Online credit: how long does it take to withdraw?

A quick payout should actually be a hallmark of online loans. After all, internet loans are often thought of as instant credit, quick credit or lightning credit.

How long it takes until the payment is made – more precisely until the money arrives in the borrower’s account – depends largely on whether the loan processing at the bank is well organized and modern technology is used.

In addition, the applicant can accelerate lending through his behavior. A good credit rating and complete, truthful information in the loan request are conditions for an online loan with a fast payout that the borrower must meet.

The following table provides information on the normal processing times at known direct banks.

How long does it take to pay out online loans?

The table shows that meanwhile almost all providers of online credit offer at least Upload and PostIdent documents as an option. Many direct banks enable contracts to be concluded using electronic (digital) signatures. The specified payment period does not begin until all documents have been submitted.

In plain language, this means that only loans that can be effectively concluded with an electronic signature after the video ID and document upload are really fast. Loans that do not require any documents at all are worthy of the Credit Checker rating.

In addition to identification by Videoident, the economic performance of the borrower is checked using the so-called account view.

If it is not a question of a favorable loan condition through a loan comparison, but only a quick payment, a loan application directly via the product page of the provider is recommended.

Factors influencing the payout period

Banks indicate in the product descriptions that the payment periods indicated are estimates from which there may be significant deviations in individual cases.

In addition to the technical equipment and the organizational and personnel resources, there are other factors that can influence the payment duration in individual cases. Some of these factors are under the influence of the banks, others under the influence of the applicant.

Applicants can speed up lending by actually using the technical tools offered. Computers (smartphone, laptop, tablet, PC) with a camera must be available to determine identity via video ID and upload documents. A stable internet connection is also required.

Sometimes one has to be loaded onto the computer or smartphone to enable a fully digital loan including an account view.

Delays in the application process are avoided if all information on the application form is truthful, any necessary signatures are provided and all documents are sent to the bank from the outset.

There may be significant delays in lending if credit problems arise. Therefore, it makes sense to check the creditworthiness yourself using free information before each major borrowing.

Sometimes negative features can be eliminated, for example, if the correction of incorrect entries is taken in good time. With poor creditworthiness and low score values, a quick loan is rather unlikely. Fully digitized loans with an account view always require a good credit rating.

Some banks do not grant loans at all if their scores are below average. In these cases, the credit application process must be restarted at another bank.

If credit brokers or credit comparisons are engaged, they do the work for the credit customer. But the search for another provider naturally delays the entire application process and with it the payment.