There are times when it’s important to act quickly to secure loan funds so that you can take advantage of a special offer. However, we all know that dealing with banks can sometimes be a frustratingly slow process, so how can individuals maximize their chances of getting a personal loan fast?
Well, most banks will offer an instant decision on whether they are prepared to lend you money. This is called an Agreement in Principle and all that the bank needs to make this decision is to collect some basic information from you through an application form.
However, typically, before the money can be drawndown, they require you to confirm your identity by providing your passport, or driving licence, and/or bank statements, etc. There is therefore usually a small delay between the Agreement in Principle being given and the funds hitting your account. If you have applied online, for example, you would normally be required to post your identification items to the bank’s processing centre.
However, some banks are now promising to have the money in your account almost instantaneously, where existing customers apply for the loan via their online banking service. By logging into online banking (going through the security logon credentials), that constitutes as having verified your identity and they will then get you to tick a box to confirm that you have read and accept the loan agreement. Not all banks currently offer this but it is becoming more common.
The majority of people who apply for a personal loan want to get their loan quickly but don’t necessarily need to obtain the funds immediately. They are therefore not too bothered if there is a day or two between the loan being agreed and the funds hitting their account. For those for whom speed is of the essence, it’s vital that you ask your bank how quickly it will be able to credit funds to your account. The speed of fulfilment may differ between banks and their websites won’t always contain this level of information. Your best bet will therefore be to phone a Loans Adviser or pop into a bank branch to quiz them on what their policy is for turning around a loan application. At the very least, by making them aware of the urgency of your case, it should prompt them to pull out all the stops to get your loan request processed as speedily as possible.