As the name implies, an instantprovides you with access to monies at times when you are likely to need it the most. Generally, it takes around 24 hours from the loan being applied for to the funds being made available to the borrower. But for those who are looking to get their loan approved much quicker, it is a good idea to complete the application online, and sometimes the funds can be available in a matter of hours.
But as well as the money being available much more quickly compared to other types of loans, the repayment schedule on these is much shorter as well. A company who offers such loans will generally require repayment of the loan and interest 14 days after the loan was received.
However, there are some cases where you as the borrower may extend the repayment period. Some companies will allow repayment to take place a month later or when your next paycheck is due.
Yet although these types of loans are very easy to obtain, it is not always the most suitable way of raising additional funds. You may find yourself in a situation where over time, if repayments are not made promptly, you could end up with a much larger debt to deal with. Plus you also may find that you become reliant on them and spend more than you actually have or earn.
If you are thinking of taking out such a loan it is advisable that you do it on certain days of the week. Ideally, you should be aiming to apply for the instanton either a Monday, Tuesday, Wednesday or Thursday as this will help to ensure that the funds become available to you 24 hours or less later. However, if you leave applying for the loan on say a Friday or Saturday then do not expect the monies to become available until the Monday or Tuesday of the following week.
The main reason why it takes up to 24 hours for any kind of instant payday loan to be approved is that the lending company needs to carry out some checks before hand. Once all documentation and details about you have been checked and verified, the funds that you requested will be deposited directly into your checking account.
When you are considering taking out such a loan you need to factor in the charges that you will incur from the lender. Today most companies will charge you between $15 and $30 for every $100 that you borrow. So when your next paycheck is due, you can be expected to repay the lending company back between $115 and $130.
Also, it is important to note that if you are taking out any kind of instant payday loan for the first time, the lender may set a limit of how much you may be able to borrow. Generally, most companies will offer to lend you no more than $500 the first time that you request such a loan. However, in the future, as long as you have repaid the first loan back on time they will generally agree to increase the amount you are able to borrow.