In the past, getting a payday loan was actually a complicated process. While not as difficult to time-consuming as applying for a bank loan, it did mean going down to the lender, filling in an application, waiting to be notified if you were approved, and then making arrangements to repay the loan.
With payday loans, instant approval is now possible through the use of technology. By filling out an online application and submitting the form, the system will automatically check specific information provided against online databases, allowing for immediate approval for those qualifying for the loan.
After approval, the actual funds from the payday loans will be deposited into the designated account on the application usually within 24 hours. Of course, federal holidays and weekends may delay this transfer as some banks will not record the automatic deposit until the next business day.
With payday loans, instant approval is only possible if the application is filled out correctly and completely. Take the time to ensure all information is correct, including your personal information and your employment and banking information.
Errors on the form will result in a delay in approval. You will also need to fax a copy of a current bank statement. This is essential for the lender as these loans are not secured, except by the record of a direct deposit and ongoing employment.
Who Will Need to Know
The entire process of getting payday loans with instant approval can be done completely confidentially. The application doesn’t require any co-signers, and there is no credit check by the lender.
While you do provide your employer information, this is for verification of employment on the application. Additionally, the money is deposited into your checking account automatically and withdrawn from your next direct deposit. This keeps the entire transaction confidential, and you don’t have to worry about missing the payment or having to go down to the lender to pay off the loan.
The key to getting a payday loan is to fill out the application completely and check that all information is correct and accurate. It will also be important to read the loan offer fully and understand the fees involved in accepting the advance.
Many of the top companies provide a 24-hour option to cancel the deferred deposit. This allows you the time to consider the loan or, if something has changed and the funds are no longer required, to avoid paying any fees provided the lender is contracted by the stated cancellation time.