Is it real that online payday loans arrive in less than 15 minutes?

The speed in the granting of online payday loans is an advantage that GreenTouch now offer us. The main aspect that we must take into account is that the more money we request, the longer it will take to grant it to us. The most representative example is the time it takes us to receive a mortgage, between 4 and 8 weeks, as a general rule. When we need such large amounts of money we must understand that the bank or the entity will analyze our profile thoroughly and this takes a while. Although now it is possible to get lower amounts of money on the same day. Let’s see how we can make the money from the fast online loans arrive as soon as possible.

Verification applications in small online quick loans

As we have already pointed out, the factors that delay the granting of online credits the most are the sending of the documents and the analysis thereof by the company or the bank. In the online loans, it is possible to send the papers through a photo by WhatsApp or by email. However, there are some personal loans that will ask us to send documents by mail, as well as other paperwork. For example, to buy a car we will need the budget or another paper that serves as proof.

Of course, it depends on the type of credit we request. The quick loans that we find on the Internet for smaller amounts of money (up to about 1,200 euros) are beginning to work with identity verification applications. These applications, Instator or Pich, for example, collect the necessary data from our online banking application. In this way, the lender does not need us to send them documents and the analysis of our economic situation is almost instantaneous.

Another case where it will not be necessary to send documents or paperwork is in the pre-granted loans of our bank because they already have all the history of our movements, income, and expenses. Therefore, when there are larger amounts of money and paperwork is necessary, it is in our hands that the documents that we have to send are in perfect condition and are correct to reduce the time of the request. The entity’s delay in giving us an affirmative or negative response is not in our hands.

Transfers influence the speed of online loans

Once we have reduced to the maximum possible the time that we take in making the request of the fast loans and the company has answered us, after signing the contract the order of income is made. This is another key point, because if the account from which the lender (whether a bank or a company) is from a bank other than ours, the transfer can take up to 48 hours to become effective. When money is sent from one account of an entity to another account of the same, the transfer is instantaneous.

Therefore, if we make sure that the lender with whom we are going to sign the fast loan online has an account in our bank, we are reducing the time of sending the money very considerably. So if we ask for a small amount of money, we use the identity verification applications and the credit company has an account in our bank, we can have the money in 15 or 20 minutes.