Find Instant Approval Payday Loans Online With No Time-Wasting

Payday loans are small-dollar, cash advances that borrowers take out against their next paycheck. Those who find themselves in financial binds may search online for terms like “easy payday loans“, or “instant approval payday loans” in hopes of receiving funds that they need immediately. Unfortunately, some of the information available through these searches can be inaccurate, misleading, or even tied to predatory lending. Customers who are interested in online payday loans from direct lenders should make sure they are getting their information from the right sources. Consumers should also be aware of the rules and regulations associated with short-term lending, to determine whether or not a payday loan would be right for them.

Instant payday loan approval

Is There Such a Thing as an Instant Approval Payday Loan?

Customers applying for payday loans online sometimes see banners on websites that advertise fast application and approval processes. Common banners may include the following:

  • “Payday Loans Online No Credit Check Instant Approval”
  • “Payday Loans Online Direct Lenders Instant Approval”
  • “Get As Much As $10,000 With Payday Loans Today”

The problem with such banners is that while online payday lenders may have less strict rules than personal banks or other financing institutions, lenders will review an applicant’s full application and necessary documentation. Customers should remember that approval is not automatic, and that accurate personal information is required for loan consideration.

Similarly, some websites or third party brokers will have marketing tactics that use messages or slogans such as “online payday loans no credit check instant approval”. Such phrasing is misleading, as small-dollar loan lenders do in fact check an applicant’s credit score and history before loan approval. Indeed, like conventional loans from banks and credit unions, lenders will make an inquiry on an applicant’s credit to determine their ability to repay a loan and meet loan terms.

In addition to checking an applicant’s credit score, lenders may also consider the following:

  • Whether or not they’ve paid off payday loans on time in the past
  • Payments to creditors such as landlords or utility companies that may not be reported to the three main credit bureaus
  • Inquiries on their banking history or whether or not there are any current liens on any personal assets
  • Checks on an applicant’s current employment status or employment history

Applicants who have poor credit scores and histories, or who have alternate forms of income are still eligible to apply for a payday loan to see if they are approved. Alternative forms of income may include social security benefits, welfare, VA benefits, or self-employment income.

Where Should Consumers Look First To Learn About Payday Loans?

Borrowers should be aware of online payday lenders that advertise loan terms or borrowing amounts that sound too good to be true. Each state in the U.S. has laws that govern short-term lending practices and that have licensing requirements that lenders must follow. Consumers should note that some payday lending regulations may require the help of an attorney to understand. Here are the main categories that most state laws cover:

  1. The maximum amount that can be borrowed with emergency loans online
  2. How many times a payday loan can be refinanced, and how long it can last
  3. Regulations regarding collections and lawsuits
  4. Regulations regarding lender licensing and certification

States will typically have a finance department that oversees payday lending. If borrowers suspect a lender may be in violation of one of these codes, they can contact that department or their attorney general to report the incident.

How to Apply for an Online Payday Loan

Potential consumers can apply for a payday loan at a storefront lender or online. The application process can take anywhere between 15 and 60 minutes. While requirements will differ from lender to lender, customers should be prepared to present the following:

  • A government-issued photo ID
  • Information about their income and employment
  • Information confirming their bank account is in good standing
  • Other documents proving state residency and payment history

Borrowers should note that payday loans are not typically instant. If applicants are approved, funds can be deposited within one or to business days. Eligible consumers can apply for a payday loan online to see if they are approved.