Loan payment – in what form can I receive money?

15 Sep

The loan process consists of several stages, from completing the application to withdrawing funds.

The whole, depending on the institution, can last from a few minutes to several hours. Today we will look at the last stage, i.e. the withdrawal of funds. How can the borrower receive funds from the loan?

First, payday loans to your account

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A classic form of loan payment is money transfer to the client’s account . Most often, at the application stage, the borrower provides the account number to which he would like the full loan amount to be transferred.

The lender will often enter the invoice number provided in the contract, so that there is no doubt that it is the account that will receive the money.

How quickly the funds reach the borrower’s account depends on several factors. The first of these is the way in which I signed the contract, and thus how quickly its correctness will be accepted by the financing institution. For example, if I signed the contract on-line, most often with an SMS code or other form of remote acceptance, it will probably be accepted immediately.

How soon will I receive the money?

How soon will I receive the money?

The whole process is supervised by an automatic machine and there is no possibility of confusion, e.g. in the manner of filling in data or place of signing. On the other hand, if the contract has been signed with an intermediary, this will have to scan the form into the sales system, and the institution will have to verify the correctness.

It may take a few to several minutes. Another factor determining the speed of receiving money will be the bank where I have an account and the bank from which the transfer will be made by the lender.

It is known that if we have bills in the same institutions, the money will appear on the account immediately after ordering the transaction. Often, lenders have several accounts at different banks and if the customer has a current account in one of them, this is what they will do with the transfer.

A quick transfer in a non-bank loan is one of the undoubted advantages

What about fast transfer platforms?

What about fast transfer platforms?

More and more lending institutions are working with fast transfer platforms. Thanks to this, the loan amount can be immediately on the customer’s account. A quick transfer is also possible at any bank and some institutions give the customer the option of ordering an express transfer.

However, it will always be a paid service. Therefore, if the lender cooperates with the fast transfers platform, we can count on receiving instant funds for free. If he does not cooperate, he can offer us a quick bank transfer. However, this will involve an additional fee of PLN 40 – 50.

In modern credit processes, money from a loan can be obtained almost immediately. A quick transfer to a GIRO account or check allows you to reach for financing quickly and efficiently.

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