What might be the reasons you would even need money now, one might ask. Well, according to recent studies, only 39% of Americans can afford to pay for a $1000 emergency expense. This leaves 61% who have to get into credit card debt or take out a payday loan to cover any sudden expenses. What are the options available to you and how fast can you get your $300 loan?
In this life, anything can happen and unexpected emergencies occur… well, more often than expected. There might be a medical emergency with a hefty bill, a minor car accident not covered by insurance, or a bill that was unaccounted for. The point is, you don’t need someone questioning why you need the money, you need $300 asap. And there are services connecting you to direct lenders who can make an instant loan decision so you can proceed.
You can apply for a loan through an online form within minutes. To qualify for a loan you must be:
- An American citizen or a permanent resident,
- At least 18 years old,
- In possession of an active checking account,
- Having a steady income (wage, pension, social security check),
- Sharing your email and other contacts.
Fill the online application and will get the approval decision almost instantly, within minutes.
After filling all the correct details into the application form you might be contacted not by one, but by multiple direct lenders who will send you their offers. After picking the offer that best suits your needs and signing the loan agreement you won’t have to wait for your loan long. It will be deposited to your checking account the same day or the next business day at most.
You don’t need to look for the nearest office or to look for the opening hours. No more driving to the spot and waiting for the doors to open. Since the lender will deposit your loan directly to your checking account you will instantly get access to the money through the bank app, desktop page, or phone banking. Just use it as you please.
The speed and accessibility of payday loans from direct lenders are unmatched by traditional financial institutions that might need weeks to process a simple loan application. Online services providing offers from direct lenders are making small loans accessible to virtually everyone.
In order to approve any loan, the bank has to run a hard credit check through three credit score agencies and, as you can imagine, this process can’t possibly be fast. Traditional financial institutions are enormous and not particularly praised for their speedy performance.
Miracles of proper timing happen when you apply for a loan online, though: direct lenders normally perform only soft credit checks or focus on other eligibility parameters entirely, rather than the credit rating. It allows to speed up the decision-making process to minutes leading to instant loan approval.
So, the story goes like Application-Offers-Agreement-Deposit and the whole process takes up to one day. Just one business day to get your cash into your bank account. No searching, no waiting, no lines, and no hard credit check. Extraordinary convenience is evened out a bit with the loan annual percentage rate (APR) which in some cases can go up to an impressive 400%. In terms of a payday loan, it means you will have to pay up to $30 for every $100 borrowed till your next payday which sounds quite reasonable if you actually need a $300 loan instantly.