One of the points of micro-loans is that it will be quick to get the money deposited into their account. That money is paid out so quickly is one of the things you pay for when you take a microloan. If you want to read more about what a microloan is exactly, the tip is that you visit our page where we provide basic information about this. Read more about microloans.
Online payday loan lenders: Trusted by thousands
Some loan institutions advertise that you can get a loan very quickly. The money should be deposited into your account within a few minutes. You can request an online payday loan direct lender right away. The truth behind this can be anything from you really getting the money after a few minutes to it can take a little longer. Indeed, it is often the case that the lending institutions cooperate with certain banks where it is faster to deposit the money. If you have an account there, your loan will be deposited immediately. If you do not, it may take an hour before the money is in the account.
There have also been new rules in recent years that have limited how quickly lenders can say that the money should come into the account. They are no longer allowed to advertise, for example, that the money is in the account within 10 minutes or similar in a short time.
Common payment terms
Since there is nothing to say that the loan institution that you are applying to has a collaboration with your particular bank, it can be good to know what the standard time usually is for micro-loan payments.
Usually, if you apply for a loan before 1 pm on a weekday, the money will be available in the account sometime between 3 pm – 5 pm the same day. This may not be a microloan where the money is deposited directly with it being a very fast loan.
If you are applying for a loan on a weekend or a Friday after 13:00, it will take a little longer before you have the money in your bank account. Then it is Monday morning that applies instead.
Just keep in mind that this example is not something that certainly applies to all credit institutions. Some may be faster while others are slower. However, it is common that it takes about this long to get your microloan.
If speed is the most important thing to you, the risk is greater than you can pay a little more money, since unfortunately, it is not certain that the cheapest lending institution is the one that also pays out money fastest.