If. Whether you’ve had a major unexpected expense or simply fell short on your budget for the month, how quickly you need access to your personal loan funds can greatly impact which lender you select and how you choose to get paid. While exact details vary depending on the lender, here are some general guidelines for understanding how fast you’ll receive your money.
Many online lenders also offer same day funds via wire transfers. To take advantage of this service, you typically need to submit your application before 3:00 p.m. and often must pay a wire transfer fee. Your bank may also charge a fee, so check with them if you are unsure of how they charge and how quickly the money will be posted to your account. If you are able to wait a few days, consider receiving a direct deposit into your banking account. You usually do not have to pay any extra fees for this service and takes just one to three business days.
While peer-to-peer loans are great for funding just about any type of personal loans, they can potentially slow down the process. Many P2P lenders require you to post your loan on their website, where it is then viewed by investors. They can then choose whether or not to invest in your loan over a predetermined amount of time, sometimes up to two weeks. If your loan does not meet its funding benchmark, you must start the application process over from scratch, often with a required wait period. This may not be the best option if you are looking for a quick turnaround time.
The most important part of ensuring quick and easy access to your funds is completing your application fully and accurately. Double check your application before submitting it and don’t hesitate to call your lender’s customer service line if you have any questions. Errors and omissions will simply slow down the approval process, so try to avoid them at all costs.
If there’s one thing that every emergency situation has in common, it’s that they happen quickly and suddenly. It’s even worse when they’re expensive and you have to worry about money on top of the stress. However, a payday loan can be extremely beneficial in helping you get through a tough time. But the question on everyone’s mind is: when you have an emergency situation, exactly how fast will you get your money?
The answer depends on your lender, but here are a few general guidelines to help you plan.
In-Person Cash Advances, Same Day
If you have a payday lender store in your area, you can usually get your cash advance on the same day. After filling out the appropriate paperwork and getting approved, you’ll receive your cash, check, or prepaid debit card. Some lenders also allow you to complete the paperwork online, then go to the store to pick up your money. Just be sure to check the store hours before you go.
Wire Transfers, same Day possible
For lenders without brick and mortar stores, you can still get your money quickly. Apply online before 3:00 p.m. and most lenders can have your funds wire transferred directly to your bank account on the same day. You may incur an additional fee, but this is a convenient option for time sensitive situations. Since processing times vary with each financial institution, check with your lender and your bank to see how quickly you can access your funds.
Online Direct Deposits, 1-3 Business Days
When you need to borrow money but don’t need it on the same day, direct deposit is a good option. Apply online and receive a direct deposit from your lender into your checking account within just a couple of business days.
How to Speed Up the Process
The best thing you can do to ensure speedy delivery of your funds is to complete the application fully and accurately. Whether you’re applying online or in person, ask ahead of time what type of information and documents you need to get approved. When filling out the paperwork, double check to make sure you’ve entered everything accurately. Applying with incorrect information, even accidentally, can slow down the process and subsequently, how quickly you receive your funds. Many payday loan lenders also calls you before approving a loan, so be ready on the phone.