into the application, ID numbers and PESEL numbers. It’s better to check the application twice than then re-write it.
Another obstacle is the lack of creditworthiness mentioned above. The lender may then ask for additional documents such as a certificate from the employer, an account statement, and may also request security as a guarantee. It all extends the waiting time for the payment of money.
An interbank transfer
We also mentioned that the timing of booking transfers influences the speed of granting loans. Interbank transfers, ie between two different banks, are booked according to the Elixir session, that is three times a day for outgoing and incoming sessions. It will be faster to use the BlueMedia payment system, which is used in Aasa.
Procedures of a bank or loan company
The speed of the loan also depends on the procedures at the bank or loan company. It is worth checking the opinions before submitting the application – it happens that some lenders often increase the time of consideration of the application and clients receive a payment of funds with a delay.
Today a quick loan can be obtained even within a quarter of an hour. However, we must realize that for the time of payment it is influenced by a number of different factors depending both on the borrower itself and on the lender – the bank or non-bank loan company.
People interested in quick loans are welcome to take advantage of our offer in Aasa! We have prepared an instant installment loan available online on very convenient terms. You can submit an application now – the money will be on your account even on the same day!
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