While you need money very quickly, luckily, you have just stopped in front of a lending institution displaying this offer: “Your quick credit in 24 hours”. But what about in reality?
The bottom of the instant credit in 24 hours
To start, remember the basics: to qualify for a credit, you must always meet conditions, some of which will always be the same regardless of the loan you want to contract. First and foremost, you must be solvent, present the profile of a person who can pay his debts. If you have already embarked on other credits, your debt ratio should not exceed 33% of your income.
Your name must also not appear on the Banque de France’s National payday loan Repayment Incident File (FICP), ie you must not be banned from credit due to failure to pay.
Then, when you have submitted your loan application to the bank of your choice, it will analyze the risks it incurs by granting you a credit. He will screen your receipts and compare them with his eligibility criteria.
Therefore, the time for you to build your file and for your creditor to study, a credit application takes at least 24 hours in reality, and even more in case of major project (home loan or professional).
An immediate credit 24h can therefore mean obtaining a response in principle in 24 hours: after the first evaluation of the data you have provided, the credit agency will tell you whether or not you can contract a loan at home. It is not a question of a positive response to your request, that is to say, leading to an unlocking of your financing. Your creditor will only make a final decision when he has all the paperwork required to make his decision and will have analyzed it.
A fast credit within 24 hours can also simply be the release of your credit in 24 hours, after careful study of your file, which will have taken some time.
You will understand, between all these steps, the 24 hours will be quickly sold out …
Some quick tips if you need money very quickly
For your part, you will increase your chances of obtaining an immediate credit if first, you do not appear on the FICP of the Bank of France.
Then, be solvent, but also look after your profile: as much as possible, your bank statements should be blank of any banking incident, type discovered, defaults, credits piling up like decorations on a Christmas tree. Otherwise, the defects of course must be justified by a good reason, as for example, the urgent repair of your only means of locomotion or the acquisition of a hob because yours unfortunately let you go. A credit taken for holidays for example would not reflect too much a necessity …
You can also get immediate credit if it is a small loan (or microcredit), less than 1000 euros. The agreement for a large sum always takes longer.
In fact, to save money, you can also use an online loan comparator: not only will you find a list of lenders, but you will also get the main information you need to decide which one to deal with. This is mainly the annual percentage rate of charge (APR), which is the total cost of your credit, including administrative and handling fees, the cost of the various guarantees, and prepayment indemnities (ARIs). Very quickly, you will have a preview of what your loan will return to you in the end.
Another possible way of dealing with urgent credit needs would be to use a credit broker, if you already know one, or if you can afford to use the services of such a specialist. Indeed, the brokerage costs can be quite significant, up to 5% of the credit amount. Nevertheless, thanks to its network, a broker can help you quickly find the loan organization adapted to your situation. The procedure will be accelerated.
For their part, the lending organizations are organizing to make things easier for you. Some institutions offer to submit your credit application online. This begins with a simulation, during which you will have to fill out a form. If the conditions are right for you, you can then continue the process by sending your file with the necessary administrative documents (proof of identity, bank statements, pay slips, bank account …). Then you will confirm the sending of your request by phone call or SMS. The request transaction will be even faster if you are already a customer. Indeed, some credit organizations may allow you to apply for a loan via a simple SMS.
Whenever possible, also submit your request in the early hours of the day, when everyone starts working. Your application will be more likely to be processed quickly and you can benefit from your funding in a short time.
Please note that your fast credit may be delayed if you do not send the required supporting documents promptly. In addition, if your usual bank is different from the credit institution with which you have chosen to conclude your loan, the transaction may be delayed. Indeed, while your creditor has already made the transfer of your loan the day of your application, it may be that your banker will make it available to you only on a delayed basis because of its organization.
Finally, another way to obtain a loan in less than 24 hours, or even at any time, would be to contract a revolving credit (also called a permanent credit or “reconstitutable” credit or “revolving credit”). This system allows you to access a loan permanently, renewing itself as your repayments.
The final word
Certainly, a need for urgent money is felt because you want to jump on an opportunity that may not occur twice or because you are experiencing a temporary financial difficulty. However, if offering immediate credit in 24 hours may seem highly attractive, do not give in at any price. Do not be subdued by the seductive “24 hours” expression.
Check your repayment capabilities first. Then, choose the type of credit in which you agree. A credit can be obtained quickly and paid back over a short period, but it can finally come back very expensive because of a large overall rate. If you opt for a revolving credit, the danger of over-indebtedness is closer, as you will be more exposed to the temptation to use this “unlimited” cash reserve.
Study the details of the loan you are considering, the clauses of your contract. Take the time to read between the lines. You would not want the 24 hours to turn into an eternity, is it?