How Fast are Payday Loans?

March 25, 2019

Do you want a payday loan, but need money in a hurry? Perhaps you’re wondering how fast the process typically is.

Well, our experts at MaxCash have the answers. Let’s dive right into what makes payday loans so unique and fast.

Explaining the Payday Loan’s Situation

When you’re looking for a loan, you’ll find that there are many different types. Payday loans are unlike most other types of loans. When people think of loans, installment loans generally come to mind. But installment loans are vastly different form paydays loans.

Installment loans are easily the most common variety of loan. Have you worked with a mortgage loan, personal loan, or college loan? If so, then you’ve had experience with an installment loan!

That may seem odd, considering how little these types of loans have in common, but there’s one aspect that they all share with each other: the way they’re repaid. The process for installment loans can be broke down into three steps:

  • The Initial Loan – Each and every installment loan starts in the same way. Your lender will give you the full amount of the agreed-upon loan, all in one lump sum.
  • Loan Usage – Once you’ve received your loan, you’ll be able to put the funds you’ve received towards their agreed-upon usage.
  • Repayment – After your loan’s been received, you’ll have to stick to the agreed-upon payment plan. With an installment loan, the process involves a slow, gradual repayment, usually starting a month after receipt of the initial payment.

So long as your loan features all three of these steps, you’re dealing with an installment loan. This does, however, leave payday loans out in the cold. Let’s take a look at some of the big differences that set payday loans apart from installment loans.

What is a Payday Loan?

When comparing payday loans and installment loans, some differences immediately stand out—such as the length of the loan. Most installment loans last years, but payday loans usually last only a few months. Some are as short as two weeks! The loan repayment isn’t in small batches either, it’s all at once.

Payday loans are meant to offer fast money. Funding is usually available for eligible borrowers the same day they apply. They are used for smaller loan amounts than other types of loans.  Payday loans are usually no more than $1,000.

When is the best time for someone to acquire a payday loan? Well imagine that a tree falls onto your house, causing some hefty damage. You may not have the money on hand, so what do you do? You could acquire a payday loan to acquire fast funds right when you need them.

That’s right, the best usage of a payday loan is to push back those difficult costs to a point where you’re financially equipped to handle them. The lower amount of a payday loan is just enough to cover a lot of emergencies. So why not get started?

Getting Started on a Payday Loan

When you start the payday loan process, you’ll be starting it the same way you do every other type of loan: by making your way onto MaxCash’s website. More specifically, you’ll want to find their contact section, which will feature some methods of getting in touch. Using those methods will see a representative from MaxCash asking for some specific information, including:

  • Your Address – MaxCash will use your city, state, and zip code to try and find you a lender that serves your area.
  • Contact Info – In order to put you and your lender in touch with each other, MaxCash will need your name, phone number, and email address.
  • Financial Documents – Unique to payday loans, this section will require you to input your social security number and proof of income.

Once this information has been provided, you’ll be able to move forward onto the next phase of the payday loan process.

Tracking Down a Payday Loan

With your information in hand, MaxCash will be working as hard as they can in order to find you a payday loan. They’ll start this process by reaching out to lenders that serve your area, presenting your information and making a case on your behalf. If the lender likes what they see, they’ll send MaxCash some initial offers.

MaxCash will negotiate with your potential lending options, asking whether they’re willing to offer better rates and terms. Once MaxCash is done acquiring loan offers, they’ll compare them to find the most compatible one for your financial situation.

Connecting for Your Payday Loan

Once your payday lender has been found, MaxCash will put you in contact with your lender. Thanks to the contact info you provided, they’ll be able to get in touch with you either by phone or email.

When that connection has been made, it’s time to do the last few negotiations with your direct lender. Together, you two will decide by which you’ll be exchanging funds. Those methods include the following options, amongst others:

  • In-Person Exchanges
  • Funds by Mail
  • Online Lending Sites

Once you’ve determined the method by which you and your lender are going to be exchanging money, you’ll be all done with the lending process. Typically, applicants are funded within one business day.

If you want to learn more about payday loans, you can check out MaxCash for even more informational articles.

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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