Fast payday loan UK lenders, such as Wonga, have completely automated their loan processing, from taking in the application to making the payment to the bank account.
Wonga, which has been in business since 2007 and provides payday loans for customers throughout the UK, has been named as one of the top 100 tech companies for their innovativeness in the payday lending market.
The company has been a pioneer in introducing fully automated and real-time risk assessment technology into the payday advance market in the UK.
Automated processing allows Wonga, according to their marketing material, to process thousands of pieces of available information and data, to make instant (in seconds) lending decisions, 24/7.
Because of this speed of assessing the credit risk of the customer and automating the subsequent loan payments, they can not only approve customers in seconds but get the loans into bank accounts within minutes.
This fast loan application processing time does not mean that Wonga is lax in their lending criteria. In fact, the opposite seems to be true, as they decline around two-thirds of first-time applicants.
Due to the firm's competitive edge in providing risk assessment quickly and accurately, they have been expanding into small business loans.
For consumers, their short term loans are available for terms of up to a month, and Wonga for Business loans are available for terms of up to a year.
Another fast payday lender is QuickQuid, which uses technology imported from the US-based CashNetUSA, one of the largest online payday lenders in the United States.
Their approval process is fast, but may take up to 30 minutes in most cases.
This approval process by QuickQuid performs traditional credit checks and verifies your information via various national databases.
The fastest part of their loan approval process is the when the money is paid to your account, which is marketed as "10-Minute Money", with loan funds sent to your bank account within 10 minutes of approval, 24/7, even on weekends and bank holidays.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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