When Instant Doesn’t Really Mean Instant

Knowing whether or not you’ve been approved for a loan quickly is important.  If you get turned down you can move on to the next lender right away.  But after your loan has been approved nothing is instant anymore.  This isn’t necessarily a bad thing, but you have to know what to expect in order for the loan to work for you.

So the scenario goes like this – you apply for your loan, get approved (great!), and now what?  As soon as your application has been processed and approved the transfer of funds begins to your checking account.  In a perfect world the lender would push a button and the money would be available to you, but this isn’t a perfect world!  You know how when you deposit a check at the ATM and your bank only allows you to access a small part of the check until the next business day?  The same thing happens here.  Banks aren’t particularly fond of money flowing freely in and out of accounts, so they put a hold on your loan until they get around to approving the transfer.  What this means for you is that your money probably won’t be available to you until sometime the next business day.  Things get more complicated applying on the weekends.  Sometimes the money won’t be there for you until Monday or Tuesday.

All of this doesn’t mean anything if you can wait until the funds clear, but if you truly need the payday loan today you’re going to be in for a frustrating wait.  This also exposes a huge problem with the payday loan industry, which is they don’t share this information with you (or much else for that matter!).  You see advertisements everywhere saying you can get your loan in an hour, but in reality this can never happen!

So What’s The Workaround?

If you truly need your payday loan today just get off your computer and go down to your local lender.  They can write you a check in a couple of hours.

To speed that process up even further be sure to call the lender before you leave your house and ask them what paperwork you’re going to need to bring with you.  Going to their office without a critical paper can throw a major wrench in your gears.

Are There Other Instant Approval Loans?

Yeah there are, but they are similar in nature to payday loans.  Installment loans are almost the same thing, with the same requirements, but provide more money and more flexible loan terms.

If you have a car that has been paid in full you can also check out title loans.  It’s not recommended that you try and get this loan online since you need to get your car inspected by the lender.  In most cases you’ll get your loan today and have much longer to pay it back than the other loans discussed here.

Knowledge Is The Key To Getting Instant Approval Payday Loans

Lenders like to throw around the idea of instant loans, knowing that it really has no meaning.  What’s important for you is that you know what to expect.  A little bit of knowledge here can prevent major headaches along the way.

No paperwork instant loans are also called no fax loans, which means that the only thing that you send them will be the online application you fill out. From there everything on your application is verified and approved electronically, with no other work on your part. Nine times out of ten the lender will automatically deposit the cash into your checking account, which means one less thing that you have to do.

So how do the verify your information? Almost all lenders use a company called Teletrack to verify everything that you put on your application. They use different national databases to figure out if you were honest or not. They don’t look at your credit score, but they will check to see if you’ve recently filed for bankruptcy or how often your checking account goes into the negative.

Finding a lender that works like this is just a matter of spending time on their site reading. Most lenders are going to put it right there on the home page, but some will bury it in their FAQ section. While you’re browsing around instant lender sites you can also check out their rates to make sure that this is something that you’re going to be able to afford.

The requirements are the same whether you have to send paperwork or not. You’ll still need a job, you’ll still need a checking account, and you’ll still need a minimum income of at least $1000. Just because you don’t have to send in paperwork doesn’t mean that you can get away with “stretching” the truth on your application!

Now keep in mind that if a lender can’t verify something your application you’ll have to fax them the paperwork. It sucks to have to do, but they have to protect their necks too! The only way to prevent this from happening is to be as clear and honest as you possibly can. Lying on an application will just get it declined and you’ll waste your time. It’s simply not worth it!

Instant loans with no paperwork are becoming the norm, so you should have a hard time finding one. Visit a few lender websites and you’ll have one that’s willing to help you out. It might take a bit more time than just applying with the first instant online loans you see, but the extra time it takes will be saved when you don’t have to fax them any paperwork!

All joking aside, this won’t be easy. The main thing that you’ll need to qualify for instant online loans is some sort of benefits, whether unemployment or other state/national benefits. Without these you’ll be hard pressed to find a lender that is willing to work with you.

The reason for this is that lenders see you as too risky to approve a loan for. Whether this is true of your situation or not, it’s the hard truth. Without a steady flow of money coming in, the lender figures that whatever money you do get is going to feed you and provide shelter, rather than paying back what you owe them. Like I said, this is the lender’s general view of people without a job, which makes them pretty unwilling to give you a hand.

So what if you are on benefits? Get ready to do some research. There isn’t a single instant online loan that you can apply for that will guarantee approval without a job. Some offer loans like this only in specific states, and others do so only for a short period of time.

What you’re going to have to do is contact multiple lenders to see if they’re able to help you out. This can be done either online or locally, but you’ll have to do so while they’re open and operating. Most online lenders work on Central or Eastern time on weekdays, so keep that in mind. The key is to call them, rather than trying email. They will take forever to help you out via email. Give them a call and see if they’re able to lend to you. Be prepared to answer questions about how much you’re getting paid, how long your benefits will last, and if you’re getting them in the mail or via direct deposit.

Don’t just limit yourself to online lenders, try the ones in your area as well. It can be especially helpful if you’ve borrowed from a local company in the past and paid your loan back on time. A good relationship like that can go a long way to getting you a approved for a loan that you wouldn’t qualify for otherwise. Again, call them rather than going to their office to save yourself some time, and be prepared to answer the same questions from the last paragraph.

Instant loans for unemployed people are just myths, they do exist, but you’ll have to meet some very specific requirements to qualify. It won’t be easy, but it’s not impossible!

The best way to start is simply to start browsing actual instant lenders. Don’t bother dealing with a loan matching service, go straight to the lender. You can read through the fine print and FAQ section to see if they’re able to help. A part of the problem is that they may only offer loans for people on benefits in certain states, rather than all of the states that they’re licensed to lend in, making this problem even more confusing!

On many loan applications you’re going to see a drop down box where you choose how you get paid. In that box there will normally be a selection for “benefits” or “SSID” or whatever. Don’t assume that this means they’ll be able to help you out. They’re intention here is to see how you get paid, rather than if you’re going to be able to get a loan. Go out and try a few different lenders and see if they can help you out.

What if there aren’t any online instant lenders that are able to help you out? Grab your phone book and start calling all of the lenders that are local to you. Doing this will at least give you the opportunity to pitch your story and situation to a real person, who may be persuaded to help you out. Be honest and upfront with them, but don’t hesitate to pour on the pity if need be!

Between both of these options you should be able to get a loan somewhere. I’m sorry that there isn’t an easier way, but most lenders simply don’t want to offer instant loans for people on benefits. I know that it’s not fair, but it’s a fact of life in the cash advance industry.

With all of this being said, if I can find a lender that will consistently lend to people on benefits I will update this post, but for now we have to work with what’s already out there.

The most common instant online loans are the payday loan. These are more popular online, but are also available locally, assuming you live in a state where they are allowed. They’re short term loans, which means that you’ll pay it back on your next payday, and the funds are normally withdrawn automatically from your bank account.

To get a payday loan you’re going to need a job and a bank account. Most lenders will require that you have been at your job for at least six months and earn at least $1000 a month after taxes. Each lender will have their own specifics, but you can expect it be something along those lines.

Local loans are faster than online ones. This happens because you will be cut a check on the spot, and are then able to cash it there or head straight to your bank. Expect it to take at least an hour for them to process and approve your loan. Online loans will take longer because your bank has to be open to approve the transfer of money into your bank account. If you’re able to apply very early in the morning you may be able to see the money in your account the same day, but expect it the next business morning.

To speed these loans up as much as possible locally, call the lender before you leave your house to see what paperwork they’re going to need to process your application. The last thing you want to do is waste time driving back and forth between your bank, house, and the loan office. For online loans, the best thing you can do is go with a no fax instant lender. Having to fax paperwork is a pain in the ass, and should be avoided at all costs!

Title loans are another type of same day instant loan, and can get you a heck of a lot more money than a payday loan with more time to pay it back. To qualify for a loan like this you’ll need to own a car that has been completely paid off, as well as possess the title to it. These are secured loans, which means that if you don’t pay the loan back, they will repossess your car and sell it to get their money.

You’re going to be able to borrow a percentage of the value of your car, which can potentially be a lot of cash. The lender will set up a repayment program with you that will have you make biweekly payments directly to them. These payments are normally on your scheduled payday, and can be spread out over several months.

A quick note for those that live in Arizona: Since payday loans have become illegal in your state, many of the old instant loan lenders in your area have come up with a new type of title loan that doesn’t require your car to be paid off. This was designed as an alternative to payday loans. I’m not totally sure how these loans work and if they’re secured or not. Be sure to read through the fine print before accepting a loan to make sure that you’re not getting screwed.

To speed up a title loan, go with a lender that will allow you to begin the application process online. You’ll fill that out, then drive down (with the car that you’re borrowing against) to get the car checked out and get your cash. In most cases your application will be reviewed by the time you get there and the process then only takes a few minutes.

One thing that you can do to help get more cash from your loan is to spend some time cleaning your car up. If it looks like it’s in good shape it will get appraised for more. Title loan lenders are people too, and “shop” with their eyes. If your car looks like a hooptie, you will get paid like it’s a hooptie.

Title and payday are two of the most common same day instant loans. Choose the one that suits your situation the best, but understand that the risks of not paying them back are very high. Skipping out on payday loans will get collectors breathing down your neck 24/7, and not paying back your title loan is going to result in losing your car. Neither of these are good situations to be in, so only borrow what you’re going to be able to pay back without a problem!

These online loans generally take after payday loans. In order to obtain the loan you must be at least 18 years of age, have proof of identity, have proof of income and employment, and have a legal residency. Just like payday loans, they go off of your recent pay stub amounts, so credit checks are usually not performed in order to obtain the loan. These loans are effective for any amount of your presumed next pay check. After choosing which instant decision loans you want the money is instantly transferred into your account.

Making sure your data you submit is secure is always of importance when using the internet. Three signs that you are using a secure site are “https” before the address of the site, a lock icon by the site address within the address bar, and having a reputable name. Using third party lenders always runs the risk of super inflated interest or even worse a identity scam that will scar your credit and identity forever.

Going into finding a loan with a battle plan is the best bet for ensuring a bright financial future. Otherwise, you may find yourself knocking over the first domino of many. Each falling domino leading to more debt and worse credit. Wither to borrow or not to borrow runs on your personal decision. The question is how will you make this loan your last loan?

The basic requirements for a payday loan are that you have a job that pays you at least a thousand bucks a month and you’ve been there for at least six month.  You’ll also need to be over 18 years old, have a checking account, and have the paperwork to prove all of this.  It’s really that simple!  They don’t check your credit, so you don’t have to worry about that at all!  Each lender is going to have their specifics, but these are all fairly common requirements.

Title loans are another style of instant loan that you can get with bad credit.  These lenders may check your credit, but your score has little effect on whether or not you’re going to get approved.  A loan like this requires that you have a car that has been totally paid off, and you have the title to it.  You’re going to get money based on how much your car is able to be sold for, which could be a heck of a lot of money!  Most lenders will give you 50% of your car’s value.  An instant loan like this is generally not available online, you have to go to their office, but many lenders will allow you to get your application started online.

The risks of accepting bad credit instant loans like these are fairly high.  You’re going to pay a lot of money in interest, and failure to pay the loan back will lead to an insane amount of debt that will be really tough to get out of.  With a title loan, you’re going to have your car repossessed and sold if you don’t pay it back!

One thing that you have to do is try and earn as much extra money as possible from the day that you accept the loan and the day that it’s to be repaid.  Doing this will take some of the heat off of having a major chunk of your paycheck gone to paying the loan back.  There are tons of ways to do this, working overtime at your job is probably the most obvious, but do whatever you can to put more money in your bank account!

Instant loans for people with bad credit are very easy to get, but it’s important to remember that they aren’t a replacement for doing everything you can to improve your credit score.  Use these loans sparingly, and work to get your score back up so that you can apply for much cheaper loans next time!

Apply For Instant Online Loans

What Is This Thing???

You can apply for a loan on dozens of different websites.  Some are tailored to your geographic region, and others are large companies that work everywhere.  If you want to see an example, there are some buttons to your right under the “Sponsors” column that you can check out.  Submitting an application through something like this instantly gets the process going to get you a loan, and you’ll know whether you’ve been approved in a matter of minutes.

Long gone are the days of having to fax over your paperwork and sign a bunch of paper work.  Now, the online application is secure enough that it is all you have to fill out and submit.  You’ll know very quickly that your application was received, and whether you were approved shortly thereafter.  It’s a very simple process that requires you to only have a little bit of info on hand.  Each lender is different, but you’ll need at least the following:

• Social Security number
• Address/phone number
• Email address
• Paycheck stub (have a few to be prepared)
• Checkbook for account and routing numbers

Having all of this stuff with you when you apply is going to make your life much easier and the loan process faster.  You’re already stressed out because you need an instant loan, don’t make it worse by having to scramble around for the papers in the middle of the application!

What To Expect When Repaying The Instant Loan

There are a lot of different ways that an instant online loan can be repaid.  The two most common are that the money is automatically withdrawn from your account in either 14 days, or on your next payday.  Many lenders will work with payday dates anywhere from 5-28 days away, so you may be able to get a 30 day instant loan.

Another way that some lenders set up as a more flexible repayment plan is bi-weekly payments over the course of a few months.  This sounds really nice on the surface, but in the end you’re going to pay a lot more in interest.  Only take the flexible payment plan if you really need it, and if you do, make sure that there is no penalty for paying the loan off early!

Should you fail to pay the loan back, they’re going to send you immediately to collections and will fight tooth and nail to get their cash.  They are extremely relentless in their pursuit of their money, so don’t expect an instant loan lender to just forget that you didn’t pay them.  Expect your phone to constantly ring, lots of mail, and a few empty threats!  Please be sure to pay back any loans you take out, you do not want to have to deal with any of this, it’s very unpleasant!!

Instant online loans are a great way to get the fast cash that you need, as long as you’re able to pay them back.  Don’t mess around with the lenders, they’ll do everything in their power to make sure that they’re repaid!

How Instant Online Payday Loans Work

Instant loans online are definitely the fastest way to get money deposited right into your bank account. All you have to do is meet their simple requirements, fill out the application, and wait for approval.  You will generally get an approval notice within an hour, and cash in your bank anywhere from immediately after or the next business day.  The speed of the cash into your account depends on the time that you are approved and whether or not money is able to be transferred through the banks.

In order to get approved there are some very basic criteria, each lender will have their own specifics but theirs are generally pretty close to these.  Most importantly, you have to have a job that you’ve been at for at least six months.  You also have to make over a thousand bucks a month in net income and have a checking account.  They don’t care at all what your credit score is, but they do peek a bit into your past financial history to make sure that you don’t have outstanding payday loans, recent bankruptcy, or frequent overdrafts on your bank account.  If you have none of these and meet the requirements, you can get a loan from any lender you choose!

The biggest difference between local and online instant loan lenders is how you are repaid and how you pay the loan back.  Locally, you’ll either be cut a check or given cash, and to repay you’ll write a post dated check for the amount on the day the loan is due.  They’ll cash the check on that date and you’re finished.  Online, however, everything works through your bank.  The cash is instantly deposited into your bank account, and automatically withdrew on its due date.  That might not seem like a big difference, but there are some problems that we’ll cover in the next section.

Risks Of Instant Loans Online

I’m not going to sit here and quibble about how expensive these loans are, and the risk that they pose to your finances.  Instead, I want to talk about what’s going to happen if you fail to pay the loan back!

Instant loan lenders become predators that are out for their money if you skip on your loan.  You can’t blame them, they’re just trying to get what belongs to them!  If you were to skip out on a local instant loan, your bank would probably cover the check, they get their money, and you’re stuck with the overdraft and bounced check fees.  Online loan lenders have access to your bank account since you provided it to them and agreed to their terms.  That means that their going to keep leeching funds from your bank until they feel satisfied.  Don’t think that they’ll stop after the loan and interest has been covered, there are going to be all sorts of penalties, fines, and fees tacked onto it, as well as more interest that grows every day.  Put simply, if you default on an online instant loan, you’re going to have a very difficult time getting out of it!!!

In short, if you get an instant online payday loan PAY IT BACK!!!

Cheap instant loans are out there, it’s just a matter of tracking them down!

How Much Should You Pay For An Instant Loan Online?

I’m assuming that you already know how payday loans work. In the case that you don’t, be sure to read this article on Wikipedia, then come back and finish this one.

The average rate for an instant loan is around $25 for each $100 you borrow.  That means that a $1000 loan will cost $1250 to repay.  With most lenders you’ll have to repay that amount in full in two weeks, so most of your paycheck will be gone before you already deposit it!  You can do everything in your power to make more and spend less in the next two weeks, find a cheaper instant loan, or a combination of both.

Now, I’m not trying to scare you away from these loans because of their high price.  It’s certainly more affordable than overdrafting your checking account, late fees on bills, and credit card cash advances.  Just be sure that you do everything you can to make sure that you cover the loan and still be able to feed yourself when it’s time to repay the loan!

How To Find Cheap Instant Loans Online

One of the easiest ways to save money on your instant loan is to look for the lenders that are running specials. Some instant lenders offer “first time borrower” specials that are greatly reduced over their standard price.  The problem is that these specials are never permanent, and the companies that are offering them are always changing.  Back in the middle of the recession, there were even lenders who offered free instant loans for first time borrowers.  I haven’t borrowed money since then, so I’m not sure if these are still around, but it’s worth a shot to try and find them!

Another way to save money is to return to a lender that you have a good relationship with.  This assumes that you’ve taken out instant loans before, but many times you can get lower rates when going back to a company that you’ve worked with in the past.  If you are in this situation, it’s definitely worth checking out.

Do It All Online!

Unless you live in an area like downtown Phoenix or Los Angeles, where there are payday loan lenders on every corner, there is no sense in not doing this all online.  You can visit the websites of dozens of lenders in just a matter of minutes to see what they have to offer.  Up in the top right of this website you’ll see two square blocks for Think Cash and Cashnet, both of those are very reputable instant loan lenders, and are a great place to start!