Payday loans are short-term loans of small amounts granted by non-bank institutions. There is a common belief that it is easy to obtain them, and advertising slogans convince that money can be on your account in 15 minutes. Will you receive every payday loan in such a short time? Learn more about this topic!
Fast payday loan is a solution for people who need an injection of cash in a short time. Find out how to get payday loans for now.
Quick payday loan – minimum formalities?
Payday loan for good consolidated their position on the market of products offered by non-bank financial institutions. It happened for a reason. What mainly encourages consumers to take advantage of this type of loans is very simplified, compared to bank loans, procedures for obtaining them and a short waiting time for receiving money.
It can be safely stated that the express payday loans supplement the banks’ offer and allow virtually everyone to access loan products.
The latest research shows that the profile of people most often using quick payday loans on account is gradually changing. A growing group are young people who often do not yet meet the requirements imposed by banks (eg employment contract, regular account receipts).
The young generation of customers brought up in the age of the Internet is accustomed to the fact that everything can be done quickly and at a distance, without leaving home. This attitude of consumers generates the need for lenders to look for new solutions, thanks to which the payday loan in 15 minutes becomes real.
However, in order for the money to be credited to your bank account instantly, several conditions must be met.
Instant delivery in 15 minutes – can you? You can, but under certain conditions
You can conclude a quick payday contract by going to the loan company’s customer service point or online. In both cases, 15 minutes is counted from the time you apply for a loan.
If you want to receive a transfer in the shortest possible time, before submitting the loan application, make sure that you and the loan company have bank accounts in the same banks (the loan transfer will then be an internal transfer within the same bank).
Parabanks usually open bank accounts in many banks to maximally adapt to their customers and be able to make transfers as soon as possible. Remember, however, that banks do not provide their services around the clock and do not work on weekends.
If you and the lender have accounts in other banks and conclude a contract when they are not working, you will have to wait for the transfer until the next interbank transfer session.
What does the loan company check when you apply for a quick payday loan?
What happens between you submitting your application and obtaining a positive or negative loan decision? Your identity must always be verified without exception. A convenient way of checking it at a distance is by you to make a symbolic transfer from your personal account (eg for a penny or USD 1) to the indicated loan company account.
And as mentioned above, if both parties to the loan agreement have accounts in the same bank, the verification transfer will be an internal transfer, so it should be posted very quickly. As a result, if the decision to grant the loan is positive, you can receive payday loans in 5 minutes.
In a situation where you and the company lending you money have bills in different banks, the whole procedure of granting payday loans can quickly take longer.