When applying for a loan, the time elapsing between the time of the request and the sending of the contract can vary considerably from one situation to another. This credit period certainly depends on the agency or bank to which we are addressing, but not only. What are the good reflexes to have to get an answer quickly? Our three tips.
1. Transmitting precise and complete information
It is important, when applying for a loan, to transmit accurate, need and complete information to the credit agency. Indeed, it is on the basis of this information that the study of the file can be carried out. If any information is missing or if any data seems to be incorrect, it will then be necessary to contact the client in order to obtain further details, thereby extending the period for obtaining a response to their credit request. For example, the following can quickly lead to verifications, and therefore additional time for credit:
- The contact address indicated by the client does not correspond to the address which appears on the salary slips: clarifications will then be requested.
- The credit request is made (online form) without indication of the rent paid monthly. This information is essential for studying the file.
- No indication is made for possible dependent children when the request is made, while the salary statements indicate the payment, for example, of family allowances: clarifications will then be necessary.
- When extracts from bank accounts are required, the entries may not correspond to the salary indicated on the salary statements. Again, it will then be necessary to be able to explain the difference.
- A poorly specified civil status may also increase the credit period. It is therefore important, for example, that divorced people do not indicate “single” as their marital status.
If none of the above examples really lead to a refusal of the request, they involve requests for clarification which can quickly take time, and therefore extend the time between the request for credit and the sending of a proposal.
2. Send a complete list of documents
Once the request has been sent, the agency or the bank sends a list of documents necessary for studying the file. It is therefore important to check the complete transmission of the requested elements. An oversight or a missing part will thus block the analysis process until the file can be completed. In particular, it should be noted that banks generally request the cards for the last three consecutive months. Sending only two cards, or cards from previous months will not be enough.
3. Send readable and usable documents
With the advent of mobile phones for taking photos, many customers are quick to take photographs of the requested documents rather than scanning them. If these documents are generally accepted by the banks for the file, it should be checked:
- That the documents are legible: blurry photographs or photos of insufficient resolution must therefore be returned. In general, the criterion applied is that the document must be readable.
- That the attachments, in the event of sending by e-mail, be usable: it is thus better to privilege the files with the universal formats: PDF or JPG for example.
What is the minimum time for a credit request?
It will all depend on the bank or the credit agency we are talking to. As a general rule, once the file is complete, a decision is made within 1 – 3 working days. Some credit agencies like BetweenCredit favor speed and allow you to obtain the best deadlines.
Lastly, it is necessary to differentiate the time which elapses between the request and the sending of the contract, and the time of payment. Whichever agency we contact, this payment deadline is set at 14 days by Swiss law. In other words, there will be a minimum of two weeks between the signing of the contract and the payment of the money. During this period, the customer can also freely cancel his contract without charge: we also speak of withdrawal period.