Bank loan payment, at what time does the bank mobilize the funds?
Most customers know the situation perfectly well: I signed a loan agreement this morning, it is 3pm and the funds have not yet found my account. What can be the reason for waiting for the loan to be paid out? How quickly does an adviser in the bank release funds after we sign the contract? We will try today to describe the procedure for disbursing loans and withdrawals. It should be remembered that each bank has different procedures, which is why we will try to generalize the procedure.
What determines the speed of withdrawal of a bank loan?
How quickly we get the money from the signed credit agreement depends on several factors:
- As soon as the adviser enters the signed contract into the system
- Compliance of all signatures, initials or stamps on the bank’s side
- What account number did we indicate for the loan, the bank account in which we run the loan or other bank
- The bank’s conduct, in one you can immediately withdraw funds at the cash desk, others post a few hours
- Amount of loans to be run at the bank’s head office
Introduction of the signing of a loan agreement by a bank adviser
When signing a bank loan, the advisor does not have to start it immediately. It may be that he has some other meetings right after us and he will do it a little later. Then the waiting time is extended. Another common case is the need for a second person to sign a credit agreement (another bank employee or manager), such a person is not always available, which may also extend the time to mobilize the funds. In addition, it may happen that the employee’s signature, stamp or parish is missing, which requires a contract amendment, which automatically extends the waiting time for funds, and the adviser does not inform about such changes.
Activation of funds on the account at the same bank
The payment of the loan is much faster if we indicate the account number in the same bank where we take the loan. We avoid leaving money from one bank, posting funds and redirecting to the destination bank. Such a procedure saves up to 2 days (the case of the weekend when transfers are not booked). Providing a home bank usually results in immediate credit resources.
Consolidation loan, payment speed
When customers sign a consolidation loan agreement, a very similar thing happens. Usually, the money leaves the bank shortly after signing the contract, and everything depends on the host bank’s session. It is always worth noting about which money comes from the bank from which we withdraw it and about which should be booked by the receiving bank.
If the consolidation loan provides for the payment of free funds, you should indicate the ROR number at the bank where you sign the loan agreement. Thanks to this, visible funds will appear immediately. Funds paid to meet our obligations will usually be credited the next business day after signing the loan agreement.
Loan broker signed – payout speed
If you use credit intermediaries, there is also no rule, one loan will be activated immediately and you will have to wait for funds from another. The situation in which the waiting time for funds may slightly extend is when the broker must reach the client. The contract is launched by scanning it into the bank’s system, which can probably only be done from the credit broker office. The agent’s duty is to inform the client when he can expect to be credited with his bank.