Cash / Payday - Payday Loan

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Payday Loans
Instant Approval Payday Loan

One of the reasons why payday loans are so popular is that people can be approved for such loans almost instantly. A person can walk into a lender and walk out with the cash from a loan. A person can also apply online and have the funds in their bank account almost instantly.

Lenders are able to make instant approval payday loans because payday loans are hard money loans based on the amount of money a person actually has available. For example a lender will make a loan to a person who can prove they have a good job wit ha regular salary.

How to Get an Instant Approval Payday Loan

To get an instant approval payday loan a person will have to prove they have the income to pay the loan off. Most lenders will require verification of income in the form of a pay stub or a bank statement before they make the loan. Some lenders will also contact the borrower’s employer to verify income.

Many lenders will make instant approval payday loans to people who have used the lender before. The lender is able to do this because the borrower’s data is on file in the lender’s computer system. A borrower with a proven track record of paying off past loans will usually be able to get an instant approval payday loan. 

Instant Approval Payday Loan Online

To get an instant approval payday loan online a person will have to present verification of income online. If a person can e-mail the lender documents that verify income such as a pay statement or bank statement they should be able to get instant approval for a payday loan online.

Most online lenders will require borrowers to have a bank account because they disperse the funds borrowed directly to bank accounts. Many of these lenders will take the loan repayment amount of the borrower’s bank account as well.

Online lenders will often test the bank account to see if the banking information is accurate before making the loan. In many cases they will do a penny test that is try to deposit a small amount of money in the bank account before making the loan payment.

Why Lenders Make Instant Approval Payday Loans

Lenders are able to make instant approval payday loans available because of the high interest rates charged on such loans. The high interest rates make for high profits that enable lenders to make up for the risk of lending money instantly.

Another why lenders are able to make instant approval payday loans is that they usually do not run a credit check before making such loans. Since the loans are based on the income available the lender doesn’t think a credit check is necessary.

Instant Approval Payday Loan Problems

It is very easy for a person to end up owing hundreds or thousands in payday loans they can’t pay off because instant approval makes payday loans easy to get. Just because a payday loan can be instantly approved doesn’t mean that it is a good deal.

Always be aware of the high interest rates and fees charged on instant approval payday loans. Never take out an instant approval payday loan unless you know that you will have the money to pay it off available.