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.
Payday loans don’t arrive instantly, 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
Some lenders advertise guaranteed loans. But, take caution. There’s no such thing as a guaranteed payday loan. While some lenders don’t require great credit, they still have other eligibility criteria you need to meet in order to be considered.
“Guaranteed” payday lenders offer more flexible lending criteria than a traditional bank or credit union. This doesn’t mean you’ll be approved. Instead, a “guaranteed” lender is more interested in your ability to repay than your credit history — a steady source of income is usually the most important factor.
To apply, submit your application online or in-store. The lender will review your credentials and inform you soon after submission if you’ve been approved.
If you are approved, there are different ways to pick up your loan. In-store applicants may receive funds within a few hours of approval in the form of cash, check or prepaid debit card. Online applicants can have their money transferred to their bank account as soon as the next business day or choose to have an in-store pickup.
These are short-term financial solutions, meaning you have to repay the loan on the scheduled due date, typically your next payday. If you decide to take out a payday loan, keep in mind the interest can be quite high. You’ll need to budget your repayments before you borrow. Otherwise, you may be stuck in a cycle of bad debt.
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.
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 aren’t lenders, loan brokers or agents for any lender or loan broker. They also don’t 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.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.
| Lender | When you will receive your loan |
|---|---|
| 100 Day Loans | Usually 1 business day, but there can be same-day funding. |
| Achieve Lending | Varies according to the lender you are matched with. |
| Advance America | If 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.com | Usually 1-2 business days. |
| CashNetUSA | If 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 Central | Loans 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 City | If 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 Cash | Loan 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. |
| LendUp | If your loan is approved by 5 p.m. PT on weekdays (excluding holidays), you will generally receive your funds the next business day. Exact funding time depends on your bank. |
| LoanMart | 1 business day |
| NetLoanUSA | It varies depending on the lender you’re approved with. |
| Personal Money Network | Loan processing and transfer times vary between lenders, but you can typically receive your approved funds on the next business day. |
| Speedy Cash | Online loans take 1 business day to be processed. Or visit a store to pick up your cash or have it loaded onto a prepaid debit card. |
| TrustedLoanNetwork | It varies depending on the lender you’re approved with. |
| USA Payday Cash | Receive your approved funds in your account by the next business day. |
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 best meet 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.
Complete most applications in 10 to 15 minutes, provided you have the required information close at hand.
Online payday loan providers require applicants to give bank account information that allows direct debits and credits.
Most payday lenders will deliver funds to your bank account on approval. Alternative funding can be deposited onto prepaid debit card or funded in cash. Confirm your options with your potential lenders before applying.
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You can take out an installment loan from Spotloan and pay it back over time. Up to $800 is available and you can apply in minutes. See if you’re eligible.
If you have bad credit and need cash fast, consider Speedy Cash for your next payday or installment loan.
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