Getting hit with an emergency that requires cash now is no fun at all when payday is still days away. While the cash will be there, it doesn’t help meet the immediate needs. If it’s time to handle a funding crisis, instant payday loans can provide the solution.
What are Payday Loans?
Payday loans are short-term funding solutions that enable just about anyone to get their hands on needed cash in a hurry. As their name suggests, instant payday loans have proceeds that are available almost immediately upon approval.
Who Qualifies?
While instant payday loans can have terms that vary slightly from lender to lender, these loans are designed for easy access overall. That means just about anyone with proof of a steady income can obtain cash through this funding source.
What’s the Process?
Again, payday loan lenders may have slightly different procedures, but the overall process works something like this:
1. An applicant fills out a request form typically online, but sometimes in person. The form will include basic information about the person, information related to information to repay and the amount of funding desired. These loans are typically rather small to fit into a short repayment period. Typically, they run between $100 and $1,000, but the minimum and maximums can vary a bit by lender.
2. The lender reviews and approves or denies the application. Since most of these loans don’t involve credit checks, getting approved typically hinges on having proof of a steady income. A paycheck stub will generally do the trick as long as it’s sufficient to cover repayments during a reasonable period of time.
3. If approved, the money is transmitted into a borrower’s bank account. The transfer generally only takes about a day.
4. Repayment begins. After a brief waiting period, repayment of the loan will begin. Lenders may have different policies, but it’s generally the case that funds are automatically deducted from a borrower’s bank account in the amount predetermined by the lender. The terms of instant payday loans can vary, but the idea behind them is to enable borrowers to pay back the loan and any interest and fees rather quickly. This means there might be only a few installments before the borrower is debt free once more.
