One hour payday loan products are the norm in the UK market, but in the United States, you may have to wait longer, depending on your state's laws and requirements.
Much of the payday lending in the United Kingdom takes place online, through such very popular cash advance websites as Ferratum, QuickQuid, and Wonga.
Most of the UK online direct (not broker) payday lenders have automated their systems, both for regarding the actual application, as well as for paying the money, and automated repayment debits from the borrower's bank account.
Typically, these fast payments depend on the UK "Faster Payments" system, which is not supported by all of the country's banks.
Before you apply for a payday loan, therefore, make sure that your bank is one of those organizations that allow for Faster Payments.
Another thing to consider is that many, if not most, of the payday lenders in the UK charge an extra fee (subtracted from the transferred loan amount) for doing these quick transfers.
To make your lending experience as fast as possible, one of the first things is to read through the guidelines for the using lender's loan application form.
These guidelines and FAQ will tell you what documents you need to have in hand, possibly scanned into an electronic format, or faxed to the firm, and whether you meet the required qualifications to apply for a loan in the first place.
In the U.S., one of the fastest ways to apply for a cash advance is to visit one of the estimated 20,600 payday loan outlets that are available throughout the country.
The in-store application process, provided that you have all the required documentation with you, often takes just 10-15 minutes, after which you get the loan decision.
The loan funds are most often paid in-store to the customers on the spot, against your personal check or against an authorization to withdraw the loan plus fees from your bank account on the due date.
Because this is one of the fastest ways to obtain a cash advance in the United States, and because you can get your questions answered immediately by the store personnel, Pew Research has estimated that about 75% of payday loan borrowers choose to visit these physical stores, instead of using online payday lenders (where they are allowed to operate).
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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