Quick payday loans may be able to get money into your bank account – fast.
The basic principle is simple and it revolves around the idea that a quick online application results in a very fast decision and if your application is approved, the money may be sent directly to your bank account and arrive within less than an hour.
You then simply repay it, in one go together with the provider’s fees and charges, sometime around the date of your next payday.
Yet you may have some additional questions relating to the speed of operation.
Can I be sure to get the money, if approved, within one hour?
ot all providers may offer the service. Those that do may be able to complete their side very quickly indeed but how quickly the money gets into your bank account may depend upon your own bank’s systems.
Weekends and bank holidays may also affect the picture.
Typically though, you may find quick payday loans to be very fast.
What happens if I do not have a bank account?
You may need to discuss this with individual providers. Some may only operate on an online / electronic basis and therefore might not be able to offer you alternatives.
If you are unable to accept money sent to your bank electronically, then you may find it difficult to get money very fast.
Why do I need to repay the money quickly?
This product has been structured and priced based on the assumption that you need fast access to modest sums of money for limited time periods and potential lenders will have based their calculations and sales proposition around the idea that they will get repaid in the very near future.
Some may be willing to lend for slightly longer periods and but it should be remembered that what are sometimes called speedy loans are not designed for borrowing over extended periods of time.
How is the repayment date set?
Typically, you will agree this with the provider at the time you apply for the funds.
Although they may be able to be flexible on this, they will be looking at a date sometime around your next or possibly next-but-one payday.
Some providers may require that the repayment be made through a direct charge to your bank debit card.
What happens if I cannot meet the agreed repayment date?
As a responsible individual, this is something you will presumably recognize in advance of the date.
It may be advisable to contact the lender immediately and they may well be perfectly willing to agree a revised date for repayment.
Note that this may involve you in some additional administration and possibly interest charges.
It is never advisable to knowingly allow a scheduled charge or direct debit to your bank account to fail because you have insufficient funds. This may appear to be irresponsible behavior to a provider of quick payday loans and may involve you in yet further charges from them plus possibly your own bank.