The Internet makes everyday life much easier for many people. This statement also applies to the banking industry. It has never been easier to compare the offers of different banks than on the World Wide Web. More and more providers offer their service and their products even exclusively on the Internet. These include the group of so-called direct banks. For example, you promise a loan in 4 hours.
What is behind this statement?
From a purely technical point of view, such a short processing time for a loan in 4 hours is usually not possible, except when it is a previously agreed and audited loan, which is called up when needed. The commitment to a 4-hour loan should initially be considered provisional rather than binding.
The bank gives a quick commitment because it wants to win you over as a customer and trusts that all the information you provided when you made the application is true. Especially with regard to the income situation and financial obligations, it is not worthwhile to gloss over the facts. The bank does not approve the loan until after your documents have been audited.
How does this process work?
Basically, it makes no difference whether you apply for a loan online or at a bank branch. In a bank branch, it is even often faster than on the Internet. There you can really get a loan approved in 4 hours, provided you bring all the necessary documents for the customer appointment right away. For an online loan, the bank sends you the contract and requests the documents that are needed.
That takes 2 to 3 days. Then you have to fill out the papers and send them back. For the post office you can estimate 1 to 2 days. One more day passes until all documents have been checked and the application is approved. Only then will the bank transfer the loan amount to your account. The transfer will take another 1 to 2 days.
If the weekend or a holiday is in between, it will take longer for you to dispose of the money. For a credit in 4 hours, a processing time of 1 to 2 calendar weeks is not uncommon and falls well under the term “brisk”.
Also, if you need the money urgently, you should not be tempted to neglect the examination of the terms. Because of the strong competition between the providers, there are big differences in the market, which you can use with some skill in your favor.