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A payday loan can help you get out of a tight spot, but despite what lenders promise, instant payday loans don’t exist. Some lenders automate approvals online if you meet eligibility criteria, but the earliest you can get your money is the next business day.
No, but you may be able to receive your funds quickly if you apply in a store. If you apply online, your loan funds could be available in one business day (though it might take longer, depending on your bank).
State laws determine how much you can borrow, and the lender sets qualifications you must meet to be approved.
If you want to get a quick payday loan, you must meet some eligibility criteria first.
Applying at a storefront means your application is processed within a few minutes, but you’ll need to bring along your documentation. With online payday loans, you typically submit everything online from the comfort of your own home and receive a preliminary decision within minutes.
The time it takes for funds to get to your bank account depends on the lender you choose. Storefront lenders can give you funding that day, and most online lenders can transfer your loan to you as soon as the next business day. If you have an eligible prepaid debit card, you may have the option to have funds loaded on it.
If you apply in store, you may have to leave behind a physical check that the lender can cash on the due date. With online loans, the money will be automatically debit your repayments from your bank account on the due date.
How to decide whether to get an online or in-store loan
Here are some loan providers you can apply with. Note that the max loan amount is based on the provider’s max amount. The amount will vary based on your state of residence.
Lender-matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. Instead, they focus on trying to match you with a lender that might be able to provide the funds you seek. Note that the maximum loan amount is based on the matching service’s maximum varies by your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
Hugo’s best friend is moving soon, and he wants to treat him to tickets for the Big Game. Good seats are costly — about $90 per person — and Hugo knows they’ll be sold out if he waits until his payday.He decides to look into a payday loan that deposits cash directly into his checking account. Hugo finds a lender with minimal fees that he can afford, and he completes an in-store application. The next day, he has the money he needs to give his friend the sendoff he deserves.
If you’re thinking of applying for an instant payday loan, take some time to review these features to choose a lender that’s right for you.
Find out the best lenders who provide quick payday loans
Are same day payday loans legit?
Pay particular attention to the time a lender takes to process your application and disburse approved funds. If you need money in a rush, waiting four or five days to get it might not be best for your needs.
Make sure you know exactly how you’re going to repay the loan. If you aren’t able to pay back the loan on time, you could be charged extra fees and higher interest rates. On top of that, your credit rating might also suffer.
Limit your search to state-approved lenders with valid licenses.
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I live in Connecticut and I need an installment loan ASAP. Do you know of any lenders?
Hi Amy,
Thanks for your question.
Unfortunately, none of the lenders on our installment loan page offer installment loans in Connecticut. You may want to consider getting a short-term loan if you intend to borrow a small amount immediately.
Cheers,
Anndy