It all depends on the credit decision

So many people ask themselves how long they have to wait for the transfer of funds. Let’s try to answer this question.

If you are applying for a cash loan for any purpose, it is usually enough to submit an application and prove your income (usually by means of an income certificate or by presenting a bank statement).

Currently, most banks automatically start the process of checking your creditworthiness. If nothing raises reservations, the bank issues a positive decision and you sign the contract. In the case of cash loans, this procedure does not take more than a dozen or several dozen minutes.

Positive decision – the bank does not delay the transfer

Positive decision - the bank does not delay the transfer

If all formalities have been completed, the bank proceeds to the implementation of the contract. In the era of fast internet transfers and the growing popularity of private loans, banks try not to stand out from the competition.

Thanks to this, the withdrawal of money to your account is ordered virtually automatically. Of course, much depends on the bank’s procedures, but institutions that only make payments on the second or third day are slowly becoming a thing of the past.

The same bank – instant transaction

It is worth knowing, however, that when you receive money from a loan depends not only on the bank’s operation. How quickly the transfer reaches you depends also on which bank you have a current account. If you take out a loan in a bank where you have your own account, you can be sure that the money will reach you within 15 minutes after sending it.

Do you have an account with another bank?

Do you have an account with another bank?

The situation is slightly different if you are an account holder in a bank other than the one where you decided to take a loan. In this case, the case looks the same as for regular bank transfers. The deadline for money to reach your account depends on the Good Finance session. Each bank has three outgoing sessions (when ordered transfers are made) and three incoming (when the money goes to the recipient’s account).

They differ slightly in each bank, however, we can assume that if the bank that gave you the loan orders a transfer by twelve o’clock it will reach you the same day. If he did it later – you will receive the money on the next business day along with the first incoming session of your bank.

To sum up, nowadays banks are trying to meet all the expectations of their customers, which is why they do everything so that they do not have to wait long for the transfer of borrowed funds. In most cases, the borrower receives them on the same day or the next day. This is good news for everyone who cares about time.