Instant payday loans are a type of quick decision financial assistance offered by direct lenders. They are ideal for things like emergency house or vehicle repairs, or to cover a temporary drop in income due to illness or injury. They can even be used to take advantage of a last minute holiday deal that you’ve seen, or the new TV you’ve wanted that is now on sale but always remember to borrow money responsibly. Never put yourself into harms way.
Whatever the reason, an instant payday loan can get you the cash you need within the same day because of a streamlined application process using auto decision making software. This software can speed up the decision on your payday loan by calculating your eligibility based on the details you provided. The good thing about this kind of soft credit check is that it will not be recorded in your credit file and so won’t affect your credit score should you not be accepted for this type of quick loan.
Obviously, the possibility of getting an instant payday loan depends on an individual’s current situation and how good their credit is. The best payday loan providers will be able to deal with simple situations quickly. If you have no prior problems with debt, you stand a good chance of being accepted and having cash in your bank the same day and are available for anyone from a worker at Tesco to a student. That’s not to say that having a bad credit score will stop you from getting a fast payday loan, it just means that it might take the lender a little more time to consider your application, after all payday loans are high acceptance.
Where can I get an instant payday loan with no credit check?
Although you may have seen advertisements for no credit check loans, they do not actually exist, well, not from any reputable source anyway as it is illegal to offer such loans or guaranteed payday loans. What brokers and lenders really mean when they no credit check is that they don’t carry out the same kind of checks that are traditionally used by banks and other credit organisations.
Instant payday loan applications are dealt with by direct lenders who do a ‘soft credit check’ that doesn’t require them to request your credit file from a credit referencing agency and look over your financial history. They then do a full search if you accept a loan.
Instead, they check to make sure the information you have provided is accurate and most importantly, that you can afford to pay back the money you want to borrow. If the lender decides to grant you the loan, the funds will be quickly transferred into your account. The better your credit score and current financial status, the faster your application will be dealt with and you might be eligible for an instant loan.
What direct lenders offer the cheapest instant payday loans?
Finding the direct lenders who offer instant cheap payday loans is all a matter of shopping around and getting quotes from as many of them as you can. The interest rates offered by direct lenders can vary quite a lot and depends on how the individual lenders assess your application. That’s why it’s a good idea to compare rates from numerous potential lenders.
Of course, applying for quotes from all these different lenders may take a while, but if you would like someone else to do the running around for you, we offer a brokerage service that only requires you to input your information in to our online form. We will then apply on your behalf to our large, yet select list of lenders.
Can I get an instant decision payday loan(or fast)?
Yes, it is possible to get an instant decision regarding your payday loan but it all depends on your current credit status.
The new automatic decision making software that is being used by payday loans lenders has made it possible for people to get immediate acceptance for certain loans.
Because of this new system, it is even possible to get a decision on your payday loan at times when the main office is closed, adding yet even more convenience to this type of financing. If you have a poor credit score, it might not be possible to get an instant loan, but the turnover for payday loans is nonetheless very fast and you should have your decision within 24 hours.
Will a bad credit score affect my chances of getting an instant payday loan in an emergency?
To be completely honest, yes it could affect your chances of getting an instant loan because lenders have to spend more time looking into your eligibility and cannot just lend because it’s an emergency. Although you may not be able to get an instant loan, the high acceptance rate of payday loans means that even people with past debt problems can get bad credit loans from a direct lender. These aren’t instant but they are quick loans that are dealt with very swiftly once applied for and are a good choice if you need emergency cash. In many cases the cash is transferred into the customers bank within 24 hours, especially if they get approved for bad credit payday loans.
If I run into trouble repaying my payday loan, what should I do?
If it is only a temporary problem that you can sort out in a day or two, a call to the customer service department of the company that gave you loan might buy you enough time. However if the problem is more serious, you need to take action and contact professionals in this field to get the right kind of advice. stepchange.org and Citizens Advice website are two great sites to visit if you are in trouble with your payday loan. They are packed with information on debt management and can be a huge help to anyone who finds themselves slipping deeper into financial hot water.
It may seem like the problem is too big to get on top of and you might feel like burying your head in the sand, but trying to ignore debt problems just makes them worse. With some good advice and help from people in the know, you can get your finances back on track.