Immediately has a different meaning in the banking language than in the vernacular. For example, most financial institutions use the word instant loan for loans, which are paid within two bank working days. Faster payouts are possible if certain conditions are met.
When can a financial institution pay off a loan immediately?
For a credit institution to be able to disburse the desired loan immediately, the identification process must already be completed, as the post -ident procedure is inevitably linked to the post-term of at least one calendar day. A faster money transfer is therefore only possible for existing customers. Few banks offer their customers, when requested online, to present their identity card at a bank branch. In this case, the immediate loan payment is also possible, provided that a branch of the financial institution is in the vicinity of the credit customer. An actual immediate cash payment of the loan amount takes the pawnbroker. However, its loans are limited by the deposit to be deposited and are only intended for short-term cash needs. For the actually immediately accessible bank loan, the agreement of a credit line on the discretionary credit or on an independent from the current account disposition credit offers.
The advantage of a Luxembourg banking license
Another option for almost immediate loan repayment is provided by financial institutions that have acquired their banking license in Luxembourg. The banking supervision of the Grand Duchy allows the recognition of copied identity documents as proof of identity. This also applies if they are uploaded online. Since the production of ID card copies in Germany is actually permitted only for a few cases, German lenders do not have this option. Violations of the cardholder’s basic ban on copying will not be punished, so that applying for a loan with a copy of the identity card is safe. Banks licensed in Luxembourg may operate throughout the EU and may therefore have a branch in Germany. For instant loans, borrowers usually receive the money they want the next business day. Further acceleration is possible by the applicant additionally selecting the option of Prior1 transfer. In the colloquially referred to as direct transfer withdrawal option, the loan amount reaches the borrower immediately after the release of the transfer by the bank.