Posted by Michael J. McGarvey on September 26, 2019
It is a more or less “old” wisdom: what sounds like doesn’t have to be the same! Strictly speaking, this also applies to finance, and in particular to loans. Anyone looking for a credit on the Internet will find a variety of credit offers that make a consumer believe, as soon as a credit is applied for online, everything goes very quickly. There then appear terms such as “credit with instant decision”,”instant loan”,” instant credit”, “loan with instant decision online” and many more word combinations. Creativity in the creation of such credit definitions seems to be limited. It is crucial to suggest for the creator of such definitions, the potential consumer who is looking for a fast loan, that it is really fast in lending! The practice, however, looks different and often leads to appropriate displeasure with a consumer. So let us clarify a little where there is actually the difference between an immediate loan and an immediate credit.
The instant loan is the fastest variant
Although it may sound at first glance, only a synonym for the same credit, but in practice there are some differences between an emergency loan and a credit with immediate commitment. As a consumer, you often imagine a loan under an instant loan, which you get paid immediately at the cash desk of a Bank in cash. Sounds great, but has nothing to do with reality, unfortunately. The main feature of an immediate loan is, however, that both the loan commitment and processing as well as the payment of the loan takes place relatively quickly, but often not immediately. Most of the time there are 24 hours processing time in the room.
A credit with immediate commitment always means: wait!
When it comes to the term “immediate credit”, the consumer may be confident that a credit will be given an immediate decision as to whether or not the credit applied for will be approved. But not on the fact that the credit is then also paid out quickly. As important as this communication on the granting of credit is, it is important to bear in mind that such a statement does not imply a rapid processing of the loan application. Therefore, as a consumer, who is in fact dependent on a very fast payment of the loan amount, one should first inform the Bank about the period usually passes between the application of the loan and the payment of the loan amount.
Or you decide to ask for the so-called flash transfer, for which lender can guarantee that you have applied for and approved loan within 24 hours to your checking account.