Non-bank loan companies are tempted by the vision of obtaining extra cash almost immediately. And although it is possible to take payday loans in one day, it all depends on many factors. What to look for in order to be sure that the money will be credited to your account within 24 hours?
Not much formalities
Certainly, the time needed to get payday loans is influenced by the number of mandatory documents that a potential borrower must present. Fortunately, more and more loan companies require only an ID card.
The verification of the customer’s credibility is carried out on the basis of personal data provided and income declared. Of course, in some cases, the borrower may request additional certificates, e.g. on income. However, these types of documents are required in very few cases.
Verification in 15 minutes or in a few hours?
Although non-bank loan companies ensure that the decision to grant payday loans is made within a quarter of an hour, often the entire verification process is significantly extended. It will certainly take longer if the lender has at least a shadow of doubt about the credibility of the client.
However, the extended time taken to make a credit decision is also very often due to … the working hours of both loan companies and banks taking part indirectly in the verification process.
Verification transfer at the same banks
One of the most common ways to verify customer credibility is to perform the so-called verification transfer. Its value ranges from USD 0.1-1 and is made to the account indicated by the lender. If the loan company has an account with the same bank as the applicant for the payday loan, the verification transfer will be credited within a few minutes. The booking time will be much longer when the transfer is ordered from a bank where the loan company does not have an account.
Then the symbolic dollars can be booked even several days (if the transfer was made on the weekend), and thus it will be impossible to obtain the payday within 24 hours. So how do you avoid this kind of situation? All you have to do is check that the account of the loan company you are interested in is in the same bank as the account of the potential borrower.
Lenders provide this type of information on their websites. What’s more, loan companies have accounts in many banks just to ensure that customer verification transfers are booked in a few moments.
Payday loans without transfer
If the potential lender is interested in time, he can confirm his data through dedicated applications that are used by loan companies. They work on very simple principles. All it takes is that the applicant for the payday loan logs in to their bank account through them and the application sends the necessary information about the client to the loan company.
Among them will be the personal details of the account owner, as well as sometimes the history of inflows to the account. The data is downloaded once at the time of logging into the account, which provides them with adequate security. The entire verification takes several minutes, and the applicant for the payday loan does not have to make any transfers. Verification applications operate under different names and are used only by some loan companies.
Working hours of loan companies
The time of obtaining payday loans is also influenced by the working hours of the lenders themselves. None of the companies work constantly. And while taking cash on business days shouldn’t be a big deal, getting extra cash over the weekend can be significantly longer. Many loan companies do not work on Sundays. In contrast, companies that serve their customers on the weekend do so at specific times.
Working hours of loan companies also affect the duration of transfers. If the company chosen by the borrower does not work on Sundays, then customer verification and transfer of payday loans to his account at the weekend will be possible only on Saturday during business hours or only on Monday.
Post payday account
Counting on payday loans within 24 hours, you must also take into account the time in which the cash will be credited to the borrower’s account. If the loan company has an account in the same bank as the client, then the money can be on his account in a few minutes. However, if they are different banks, cash may not be available until the next day.
Fast but reasonable
As you can see, obtaining additional cash in one day is possible. Thanks to this, short-term payday loans are almost at your fingertips. However, when deciding on an express loan, one should not forget about the consequences of taking it. The borrower must repay not only the amount of the commitment but also any additional payday expenses within the time limit applicable to him. Therefore, before taking payday pay, you should check how much you really need to pay. In addition, timely repayment is also important.
A delay of even one day may result in additional fees being charged, and in the event of failure to settle the liability – an entry in the National Register of Debtors. Hurry is not a good adviser when making financial decisions, so sometimes it is better to think carefully about the offer offered payday pay.