Instant Payday Loans, Easy Guaranteed Approval
It is not unusual for each of us to go through some kind of occasional financial downturn. That’s how life works; unexpected things sometimes tend to pop up at inconvenient times, when you were not planning for them to happen. When you find yourself suddenly lacking in the cash flow department, you may need to take out a loan to help keep you covered until you get back on your feet.
Instant payday loans are a good choice for covering your needs during brief periods of personal financial crisis. So you may be wondering, what exactly is an instant payday loan? An instant payday loan is a short-term loan that is provided by online lenders who will quickly review and approve most loan applications, providing you with a sudden influx of disposable income. You can quickly access the money to get you through your situation.
Instant payday loan applications are streamlined and easy to complete, requiring only the bare minimum in terms of who can apply. Once you have the money in your account, you will be able to spend it on anything you need to. Just make sure to keep track of how, when, and how much you will need to pay back, and cover all of your loan expenses and fees before the repayment due date. Instant payday loans are a great choice for temporary purposes.
Understanding How Instant Payday Loans Work
In general, an instant payday loan is a short-term loan for a small amount of money, typically $500 or less. The instant payday loan will include high fees for the borrower, and the loan will need to be paid back within a short-term set amount of time. The loan repayment deadline is usually by your next paycheck, though this deadline can sometimes be extended, depending on your lender agreement and your circumstances.
You can apply for your instant payday loan through an online application portal that will ask you to provide basic information, then wait to be approved.
Here are some typical features of instant payday loans so you can understand exactly how an instant payday loan works:
Most instant payday loans cover small quantities of money. The maximum amount of money you can request for an instant payday loan will vary from state to state, but most states do set a maximum limit on how big of an instant payday loan you can request. The maximum limit tends to hover close to $500, with some states allowing slightly higher instant payday loan amounts and others restricting borrowers to lower amounts.
Single Short-Term Repayment Process
Unlike longer-term loans, an instant payday loan will typically be repaid in one single payment. You will have to repay the loan in full once you have your next payday, or when you receive your next payment from your pension or Social Security payment plan.
Your instant payday loan agreement should stipulate the exact amount of time you will have to repay your loan. Usually, the loan repayment due date is between two and four weeks from the day you receive your loan money.
Personal Financial Responsibility
Keep in mind that your payday loan lender will not be considering whether or not you will be able to pay off your loan debts while juggling other financial obligations. Managing your instant payday loan repayment process alongside your regular financial costs will be entirely your responsibility.
While lenders will generally not approve an instant payday loan if the requested amount exceeds the amount of your next upcoming paycheck, they will not take into account any other outstanding bills you will still be responsible for paying. If you do not think you will be able to pay back your loan in full by the time you receive your next paycheck, you may want to reconsider applying for this type of loan.
You Will Guarantee The Loan In Advance
For most instant payday loan agreements, your lender will require you to provide a post-dated check that covers the entire balance of your loan including all fees and lender expenses. You will give this post-dated check to your lender before the loan funds are deposited into your account so the lender can cash the check once your repayment due date comes around.
Alternatively, you may be able to authorize your lender to enact an electronic debit, directly transferring the necessary funds from your prepaid card account or bank account. That way, the lender will be able to automatically guarantee that they will be able to access the money even in the case that you fail to repay your loan on or before the repayment due date.
In rare instances, your lender will be able to extend your loan repayment due date so that you only have to repay the amount of the loan fees, not the entire loan amount. Or occasionally you may be able to repay your loan in smaller quantities over an extended period. But make sure you read up on the specific types of loan repayment agreements available to you so that you feel comfortable with the terms before you apply.
Multiple Ways To Access Your Loan
Your instant payday loan will typically be deposited directly into your personal bank account. In some instances, you may receive your loan fund by cash, check, or via a prepaid debit card.
Since your instant payday lender does not need to research your credit background, they will also be taking on a high-risk by providing you with your loan. To mitigate the effects of this potential default risk, instant payday lenders will typically charge borrowers very high-interest rates and fees on their payday loans.
Because of the high-risk factor for lenders and the short duration of the loan repayment period, if you miss your loan repayment deadline you will likely have to pay higher fees than when you miss one loan repayment out of many from a longer-term loan situation.
Endless Cycle of Debt
The danger of taking out an instant payday loan is that you are hedging your bets against your next paycheck. If you are not able to meet your loan repayment deadline, you may need to take out another loan to pay back your first loan. By borrowing money to continuously pay back your loans, you can wind up in an endless cycle of debt.
In this scenario, the majority of your paycheck each month, or every two weeks, is fed directly into repaying high-interest rates and fees, leaving you without the necessary funds to cover your day-to-day living expenses, such as rent, phone bills, electricity, and water. This can be a dangerous situation that winds up with you spending more money than you have to cover your previous loans and current expenses.
When Should I Apply For An Instant Payday Loan?
You should apply for an instant payday loan when you know that you will be short on cash in the immediate looming future, but you also know that you will be able to pay off the instant payday loan in full within the designated period.
Instant payday loans are not generally recommended as a long term loan alternative. You should not apply for an instant payday loan in place of taking out a mortgage, for example, or applying for a small business loan.
Instant payday loans are best used as a short-term band-aid to hold you over until the next paycheck arrives, especially if you know that that next incoming paycheck will include the full amount of the payday loan- and not land you back in debt. If you are experiencing continuous financial hardship and struggling to pay your bills on time each month, then you may want to look for another type of loan to help you through this difficult period.
If, however, you are simply seeking a temporary influx of cash to hold you over for a short time, then an instant payday loan can be a viable option. Perhaps you have some unexpected expenses to pay for during this pay period, such as home repairs or emergency medical care. You had not anticipated the extra costs in your monthly budget, so you suddenly find yourself short of the necessary accessible cash. Credit cards are one option, but if you know that you will be able to afford the fees by the time your next paycheck arrives, an instant payday loan can be a good option.
Since instant payday loans are so easy to apply for, and can be granted with minimal background or credit checks, you are likely to receive and be able to access your cash from the loan that very same day. Depending on several application factors, your instant payday loan application may be granted in as little as fifteen minutes, which just about lives up to the “instant” name.
What Are The Requirements For An Instant Payday Loan?
One of the major benefits of submitting an application an instant payday loan is that the majority of instant payday lenders offer minimal requirements for loan applicants.
Basic Instant Payday Loan Requirements
To qualify for an instant payday loan you will need to be at least 18 years old at the time you submit your loan application.
In addition, you will need to be able to provide some form of proof of income as part of your application. You must be able to present a valid form of identification as well.
And the final requirement for an instant payday loan application is that you have a current and active checking account at the time you submit your application.
In most cases, you will not need to pass a credit check or explain your financial history to be approved for an instant payday loan. Meeting the four requirements set out above means that you have already satisfied the most basic requirements as set out by the United States Government Consumer Financial Protection Bureau, or CFPB.
Steps To Applying For Your Instant Payday Loan
The steps and requirements you will need to meet to apply for your instant payday loan are simple, especially when compared with other loan application processes. You will not need to complete any lengthy, complicated credit checks or analysis of your personal financial history. Here are the steps you will need to take to qualify for an instant payday loan:
Double Check On Availability In Your Location
Before you apply for your loan, you will need to check to make sure that instant payday loans are legal in your state. Instant payday loans are currently legal in only 31 out of the 50 states in the United States, so you will have to confirm that this type of loan is a viable option in your home state of residence.
Gather Your Evidence
If instant payday loans are allowed in your home state, you will need to assemble all necessary paperwork. Gather your proof of income, a valid form of identification, and proof of address so that you will be prepared to present your case to a lender.
Find A Good Lender
Once you have confirmed that you can apply for an instant payday loan and have gathered all the necessary paperwork in preparation, you are ready to apply for an instant payday loan. Conduct some basic research to find an instant payday lender with a good reputation. Not every lender offers the same rates, terms, and conditions, so take some time to compare the prices and metrics of different lenders.
Look for an honest lender who is transparent about their rates and expectations, and is ready and willing to answer any questions you may have. A lender who provides evasive answers will not be a trustworthy partner in your loan repayment process.
Fill Out Your Online Application
After you have found a lender who satisfies your needs and preferences, you are ready to fill out your application. Most instant payday loan applications can be filled out online, using online forms. This part of the process is easy and should not take a long amount of time. Having submitted your online application form, you will then have to wait to receive the results of your application.
Wait For Approval
The waiting process can take between 5 minutes and several days, depending on the lender and the time period. As soon as your loan has been approved, the lender will deposit the requested funds directly into your bank account. This is the reason why you will need to have an active and valid checking account at the time of the application. The lender may deposit your funds into your bank account the same day your loan is approved, or it may take several working days for the money to arrive.
Repay Your Loan
Make sure to pay attention to the repayment due date and pay off your entire loan amount, including any lender fees by the agreed-upon deadline. Otherwise, you may be subject to paying extra fines, fees, or other penalties.
Benefits of an Instant Payday Loan
One of the primary benefits of receiving an instant payday loan is embedded in the name. An instant payday loan offers nearly instant funds that you will be able to use to cover unexpected expenses or to tide you over until you receive the next paycheck. Let’s take a look at some of the top benefits of an instant payday loan.
Instant payday loans are fast.
Once you have submitted your instant payday loan application, the lender you have selected will typically approve the application within a short period, ranging from a few minutes to a few hours. In some cases this process may take a bit longer, extending to a few days. Once your application is approved, your lender will release the requested loan amount, depositing the money directly into your bank account. So it is entirely possible to have funds sitting in your checking account, ready to use, within hours of submitting a loan application.
Instant payday loan applications are easy.
The application process for instant payday loans is straightforward. You simply have to fill out an online form, providing the few simple additional forms required, including proof of address, proof of income, and proof of identity. The whole process should not take more than a few minutes to complete and does not involve any complicated sums or application processes.
Instant payday loans are granted with minimal requirements.
Unlike larger scale or longer-scale types of loans, instant payday loans can be granted with minimal requirements. You simply have to fulfill the basic factors, such as the minimum age of 18 years old, to qualify for this type of loan. You should also have an active checking account and should be able to share some sort of proof of your income. Compared to the application for taking out a mortgage, for example, these requirements form the bare minimum for a loan application, making the application process open to all and easy to complete.
Instant payday loan applications do not require a credit check.
A key benefit of sending an application for instant payday loans is that you are not required to complete any form of credit check or background check. So even if you have a history of bad credit, you may still be granted an instant payday loan.
In addition, whether or not you pay your loan back on time will not affect on your credit score overall. Your credit score will neither increase nor decrease as a result of your instant payday loan.
You can use instant payday loans to cover a wide variety of expenses.
There are no restrictions on what types of expenses you can use your instant payday loan money for. This means that once the money is deposited into your account, you will be able to decide where and how to spend the money provided by this loan.
You can use your instant payday loan money to pay for regular expenses, such as electricity bills or rent, or you can use the loan money to cover unexpected expenses, such as medical fees, emergency home repairs, or other sudden expenses. You can also use your loan to make essential purchases. For example, if you work remotely from home and your laptop breaks, you can use the loan money to quickly buy a new computer without missing out on any work.
Why Should You Get An Instant Payday Loan?
An instant payday loan is a good opportunity to receive an immediate influx of cash that can help you to cover sudden unexpected expenses while you wait for your next paycheck to arrive. Medical fees, tech repairs, home damages, or car repairs can all put a major dent in your short-term finances, especially when you have not set aside an emergency fund to help you prepare for this type of situation.
As long as you know for certain that you will be able to pay back your instant payday loan by the loan repayment deadline, then taking out this type of loan can provide a helpful and necessary quick infusion of cash to help you get through a difficult period, in the short-term sense. Square your finances before you fill out your instant payday loan application and you will be able to pay for your short-term major expenses with a readily available financial infusion.
Who Can Apply for Instant Payday Loans?
Almost anyone can apply for an instant payday loan. The requirements to apply for an instant payday loan are minimal, which is one reason this type of loan is so accessible to most people. According to the basic regulatory requirements of the United States Government Consumer Financial Protection Bureau, or CFPB, you must be at least 18 years old, be able to provide a valid form of identification and some sort of proof of employment and be able to provide proof of address. You will also need to have a valid and active checking account open with a reputable bank at the time you apply for your instant payday loan.
Some alternatives can allow you to meet these requirements in some instances. For example, if you receive regular income from Social Security or your pension, then proof of these payments may count as a substitute for the proof of income requirement.
Instant payday loans are not legal in every state, so before you start gathering documents for your application, you will want to make sure that you will be able to apply in your home state of residence. Currently, there are 19 states, plus Washington D.C., where instant payday loans are not available.
In the remaining states where you can access this type of short-term high-interest loan, you will be able to apply regardless of your credit history. So instant payday loans are often attractive to people who have a bad credit score or difficult credit history. Your instant payday loan will not affect your credit score either positively or negatively, regardless of whether or not you pay it back on time.
Why We Chose Instant Payday Loans
Instant payday loans provide a quick, easy, application process where borrowers can be approved almost instantaneously. The money that you apply for comes in fairly small quantities that must be paid back in the short-term, so in an ideal situation, borrowers are not saddled with long term debts that they have to keep track of.
The minimal requirements mean that nearly everyone is eligible to apply for an instant payday loan; you simply need to be at least 18 years old, have an active checking account open at the time of your application, provide proof of address, and include a valid form of identification.
The online application process is simple and easy to navigate; prospective borrowers will only need to fill in an online form and answer a few simple questions. Most instant payday lenders will not require a credit check or lengthy background analysis to determine whether or not you can qualify for this type of loan.
Instant payday loans provide quick cash infusions. Many lenders will approve your application within hours if not minutes, and the money you have requested will land directly in your bank account that very same day.
Once the money is safely deposited in your account, you can use it for whatever purpose you see fit, with no restrictions on how you can spend your loan. The instant payday loan can be used to cover unexpected expenses related to accidents or damages, including medical bills or tech repair fees. Or you can use it to pay for your regular monthly expenses, such as rent or utility bills.
The easy, straightforward, streamlined process makes instant payday loans an attractive prospect for people in need of a little extra available cash to see them through a difficult period. Instant payday loans are available even to borrowers with challenging credit scores, making them accessible to a broad borrower base.
What is an instant payday loan?
An instant payday loan is a short-term loan that provides a small quantity of money for borrowers in immediate need. Instant payday loans will need to be paid back by the borrower’s next paycheck and typically come with high-interest rates and lender fees to cover the high-risk factor.
Instant payday loans can be granted within minutes, and are best used as a way to cover unexpected expenses when borrowers know that they will be able to pay back the fees by their short-term repayment deadlines. Lenders typically do not need to perform a credit check before approving an application and the requirements to apply for an instant payday loan are minimal.
Do instant payday loans affect credit scores?
Instant payday loans do not affect a borrower’s credit scores. Whether borrowers pay back their instant payday loan in advance of the short-term deadline, or whether they are unable to meet their agreed-upon repayment due date in time, the result will not be reflected in their credit score.
When borrowers receive an instant payback loan the credit reporting agencies will not be notified, and the loan will effectively be “off the record” as far as credit scores go. This is because instant payday lenders rarely perform credit checks before approving an instant payday loan application.
What is the difference between instant payday loans and personal loans?
The main difference between instant payday loans and personal loans is the amount of time it takes to disburse the loan funds for each type of loan. Personal loans can take as much as four or five days to arrive in a borrower’s account. Instant payday loans, in contrast, can be delivered in hours or minutes.
At times, an instant payday loan can be dispersed into a borrower’s account in as little as fifteen minutes from the time the application is approved. This makes instant payday loans a better choice for urgent situations, in which borrowers need the money to be disbursed as quickly as possible.
How do instant payday loans work?
Instant payday loans provide a short-term cash infusion for borrowers in immediate need of some extra funds to see them through until the next paycheck comes in. Instant payday loans usually provide a small amount of money that the borrower will have to pay back within either a two-week or one-month period, including lender fees and high-interest rates.
Instant payday lenders will typically request a post-dated check or access to make a digital bank withdrawal from a borrower’s account as a form of guarantee in advance of depositing a borrower’s loan amount. This provides them with added security that even if borrowers are unable to repay their instant payday loan by the repayment due date, the lender’s interests will remain secure.
Are instant loans safe?
Instant payday loans provide a quick and easy cash infusion for borrowers with an urgent need. These loans are safe for borrowers as long as they can take financial responsibility for their loan requests. If a borrower is unable to repay their instant payday loan by the deadline, they may be thrust into a dangerous cycle of endless debt repayment in which they have to consistently borrow funds to pay back their initial (and subsequent) loans. For borrowers whose next paycheck will allow them to easily pay back the entire instant payday loan amount, including any interest and all lender fees, by the required deadline, an instant payday loan is a safe bet.
In addition, some mobile applications offer instant payday loans through the app itself. These apps have been associated with data theft and cybersecurity breaches, so borrowers should approach these instant payday loan apps with an abundance of caution to ensure that their details remain secured and their sensitive data is adequately protected.