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Quick Payday Loans – Here’s How Quickly You Can Get Paid

Borrowing money from a bank can be a tedious and often tiresome process. From the moment you submit your application till the day you learn whether it has been approved or not, it can take days, if not longer. Sometimes the client is asked to wait for few more days until all the bank procedures are completed before their money is deposited on their account. Not to mention that you will need to come at least a few times to the bank and sign a bunch of papers in the process.

On the other hand, getting a payday loan is incomparably faster. It is like comparing a formula one car with a horse chariot. 

But how fast can you get your payday loan, and is there anything you can do to speed up the process? We are here to answer exactly those questions.

You start with the application form.

In most application forms, you will need to fill out your name, last name, date of birth, and other personal details. You will also need to provide details from your bank account, details of your job, and stuff like that.

The assessment process

If the applicant has everything in order, the assessment process will be very fast. However, if certain aspects are somewhat unclear, like some inconsistency related to your salary, employment, or maybe even issues with your bank account, the process can be somewhat slower. In that case, the borrower might ask you to provide additional documents. Again, reviewing those documents and verifying everything can take some time and prologue the final decision. 

Approval and Payment

Once the borrower approves the application, he will let you know. Some borrowers instantly transfer the money to their client’s account, whereas others are not so expeditious. Some borrowers like to send bulk payments in pre-determined intervals, a couple of times per day, whereas some do it once per working day. It all depends on your borrowers and their way of doing things. 

The best ones don’t care if it is day or night. They will forward your money to your account within minutes after your application has been approved.

The Bank

Fortunately, most banks support fast payment, and you get your money right away. Sometimes banks say that funds will be on your account within a two-hour time frame. But that’s to cover their basis in cases of some unexpected delays.

Banks that don’t support fast payment might need up to three days to process your payment. But in practice, even though they don’t support fast payment, the process doesn’t last more than 24 hours. 

What’s to be expected?

First and most important of all, there is no such thing as instant payday loans. That’s not possible, and that’s a false claim. In a best-case scenario, the borrowers can easily verify your details, and your bank works with fast payments. Then, you can have your money on your account within an hour or two. That’s as close to an instant payday loan as one can get. 

In conclusion

To ensure that the entire process goes as smooth as possible and fast, you need to make sure that every detail you provide is accurate. Ideally, you need to have an account with a bank that processes fast payments.

But before you do so, make sure that you are doing business with a payday lender approved by the Financial Conduct Authority (FCA). If they are not registered with the FCA, they might be working illegally, and that’s the last thing you want to do when searching for a loan. 

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Carlton Grey has been a financial analyst and credit counselor for many of the UK's leading magazines ever since he hitched the freelancing bandwagon. He was once a columnist of Forbes, where he wrote on short term debt. On the weekend, he is the host of his podcast show, along with being his kids' favorite. He graduated from the London School of Economics in 2003 with a major in business economics, emphasis on account, and a minor in credit management. He has been featured many times on CNBC and BBC for his expertise on responsible borrowing.