Instant Approval Payday Loans
We all try to keep our finances in order and plan our budget. Sometimes, emergencies happen. Imagine your car breaks down on your way to work, or someone close to you gets sick and you cannot afford to pay for treatment.
When you are faced with urgent financial obligations like these, there are ways to deal with them.
When people are in need of financial assistance they turn to the loan lending industry. However, with so many different types of loans out there, it is of great importance to pick the one that best suits your situation.
To be able to pay for your emergency expenses and regain financial stability, you will need a service that can provide you the money you need as fast as possible. There is one type of loan that can certainly do that and that is the instant approval payday loan. Let’s take a look at what an instant approval payday loan actually is, how it works and its risks and benefits.
What is an instant approval payday loan?
What is an instant approval payday loan?
The name itself says a lot. Payday loans (or cash advances) are short-term loans (usually for no more than 14 days) for a small amount of money (usually up to $500) which you can obtain within a few hours. Then you have to repay the loan by your next payday.
What you usually have to do is to write a check for the amount of money you are taking out plus a fee. You can leave your check with the lending company and when you are ready to repay, they will encash it.
Payday loans are among the most popular type of loans in the lending industry as they are among the few types that lend money to people with bad credit scores and they do it really fast. That makes them great for dealing with emergency situations. Once you have submitted your application, you get an instant response which most times is in the form of loan approval.
They also require very little information from their borrowers. All that makes instant payday loans a far better option than to conventional loans from traditional loan lending institutions such as banks, where you have to go through a long application process before you can get the money you need. And the chances of having your loan application approved is also very low.
Anyone who has been in a situation that requires immediate action knows that you cannot afford to wait for days or weeks for your loan. You need to have the money as soon as possible and instant payday loans give you just that.
How do instant approval payday loans work?
When applying for an instant approval payday loan, you can either visit a lender’s physical store, which you will probably find somewhere near your home or your workplace or apply it online. Both options are great and it is up to you to decide what works better for you.
If you are having difficulties finding a lender’s shop near you, making an online application makes sense. Or if you just don’t want to get out of the house and drive around, applying online is really a great option as you don’t have to leave the comfort of your chair. Both application options are very fast and will get you the money in no time.
The application process itself is very fast as it takes just a couple of minutes. When applying for an instant approval payday loan at an on-ground store, it is possible to get your money within a few hours.
If you apply online, you may have to wait for up to one business day to get your cash. Both options require little to no documentation.
Instant payday loans benefits
Taking out an instant payday loan gives you a lot of benefits like:
- It gives you multiple options to choose from
You can apply for it online, or you go to a lender’s physical store near your workplace or your home.
- It does not keep you waiting
After you complete the application, you can get the money as soon as a couple of hours. If you decide to apply for your loan by visiting a lender’s online store, you may have to wait until the following business day before your money gets transferred into your account.
- You can spend your money on anything you like
While traditional lending institutions like banks try to limit your ways of spending the loan you are taking out, payday loan companies do not care what you do with your money.
The important thing for them is that you can repay the money on time. Unless it is something illegal, what you do with it is completely up to you. You may use your instant approval payday loan settle home or car repairs or an outstanding medical bill.
- Having bad credit is fine
Your bad credit may have stopped you from getting a loan before, but payday loan lending companies do not care about your credit history. They perform only a soft credit check and want to know if you have a steady source of income that will allow you to repay your loan on time.
It is hard to use the word ‘safe’ for any type of loan. When you take out a certain amount of money, there are always some risks involved. The first thing you should do when thinking about applying for a payday loan is to calculate your budget and see if you will be able to make your payments on time.
Not making your repayment on time can get you into a lot of trouble. Payday loans are risky for the lending companies (as lending companies do not require a lot of documentation or collateral from their clients in order to qualify for a loan) and that is why not paying your loan on time comes with hefty fees.
The fact that instant payday loans are short-term loans also means that their annual percentage rate is going to be quite high. So the only way to prevent the payday loan from turning into a complete financial disaster is to make sure that you can repay on time.
Once you are completely sure of your ability to repay the loan, do your research and find a good lending company to work with. There are many payday loan lending companies out there that do not meet the legal criteria that the laws in each state require.
Each state has its own law regulations regarding payday loan lending, so you should look into that and see if the company you are about to work with is operating under these laws.
Following these two steps should be enough to keep you safe when taking out your instant payday loan.
Who is eligible for an instant approval payday loan?
Despite being known for their easy approval standards, instant payday loans do have some requirements you need to meet in order to get your instant application approval.
- You have to be at least 18 years old
- You need to show that you have a steady source of income
- You need to be a permanent resident of the state you are applying from
- You need to provide personal information like your birth name, current address, a valid form of identification and phone number
Are there alternatives for instant payday loans?
Yes, there are. You can look at installment loans for longer duration loans. If you are not confident enough in your ability to repay the loan on time and you are afraid of the possibility of going into a debt cycle, there are other borrowing choices.
- You can ask your family or friends to lend you a small amount of money
- You can go to your employer and ask for an advance payment