What is the Quickest Payday Loan?

You can get Quick Payday Loans in a few different ways, including in person, over the phone, and online. The quickest payday loan you can get is definitely the kind you apply for online. The majority of payday loans do not require that you wait for more than a few hours at most to learn your approval status, but sometimes you can find out in five minutes or less if you have been approved for a loan online. There are a number of different online companies offering payday loans, but you should do some research before applying for the first one you come across on the Internet.

The Winner Is…

Well, there is no “one” winner – if we had to pick one we would say that 100 Day Loans mentions that you may get your loan funded in as fast as one hour – but the vast majority of payday loan lenders give cash by the next business day (see table above.) You may also be interested in reading our writeup on 24 hour payday loans and the companies that offer them in that timeframe.

At an actual payday loan store, you may be able to walk out with cash same-day, but you should expect to wait as much as a few hours for processing.

Why Online Loans are Faster

You can get the quickest payday loan online because the sites offering these loans over the Internet use automated systems for approval. If you physically walk into a loan office that will give you a loan until your next payday, it could take a few hours to find out if you’ve been approved. This is because when loans are approved in person, the process is typically manual. There may be just one or two people working in the office, and there’s also a chance that there will be a stack of loan applications ahead of yours waiting to be approved. (This also depends on the time of the month!)

You can’t ever be sure of how long it will take to get your loan approved when you apply for it this way. The time it will take to find out if you’ve been approved when you apply over the phone will vary depending on whether or not the loan approval system is automated or if you actually have to speak with an operator. Payday loans over the phone might use either system for approving applications.

The biggest “plus” for using a payday loan store versus online or via phone is because you may be able to walk out with cash – but the majority of stores nowadays actually prefer to use direct deposit just like online lenders.

What if I Need $5000? Can I Get That Much Money From A Payday Loan?

Odds are good that a $5000 payday loan won’t be possible for you. This is because the amount of payday loans usually does not exceed the amount of your payday. Loan offices don’t want to loan you more money than they know you make over the short term because you can’t pay it back that quickly. If you need $5000 dollars or more, you probably need to apply for a traditional loan through a bank. Your chances of approval for a loan through a bank will depend on your credit. If your credit is bad, look into poor credit loans instant decision, but keep in mind that these loans have high interest. Consider getting a friend or family member with good credit to cosign on a loan with you through a bank if you have bad credit and need more money than you can get with a payday loan.

Please Research Online Payday Loan Companies – Do Your Due Diligence

Before you fill out all the required information to get money from an online payday loan site, you should initially visit the Better Business Bureau (BBB) to find out what you can about the company. You certainly don’t want to give any sensitive information like your social security number and bank account information to a shady organization. If anyone has ever been scammed by the payday loan company you are checking into, chances are good that the report will turn up on the BBB website. You might also want to ask some friends or family members if they’ve ever taken out a payday loan online, and if so, ask what site they used and how their experience was. Taking advice on what site to use from people you are close to is a good idea if you want to feel sure that you won’t get ripped off.