How Fast Is A Payday Loan?

A lot of folks are wondering how fast payday loans are. They’re also wondering if they qualify for a fast loan. Some people think their credit score might disqualify them from getting a cash advance. The truth is, getting money fast from a payday loan is really quite easy. Let’s take a quick look at what’s involved.

1)  What A Payday Loan Is All About

A payday loan is a quick loan for folks who need a little extra cash for emergencies, auto repairs, or whatever. They are usually loans that can be paid off by the following payday or two hence the name, payday loan. A payday loan is easy to apply for. Applications can even be submitted online. After applying you can expect a very fast response.

shutterstock_132837293 (1)

2)  Can Someone Get A Payday Loan Online The Same Day They Apply?

You can have cash in your account fast. Most payday loans applied for via the internet are available the very same day. So, can you get a same day cash advance? Yes. You can. That money goes directly into the applicant’s active bank account. Getting that cash in hand is as easy as hitting the ATM or one’s local bank. Using a debit card or writing a check is fine though because the money is in the account. That’s quite a speedy response time for a loan approval.

shutterstock_92389585 (1)

3)  Forget About Credit Scores

Many direct lenders of payday loans don’t require a credit check. So, no matter what FICO or some other credit score authority has you ranked at, it won’t keep you from getting a payday loan. That is some serious good news to anyone who thought they might not qualify because of their credit rating. Naturally, removing the credit score barrier also helps to speed the whole process along.

4)  What Do You Need?

Now remains the question of what one does need to secure a payday loan. First, an applicant will want to make sure they have an active bank account. You can’t expect money if you’ve got nowhere to put it. Chances are, most folks have this as a result of a reliable income. And, a reliable income is another thing one will need.

What is considered a reliable income? Most lenders would agree that roughly two months of employment at the same place would equate having reliable income. So, it only takes about eight weeks of constant employment to qualify.

shutterstock_241699111 (1)

Next, one needs to be an adult of eighteen years of age or older than that. That is in accordance with the law in most states requiring potential loan applicants to be legal adults.

And lastly, in order to be considered a candidate for a payday loan, one will need a social security number. This means the applicant is a citizen of the United States of America or, that the applicant is a permanent resident of the United States and possesses a valid green card.

With all these factors met, one is very likely to receive approval for a payday loan that they may access the very same day. It doesn’t get any faster or easier than this.

About Kelly Stone

Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. Kelly has 20+ years experience in the short-term lending industry since 1996, having owned 50 storefronts offering payday loans. As President of Snappy Payday Loans, Kelly has built a large network of lenders and is dedicated to ensuring consumers nationwide can find the loan they are seeking. View More