Getting Fast Payday Loans Online. How Quickly Will I Get My Money?
As the name suggests, fast payday loans are short-term loans (typically up to $1,000) that borrowers can use to cover unexpected expenses or to make it through between paydays. These loans have very few requirements and usually get quick approval. The borrower doesn’t have to put up anything as collateral either.
Normally, when you apply for fast payday loans online, you will get the decision almost instantly. If approved, you’ll get your money in your bank account the same or next business day. The exact time will depend on who you apply with and what their internal processes look like.
What Does The Application Process For Fast Payday Loans Online Look Like?
At PaydaySeek we work with 100+ direct payday lenders who provide quick and easy payday loans online. This allows us to find you a loan lender even if you have bad credit or no credit history at all.
When you decide to request a loan on our website, here’s what the application process will look like:
- You fill in the application form on our website. This will usually take no more than 5-7 minutes.
- Once we have your information, we will send it to one of the many loan lenders we work with. If the lender rejects your payday loan application for any reason, we will send your information to another lender, and then another, and another, until we manage to secure pre-approval for you. Pre-approval usually means that the lender has run a soft credit check on you and is ready to grant you the loan amount you requested.
- Once pre-approved, we will redirect you to the lender’s website where you can finalize your cash advance loan application. At this point, depending on the lender’s internal processes, they may contact you to verify your loan application. If the lender you’ve been matched with doesn’t require this, you will be offered to view the loan agreement and e-sign it on the lender’s website. At this point, you will know the exact terms and conditions of your loan agreement, including the repayment terms, the APR, and any other fees, if applicable.
- Once you’ve signed the loan agreement, the lender will send an ACH transfer to your active checking account.
In some cases it may take just under an hour from the moment you request a payday loan on our website to the moment a lender approves it. However, the exact time when you get your cash in your bank account will depend on when you apply, the internal processes of your lender, your lender’s bank, and your bank.
How Quickly Will I Get My Money?
We work with more than a hundred direct lenders who provide fast cash payday loans and many of them offer a same-day deposit. Whether you’re eligible for one will depend on the time of day and day of the week your payday loan application is approved.
If you apply for a payday loan online and expect to get your cash the same business day, you should do your best to apply before the cut-off time. It varies between lenders but is usually before 10:30 am. Try to apply as early in the morning as possible to be on the safe side.
However, you might still get your loan amount the next business day despite having applied early:
- You apply early in the morning before the cut-off time but the lender contacts you over the phone and requests some additional documents, like proof of identity or income. It takes you some time to email those documents and as a result, your application is approved at 11:30, which is after the cut-off time.
- You apply early and the loan application is approved early as well. The lender sends an ACH transfer to your bank account at 2 pm, but due to your bank’s internal processes, they credit the ACH transfer only the next morning.
In either of the above cases, you will get your cash the next business day.
Weekend, holiday, and other non-banking day applications
Most banks aren’t open on weekends or holidays. As a result, even if the lender we’ve matched you with is open then, the banks will process the ACH transfer the next business day only.
If you’re in an emergency and need cash fast, consider applying for a quick cash payday loan in person at the nearest payday loan storefront. If approved, you will get the cash immediately.
However, if you can wait until the next business day, consider getting a fast payday loan online from PaydaySeek.
What Do I Need To Be Eligible For a Quick Payday Loan?
When you apply for quick payday loans online, the set of requirements you need to meet is similar across all lenders:
- You need to be a US citizen and reside in a state where payday loans are allowed
- You need to be 18 years of age or older
- You need to have a regular source of income. The income doesn’t have to come from employment. If you receive alimony, disability benefits, or social security benefits, that will count too.
- You should have an active checking account. While some lenders do allow savings accounts, they are a minority. But do give us a try, we may still be able to find you a loan if you have just a savings account.
- You should have a working email address and a phone number in case the lender needs to contact you.
As mentioned above, in rare cases lenders may require you to provide additional documents before your payday loan application is approved. Here’s a list of documents the lender might require:
- You most recent paycheck stub
- A recent bank statement
- Proof of your last loan clearing your account
- Proof of identity
The first three are usually required if you currently don’t have active employment but are getting income from other sources, such as alimony, disability, or social security benefits. These documents may also be required if you’re self-employed or reside in Illinois, New Mexico, Nevada, or Rhode Island.
All the lenders we work with at PaydaySeek provide fast payday loans online and require little to no paperwork. In the rare case that you need to send a lender anything, you can do so via email. No faxing of any kind necessary.
Where Do I Get Fast Payday Loans Online With No Credit Check?
At PaydaySeek we work with a hundred plus direct lenders, some of whom provide fast payday loans with no credit check. However, most of the time lenders will run a soft credit check on you, which usually includes getting your credit score.
A soft credit check will not affect your credit score or appear on your credit report with any of the big credit bureaus like TransUnion, Equifax, or Experian. It will not affect your FICO score either.
Even though the lender will have your credit score, they rarely consider it when assessing your repayment abilities.
Can I Get a Payday Loan If I Have Bad Credit?
When looking for fast online payday loans for bad credit, you might be worried that lenders will see your credit history with TransUnion, Equifax, or Experian, and reject your payday loan application. However, lenders care little about your history with those credit bureaus. They are more concerned about whether you will repay your loan, which depends on your current source of income rather than your past credit history.
That said, we should also mention that there are a few specialty smaller credit bureaus that payday loan lenders may check your history with:
- CoreLogic Teletrack
- Clarity Services
- TeleCheck. There is a good chance this one will be used if you apply in-person at the nearest payday loan store. Most of the time you will have to provide the lender a post-dated check, and if your checks have bounced in the past, there may be a record of it in TeleCheck.
The first two credit reporting agencies track your history with payday loans specifically, so if you’ve defaulted on a payday loan before, or have an outstanding loan in a state where it’s not allowed, the lender may check your history with them and deny your loan request.
But even if you have a bad credit history with payday loans, at PaydaySeek we might still be able to find a loan lender willing to work with you. Some lenders that we work with do check your history, while others provide quick payday loans with no credit check with those specialty bureaus.
So even if you are looking for quick payday loans for bad credit, please give PaydaySeek a try. We work with many loan lenders providing fast and easy payday loans, so chances are we may find you a loan lender even if you have a bad credit history with payday loans specifically.
Should I Apply Online or Look For Fast Payday Loans Near Me?
You might be asking yourself “Why would I need to look for fast payday loans near me when there are so many loan options available online?” The reason is, if you’re in an emergency situation and need cash fast, you may not always be able to get your funds quickly. It could be a weekend or other non-banking day, or you might need the cash within the hour.
In either case, your best choice would be to go out and find the nearest payday loan store near you and apply in person. Alternatively, google “quick payday loans near me” and you’ll find a few options right away.
However, if time is not an issue and you can wait until the end of the day, or even the next business day, please give PaydaySeek a try. We work with a hundred plus direct lenders providing quick online payday loans within reasonable timeframes.