What are the characteristics of payday? Above all, the speed with which they are granted. Most loan companies advertise that loans are granted within 15 minutes of submitting the application. As it is easy to guess, for many people it is an ideal solution, so they would be happy to take advantage of this option. But is the loan in 15 minutes really possible? Everything depends here on several factors that will be discussed below.
The speed at which we get a payday depends mainly on whether we have an account in the same bank as the company in which we apply. Because we usually make transfers in the Elixir system, i.e. a system that does not allow us to transfer money between accounts immediately. Elixir was created by the National Clearing House in 1994. Transfers under this system are made between banks operating in Poland. Transfers are carried out in three sessions. So when we want to send money from bank A to bank B, we will send it in one session and the bank will collect it for the owner of the account in the next session. So sometimes it may happen that money sent in one day, will be sent to the recipient’s account only in the next. Obtaining a payday within 15 minutes is possible only if our account is in the same bank as the loan company’s account. Then the money is immediately credited to the account, because there is only posting between accounts, without the Elixir system. We can not forget about the fact that loan companies will want to verify our data, and a verification transfer is usually necessary. So if it will be executed as part of the Elixir session, again the whole procedure will be extended. We can “get out” from this by verifying our data through special applications that will instantly confirm our data that we provided during registration. If we agree, the loan company logs into our account with the help of these applications and can ascertain that the data is true. It only takes a few seconds, so it speeds up all procedures.
It must be admitted, however, that in recent times a lot has changed when it comes to transfers. More and more banks are introducing to their offer the product which is Elixir Express. In this case, the money is transferred between accounts almost in real time. So if the loan company in which we apply for a loan sends money in this system, then the cash will quickly appear on our account.
What else affects the speed with which money will appear on our account? First of all, the day and time of the day in which we will submit the application. Not all loan companies work on the weekend or in the evening. So if we submit our application when no one is working in the loan company, we will be able to forget about the loan in 15 minutes.
A loan in 15 minutes is perfectly possible, but only on condition that several conditions are met. Therefore, before we submit an application in a loan company, let’s check in which system it performs transfers, in what days and hours it works, etc. Thanks to that we can get money faster, of which we will certainly be satisfied.