Everywhere you look online it seems like you can find instant approval payday loans. The problem then becomes that the idea of “instant” stops at approval and you’re stuck waiting on your money. In this post I would like to help you understand how the process really works so that you’re able to make an educated decision on whether or not this type of loan is going to work for you, as well as clear up some other myths surrounding them.
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.
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