Suddenly time is running out. The rent should be debited in two days, but you have to be horrified to find that you do not have the necessary money on the account. A loan is supposed to free you from this clamp. But where do you get a loan with such a short lead time? In theory, you need a loan with a payout in 24 hours. A disposition, a temporary overdraft or an instant loan are possible. However, you have to make clear cuts with this.
A credit with payment in 24 hours: the overdraft facility
In principle, everyone knows what a overdraft facility is: You can overdraw your checking account by this amount. The overdraft facility is actually easily granted on request and this is often done in less than 24 hours if it is made clear that there is a great need for the money. Most banks admit a discount rate that is up to 250 percent higher than the monthly net income.
The advantage of the overdraft facility: you have the money at your disposal quickly and you can also decide how much money you want to pay back and at what pace. The disadvantage of the overdraft facility: it has a high interest rate. Mostly even with double-digit interest amounts.
A credit with a payment in 24 hours: the one-time overdraft
Unlike the overdraft facility, the one-time overdraft is easier to obtain because no paper has to be signed for it. You just say on the phone how much money you need and the bank immediately unlocks the new credit line. For the one-time overdraft, however, there must be a watertight repayment plan that can be easily negotiated with the clerk.
If you need a small sum quickly, the one-time overdraft is the best option. However, the credit limit for the one-time overdraft remains at 250 percent of the monthly net income. If you need more money, you have to use the instant loan.
A loan with payment in 24 hours: the instant loan
The instant loan is the classic loan with a quick payment if you need a larger amount than you can get through the overdraft facility. However, as a loan with a payout in 24 hours, there is rarely an instant loan. It is usually approved during this period, but not yet paid out. The bank needs time to check the creditworthiness and above all the creditworthiness of the applicant.
This means that such a quick payout is only made by banks that already know the customer and have been serving customers for a long time. As a completely foreign customer who has just come to a bank, you actually have no chance of receiving an instant loan in such a short time.