Payday loans are becoming a popular financial solution for anyone who finds themselves in a situation where they need to borrow a small amount of cash quickly. Bank charges, emergency bills, emergency medical and dental bills, or vital repairs are just of the where you might consider applying for a payday loan.
If you find yourself in any of these situations or when borrowing a small loan is the short term solution to your financial situation, then you are probably going to ask yourself, how quick can you get a payday loan put into your account? Well this can vary depending on the type of lender because they need time to approve an application and then deposit money into an account.
The application process can vary depending on the type of lender and how accurate your details are; it usually takes approximately five minutes to complete. Within minutes payday lenders can tell you if you have been approved or not. This depends on a few things, you have to be over 18 years old, you must have a valid bank account and you must have a regular income of at least 500 pounds a month (although this depends on the lender, some may stipulate a higher salary). Some lenders also carry out credit checks to establish how trustworthy you are.
If you are seeking a loan for immediate use, it is essential that you supply the correct information to the lender. If you do not, the lender will take a lot longer to process your application as they may have to contact you to verify bank details or work contacts. Therefore, double check your application before you send it. Assuming all information is correct; in less than a minute, the payday lender will be able to inform you (sometimes provisionally) whether or not you have been successful.
Once you have received confirmation of approval, in most cases you will receive the funds within three days, in some cases you can have the money in your account within an hour and some lenders can even pay you in just a few minutes! Additional charges may be applied when requesting loans quicker, so you must check with the lender first.
If you are seeking a quick financial solution and need the funds immediately, for example if you are overdrawn on your bank account, then this financial solution is an excellent option. You must do your research though. Check which lenders can supply you with a loan within the time period you need, as this may differ depending on the lender. Also speak to the loan provider before applying and inform them of your situation as they may be able to transfer the funds quicker, but please bear in mind the lender may apply additional charges for requesting the money within a certain time frame – although these should be detailed before you apply.
You need to make sure that you can cover the repayment of the loan as well. Therefore it’s important that you understand all the charges and interest rates applicable, this will require researching the different types of lenders; their interest, delivery time and relevant charges.
Overall, the time required to receive a payday loan is much quicker than applying for a loan in a bank. However this is because they should only be used for a short-term financial solution rather than sorting out long term financial struggles, in which case you should speak to your bank. If you need a quick loan to be paid into your account the very same day, then payday loans are an unrivalled solution to those short term financial struggles.
