Instant Approval Payday Loans Guide

Instant Approval Payday Loans GuideGetting instant approval payday loans sounds like a great idea, in theory, and many lenders promise this as a way to get you to fill out the application.

The reason some advertise instant approval is because so many lenders are notorious for taking their sweet time to give you an answer. Meanwhile your financial situation could be getting worse, especially if it’s an emergency and you need the cash like yesterday. The worst part is that if you don’t get approved you’ve wasted all of that time waiting to hear back from them.

It would be great if they really could give you an answer instantly as to whether or not you’re getting the money. They don’t necessarily need to send the money instantly, and none of them do, but just knowing that it’s on the way is helpful in most situations.

Instant Approval Payday Loans Guide

When you see the term “instant approval” in regards to getting a payday loan, it can mean one of several things. It could mean that you’ll be instantly pre-approved by their computer system while you wait, or it could mean that an agent will review your application while you wait. Some might also say that the process is instant, when in fact it will take some time to get an answer on whether you’re getting the money or not.

Instant is Everywhere
We’re used to instant. We get instant updates on sports match-ups, we make instant coffee by just adding water. Instant messaging is just that. But when it comes to financial instruments like a loan they are a little behind the times. It’s not as instant as everything else you’ve come to expect. When you go for instant approval payday loans what you’re really trying to do is cut out all of the lenders that take a long time to get back to you on whether you’re accepted or not. Chances are, if a lender says instant approval they won’t take long to get back to you – but it won’t be instant.

A Good Strategy
A good strategy if you really need the money fast is to apply at several different lenders, even if they do say that they have instant approval. Just because you get approved doesn’t mean you have to accept the offer, so it won’t hurt if several lenders get back to you with a yes, you can simply choose the first one to respond. Don’t put all of your eggs in one basket and think that a particular lender is your only way out of this. Money is money and it all spends the same so you’re not obligated to go with any one lender. You may have submitted your bank info, but they can’t give you the money until you approve the offer they make.

When You’ve Been Duped
If you filled out an application and the lender is not giving you a fast enough answer you may have been tricked into giving your information to what’s known as a broker or a matching service. What they’ll do is farm out your information to their list of lenders and then play the middle man, using you to get money from the lenders by paying for the lead. In these instances there isn’t much you can do since you’ve already given them your information. You can expect to see a lot of junk mail and offers from their partners if you don’t complete the transaction.

Our Recommendation
Be prepared for some sort of gap in the time between applying for the money and getting the money. Some sites are sophisticated enough so that their algorithm can determine whether you’ll be approved or not, but in almost all cases your information will need to be reviewed by an actual person, and this does take time. It may not be several hours that you’ll have to wait, but in many instances it will be a half hour or more.

It’s always best to use caution, and don’t give your personal and banking details to a shady looking site, or one that doesn’t use an encrypted server to transmit your data.

Add Your Own Experience to Our Instant Approval Payday Loans Guide Below

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