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Instant decision payday loans

Is an instant decision payday loan actually instant?


Editor's choice: OppLoans Installment Loans

  • Easy online application
  • Quick approval
  • Long repayment terms
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A payday loan — also known as a cash advance, a short term loan or a cash loan — is designed to give you access to funds in a short amount of time. Some lenders even offer instant decisions, instant approval and instant processing for payday loans. But what do these terms really mean, and how long does it really take to get your loan money?

What does “instant decision” mean?

Payday lenders that advertise loans with “instant decisions” usually let you know the outcome of your application within a few minutes or a maximum of one hour after the application is submitted. These lenders use technology to speed up the online application process, allowing them to give you an outcome in an “instant.” If more details are needed, or if the application needs to be assessed by a person rather than automated, the final decision may take longer.

The time it takes for you to get the money from this type of loan is another matter altogether. If you apply at a storefront, you can get the money almost as soon as you accept the loan contract. With an online application, you’ll need to ensure all your documents have been submitted and the contract is signed. It’s only after these steps are completed that the lender will transfer your funds, usually the next business day.

How payday loans work?

A payday loan, also known as a cash advance loan, is a short-term personal loan (typically $500 or less) that usually must be repaid within two weeks to a month. The repayment date is determined by your pay schedule. Because payday loans come with steep finance charges, it is not a long-term solution, but a temporary fix to an unexpected financial situation. Rules and regulations for payday loans vary from state to state, and are even not permitted in some states.

Some lenders offer 24/7 payday loans

Applying for a loan online or with any storefront lender that operates 24/7 is much the same as applying for any other instant payday loan. When you apply in store, you can often have your money in under an hour. Online lenders may take a bit longer — usually about a business day for the funds to be transferred into your checking or savings account.

Short-term loans you can apply for

Name Product Filter Values Loan amount Turnaround time Requirements
B9 pay advance app
Up to 100% of your salary
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
Get a fair loan designed for immigrants and nonresidents.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.

Compare up to 4 providers

How quickly will I receive my loan?

While the majority of lenders can give you an instant decision, the turnaround time for funding is a major point of difference. Take a look at the table below to see how long it will take for your loan to be funded from these payday loan lenders.

LenderWhen you will receive your loan
100 Day LoansUsually 1 business day, but there can be same-day funding.
Achieve LendingVaries acccording to the lender you are matched with.
Advance AmericaIf you apply online and the application is approved before 8 p.m. EST, it’s usually funded the next banking day. If you apply in-store, the loan can be funded within 10-15 minutes.
CashAdvance.comUsually 1-2 business days.
CashNetUSAIf you apply and are approved by 9 p.m. CT Monday-Thursday, you can receive your funds the next business day. If you apply and are approved between 9 p.m. CT Thursday and 7 p.m. CT Sunday, you can receive your funds on Monday (unless it’s not a banking day).
Cash CentralLoans approved before 7:45 p.m. EST Monday-Thursday are usually deposited into your bank account the next business day. Applications submitted on Friday, Saturday and Sunday before 7:45 p.m. EST will be funded the following banking day. Applications submitted on Sunday after 7:45 p.m. will be funded on Tuesday.
Check CityIf you apply online, it takes 1 business day, and if you apply in-store it takes about 15 minutes. If you apply online and are approved on weekdays by 7 p.m. MT or by 8 p.m. on Saturdays, you can be approved on the same day. If you apply after these hours or on Sundays or holidays, your application will be processed on the next business day and you will receive your funds the day after that.
Check Into CashLoan applications processed before 7 p.m. during business days are funded on the next business day. If you apply online, you can pick up your approved funds in-store.
LendUpIf your loan is approved by 5 p.m. PT Monday-Friday (excluding holidays), you will generally receive your funds the next business day. Exact funding time depends on your bank.
LoanMart1 business day
NetLoanUSAIt varies depending on the lender you’re approved with.
Personal Money NetworkLoan processing and transfer times vary between lenders, but you can typically receive your approved funds on the next business day.
Speedy CashOnline loans take 1 business day to be processed. You can also visit a store to pick up your cash or have it loaded onto a prepaid debit card.
TrustedLoanNetworkIt varies depending on the lender you’re approved with.
USA Payday CashYou can receive your approved funds in your account by the next business day.

What should I consider when choosing an instant decision payday lender?

Consider the following factors to make sure you pick the right instant payday lender for your circumstances:

  • Direct lender or loan matching service. Direct lenders review your application themselves and may or may not approve you depending on their eligibility criteria. Note that the approval time varies depending on the lender, so “instant decisions” may not be available.
  • Lender’s reputation. Verify the lender’s details online to make sure it has a good reputation. The internet gives you an easy means to find out what previous borrowers have said about any payday lender. If you find any reason to be wary, you should move on to another lender.
  • Application process. How quick and easy is the application process? A typical payday application takes 15 minutes or less to complete, provided you have all the required information close at hand. Some lenders may require you to fax statements or details, which may take more time.
  • The time it takes to disburse funds. Even with instant approval payday loans, you need to find out how much time the lender will take to give you the money you need. With an in-store application you should receive your approved funds on the spot. If you apply online, you might have to wait until the next business day, or longer.

See how quickly you can get a payday loan

What features come with instant decision payday loans?

  • Interest and fees. State laws govern the annual percentage rate (APR) that payday lenders can charge. This includes the interest, as well as other applicable fees. However, payday lenders in any given state will charge different APRs and fees, so it pays to compare your options.
  • Maximum loan amount. This is another factor that depends on state regulations, but not all lenders provide loans up to the maximum allowed amount for first-time borrowers. In some cases, you might have to build up a history with a lender or at least repay your first loan on time before you qualify for the maximum loan amount.
  • Loan term. The time you have to repay the loan also depends on state laws. While some states let you rollover or renew your loan, others don’t. Whether or not you can get on a repayment plan also depends on the state of your residence. Check the applicable rules for your location and remember that the longer you take to pay the loan off, the more you’ll end up paying in fees. Typical payday loans are due in full within 2-4 weeks.
  • Repayment flexibility. Your lender should let you pay your loan off ahead of time without charging any additional fees or penalties. While payments via checks and direct debit are commonly accepted, some lenders let you pay using a debit card as well.

Cautions to avoid with instant decision payday loans

Payday loans attract unusually high fees in comparison to other types of credit, so explore all your options before you decide to apply. If you think you might have problems in paying the loan back on time, avoid taking it in the first place. Paying the loan back after its due date can lead to higher costs.

When you apply for a payday loan and are approved, make sure you go through the loan contract carefully. This step gives you a clear picture of how much you might have to pay in different circumstances. Finding out about the payday lending laws in your state ahead of time can also help protect you from unfair lending practices.

Are payday loans available in my state?

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