What does it mean when a lender says “Money in your account in 15 minutes”?
Private lenders that grant mini credits , that is, fast credits of less than 600 euros, usually include a promise in their advertisements: that the money will be available in 15 or even 10 minutes in our account. The truth? This is not true in all cases.
New lender companies grow exponentially
Since the Spanish banks closed the credit tap, new lender companies grow exponentially. These companies or websites offer expensive credits but with three great advantages: discretion (they don’t usually ask what we want money for), poor paperwork and speed.
Although people who are interested in one of these credits for the promise of immediacy of income should know one thing: each of these companies works only with some banks. For example, CréditoNuevo only works with La Caixa, Bankia and Santander [ Consult other lenders and their associated banks ]. So that the income in 10 or 15 minutes is only fulfilled if our bank, that of the account where we want the deposit, is one of those that appear on the website of the lender (you have to search thoroughly …). As a curiosity we will point out that the only bank common to all lenders is Santander.
And what happens when our bank does not match any of yours? That the entry can be delayed between 24 and 48 hours from the approval of the credit.
Take into account all the times of the process
In addition, those who are in a hurry to get the money should take into account all the times of the process: (1) request by phone, SMS or mail, filling out a form usually short (2) the lender contacts us to check our data and ask us to send a document by mail, (3) with all the papers in order, we wait for the green light of the lender, which can be immediate or take 48 hours, for example, if we asked for it on a Friday afternoon and they are not operational until Monday, and (4) finally it will be confirmed via SMS that, effectively and after all, we are still interested in the offer.
In short, nobody thinks about 15 minutes of real life. What the lender means with “Money in your account in 15 minutes” is ” Money in your account in 15 minutes, once I have approved the loan, and provided that your bank and mine are the same .”