Just how instant are payday loans?
The speed with which you can get payday loans (after having been approved) depends to some extent on the bank account that you have.
With some types of bank, the loan transfer can take as little as two hours. With others you may have to wait until the next working day.
If you combine this with the fact that you may typically be able to apply via a short online payday loan application which involves no paperwork, have a short online credit check carried out, receive an almost instant decision on your application, then the whole process could take only a few hours, rather than the days or weeks that you may be more accustomed to with other more traditional types of lending.
This speed is a feature that may be useful if you find yourself in a situation that needs to be resolved quickly.
Payday advances don’t just have to be used as a remedy for a crisis. You may have forgotten your anniversary or someone’s birthday, walked past your favourite shop to find that their closing down sale finishes in a couple of days, seen your dream holiday on offer at an unbelievable price but only if you can put down a deposit now.
All of these are perfectly usual reasons for fast payday loans, particularly if payday is still some time away.
Take the same request to your bank manager and you may expect to receive a less than enthusiastic or affirmative response. Traditional lenders may not be set up to deal with requests for loans of small amounts of money for relatively short time periods.
Borrowing money that you want to pay back when you next get paid is typically not their market. By the time all the forms are filled in, signed and countersigned, you’d have paid the loan off.
A super fast payday loan may be just what you need when something crops up (nice or nasty) and payday is still some time off.
Payday loans can provide a short-term cash injection that is paid to you and then repaid quickly along with interest and any admin fees. There’s no long-term debt to bother about. There’s no repayment schedule stretching out years into the distance. They may be just what you need.