How long does it take to get a payday loan?

Quick Answer The process of getting a payday loan usually takes a short amount of time. You can often expect to receive your funds within a day or even a few hours. Applying online can make this process faster, while visiting a physical store may involve some wait time.

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Tobi Opeyemi Amure β€’ Answer updated on Aug 9, 2023

Fact checked by Doreen Dumesle

So, how quickly can you get a payday loan? The short answer is: about an hour or less. πŸƒβ€β™‚οΈβ±

Learn: Where can I get a payday loan?

The application and funding process is typically straightforward and can often be completed within a day, and in some cases, even within a few hours. Now, let's break it down.

  • Online Application: One of the reasons payday loans are so fast is because many lenders offer online applications. Unlike traditional bank loans (that usually require you to visit a branch and fill out lengthy paperwork), with payday loans you can apply from the comfort of your home β€” or anywhere you can access the internet. You simply fill out an online form, which typically takes just a few minutes, and click submit. Easy-peasy! πŸ’»πŸ–±

  • Instant Approval: Once you submit your application, the lender will review it. This process usually takes just a few minutes and, if you meet their requirements, you can get approved almost instantly β€” no waiting around for days to get a response. The lender will then present you with a loan agreement that outlines the terms, the cost of your loan, and any additional fees (take out your magnifying glass for this step πŸ”πŸ‘€).

  • Transfer of funds: After you've agreed to the terms and signed the loan agreement, the lender will deposit the funds directly into your bank account. This step's speed depends on your bank and can range from a few hours to the next business day. Bear in mind that if you apply late in the day or on a non-business day, it may take a bit longer for the funds to reach your account. πŸ’ΈπŸ¦

But what if you prefer to apply for a payday loan at a physical store? This is also a possibility. However, visiting a brick-and-mortar store may involve some waiting time, especially during peak hours. Though, if you're able to be served before the location's cut-off time for same day funding, you can typically walk out with cash in hand!

Learn: How can I get a payday loan instantly?

The process of getting a payday loan is incredibly fast compared to other types of loans, which is why it's often a go-to solution for people needing emergency cash. But remember, this convenience often comes with a high APR and high additional fees if your fail to repay on time.

So, if you decide that a payday loan is the route you want to take, be sure to read your loan agreement and understand its end-all cost before accepting the loan.

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