You would be hard pushed to find a quicker way of accessing cash than online payday loans. With decisions made within minutes and cash transfers taking place in the very same hour, there really is no messing around with these innovative and highly accessible loans.

First of all there’s the application itself. Because most short-term lenders don’t require comprehensive details or carry out credit checks, the form is usually pretty straightforward. You will still need to provide basic details, including your current and previous addresses as well as your employment information.

Your place of work and, more importantly, your salary will be used as a form of guarantee for your loan, therefore this will form a considerable part of the application and decision process. Most payday loan companies will have a clear guideline on how much you should earn each calendar month. As mentioned, this will work as a guarantee against the loan and therefore it needs to comfortably exceed the total amount borrowed. Ordinarily this is between £500 and £750, although this figure will vary depending on the individual payday loan company. If you don’t meet these criteria, then you will usually be declined.

Whether you choose a lender or a broker, the next step in the process should be equally quick and painless. Obviously, with a payday lender, once you have submitted your application, you will receive a response within seconds. This will be a simple yes or no. However, with brokers you may find that things are a little less cut and dry – if only just.

Because brokers get quotes from a number of individual lenders, it’s very possible that you may have a number of offers. You will usually just be pointed in the direction of the best option, but could also be given a choice in some circumstances. It does also increase your chances of being accepted though, as you will be able to apply to a whole host of companies, each with their own unique lending policy.

Regardless of which route you decide to go down, the decision should be almost instant. This will either allow you to proceed with your application or reconsider your options. Things don’t slow down here either.

You will need to review the terms of lending and, if you’re happy with these, accept the loan offer and complete any final details – including confirmation of your repayment date. As with all things throughout this process, the speed with which the final transfer will take place is dependent on the company you choose.

Competition dictates that most companies are, at the very least, guaranteeing same day transfers. However, some are even quicker than this. Many payday loan companies now advertise rates of an hour or even less. As such, if you’re in a really tight position and need cash in a hurry, there’s really no genuine alternative.

A standard personal loan is likely to take at least a few days to complete, from start to finish. The form is more comprehensive and due to the number of checks required, so too is the decision process. Often you will also need to call or visit the bank to confirm details and to clarify any issues, which places another hurdle in your path.

Credit cards are much the same. Whilst you can complete the paperwork and get a decision within an hour, you will have to then wait for your card to be delivered, which could take days. This is why Internet payday loans are now the quickest way to get cash.

Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends Payday Power Loans.

Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends http://www.paydaypower.co.uk Payday Power Loans.

Author Bio: Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends Payday Power Loans.

Category: Finances
Keywords: Payday Loans, Payday, Loan, Loans, Short Term Loans, Finance, UK