You may already be aware of what Payday loans are. Simply defined they are short-term cash loans, lent for a small period of time and high charges. However, the main attraction of this type of loan is the word “instant”. This is the word that differentiates it from the old school bank loans. Like in my case if you need cash instantly, and you go to a bank, it will take a few weeks for you to get money. That hardly solves the problem. Here is where a payday loan will help you. As these loans are instant approval loans.
Factors on which the approval of a payday loan depends on:
- A regular source of income or proof of ability to pay what you are borrowing.
Payday lenders do not do a detailed background check into your financial past and that is one of the main reasons for them being instant in nature.
Though the lenders provide instant approval, which only means that they will give you the amount, the loan amount may take up to one business day to be credited to your account. The time it takes for the lender to send you the money depends on various factors like the lender, the bank account or method of payment you have provided them to receive the funds. Even with that, the funds are released a lot faster than any bank will.
Payday lenders are of two types, storefront and online. With storefront lenders in Florida
, instant loans are easy. You walk into a store with all the required documentation and fill out a form. The company representative will verify all your documentation and approve the loan within a few minutes. However, going to a store requires you to do a lot of paperwork. You will need to print out the required documents and carry everything along with you to the company. So many people prefer the online lenders. Almost all the best payday lenders have an online presence these days.
When you apply online, the website provides you an option to upload the documentation that is required for them to approve the loan. In case of an online application approval usually, be done within minutes of application.
The transfer of fund into your account is also said to be instant in case of most payday lenders, however, this guarantee depends on the lender and the bank and the time you apply. If you apply at the end of a business day then you may get your funds the next day. Whatever the case the best lenders will help you with the funds within a business day on your approved application.
We have listed the best payday loan lenders in the United States with instant approval:
- Check into Cash
- Speedy Cash
- Cash Net USA
- Check n Go
- Ace Cash Express
Compare and select a payday loan lender that will help you in the best way you need.