Looking for an instant decision payday loan? Check out our smart alternative to payday lending – cash available in 15 minutes if approved.
You might be wondering what instant payday loans are, and whether they even exist. Unfortunately, an instant payday loan is something of an exaggeration. There is really no such thing as an instant loan. The closest you are likely able to get to ‘instant’ is a friend or family member lending you money. Taking out a loan from a bank or business, such as a payday lender, necessarily involves at least a few different stages and accepting continued commitments before a loan can actually be made.
First there would be an application form to fill out. While the days of having to fax copies of various different documents to a lender are mostly a thing of the past, a loan application form is still going to take a little time to complete and double check for errors, no matter how simplified the process is. Then, if they are a responsible lender following the proper regulations, there will be an approval stage. This is where background checks, credit files and any information given on the application form will be taken into consideration. An assessment will then be made as to whether you can realistically afford the terms of the loan or not. If approved, only at this stage will a lender be able to transfer you a loan.
Technology now exists which allows such transfers to happen very fast indeed, but it is still not quite immediate. Cash transfers in the region of 15 minutes are now possible with the systems used by most banks, but in some cases a few hours or more could be likely, especially if there are technical issues with the systems of the lender or your bank delaying things.
It’s clear to see then that the idea of an instant payday loan is something of a myth, while a very quick or fast loan is something a little more realistic.
We can all think of different situations when we may need access to credit as soon as possible. Emergency expenses are amongst the most obvious. A good example would be critical home repairs. A section of your roof may have fallen through. This is the sort of incident which clearly needs to be addressed quite quickly. The longer the problem is left unsolved, the extent of the complications could increase, compounding the expense of fixing things. If a downpour started for instance, the situation could quickly go from bad to worse due to water damage.
While these kind of scenarios may seem to require an instant response, there are unlikely to be many situations where an unexpected expense genuinely has to be covered immediately. It’s understandable that these kind of urgent problems and costs can be immensely stressful however, with people therefore looking for instant solutions and turning to payday loans as one option.
This leads us on to a vital consideration when looking for financial assistance. It is important to remember that no matter how immediate a financial problem seems, there will almost always be more time than you realise to assess the situation and do the research required to make an informed choice. It is not advisable to forgo proper research when looking for credit and simply go with the first payday lender you come across. A rushed or uninformed decision could lead to financial difficulties further down the line, as you may easily overlook key aspects of the loan agreement.
As such it is always important to find out exactly what the terms of your loan would be. A good approach would be finding some potential lenders, perhaps using comparison sites, before researching them directly where possible. You can then contact the lender to try and find out more detailed information and get a sense of customer service quality.
While we do not offer payday loans, we do offer an alternative: a revolving credit facility with many advantages over payday loans. Our services are can be used to help cover urgent short term borrowing needs, as well as helping avoid unauthorised overdraft charges from your bank with our auto-deposit feature. Our application process is fast and simple to reduce as much as possible the time it takes you to apply and receive an approval response.
If your application with us is successful, then setting up your account with us is usually very quick, though you should allow up to 24 hours for the process to complete. Once your account is set up with us you will be able to action a transfer whenever you need it, without having to fill out an application all over again.
The normal time for a transfer from SafetyNet Credit to make it through to your account is only 15 minutes, as close to instant as possible, though in a small number of cases this can take up to 2 hours depending on your bank.