All Payday Loans Offer Speed of Getting the Money

Do All Payday Loans Offer the Same Speed of Getting the Money?

By Vincent Rogers
When people are weighing up which payday loan lender to choose, the speed with which they are able to process applications and transfer funds is often vital. Whilst the vast majority of companies are working hard to decrease the time associated with both, there are still significant differences in the transfer process.

For instance, whilst some are now offering 'same day' loans, which means that the cash will be deposited by midnight, others are now guaranteeing that the transfer will be completed within 15 minutes - sometimes even quicker. Again, this is another factor that you need to take into consideration and, if you really need the money within a particular timeframe, make sure you check what the lender is able to guarantee.

The reason for this swiftness can be largely attributed to the condensed and simplified processes involved within the payday loan application, decision and administration processes. When you apply it will usually only take a few minutes to complete the forms, which is significantly faster than anything you'd generally expect to find when looking to borrow money. This is hugely beneficial, particularly if you don't have a lot of time at your disposal or aren't particularly keen on the administrative side of things.

Decisions are almost entirely automated and are based on the information that you've provided within the application forms. All lenders will have their own unique borrowing requirements, these are often easily measured and can be checked in an instant to ensure that the applicant falls in line with them.

For instance, most will set a minimum salary level. This is reasonably easy to check, simply by cross referencing the figure with what's found in the application. As with other forms of borrowing, additional checks may be required just to verify certain details if you're applying for the first time, but this can usually be achieved with a quick phone call.

Once completed and accepted, the next part of the process is the most important - payment. As mentioned previously, there is no uniform time limitation on how long a transfer can take. Some companies will take longer than others, some do quick transfers for free, others charge for the privilege. As the borrower, the onus is on you to find a lender that is able to meet all of your requirements.

So as you compare the interest rates and charges, don't forget to look out for other important factors, including the time it takes to complete transfers. This should be featured prominently on most websites, allowing you to instantly see if they are able to help in your situation or not. Wherever there is ambiguity or no clear guarantee is provided and you need to have the money before a certain point, it might be worth moving on and trying to locate a lender that checks all the boxes. The most important thing to remember is that you should never assume that one payday loan company will be able to offer the same guarantees as another though. Always take the time to double check first.

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