How long do I wait for my payday loan?
Being approved for any sort of loan is a great feeling and one that will allow you to improve the short term financial position you find yourself in
. Whether you have been approved for a cash loan of 100 or 10,000, receiving a positive decision from any cashlender, when you find yourself in a difficult financial position,can certainly make life feel a lot better.
"I've been approved for my
payday loan, but when do I receive my funds?"
The last thing you want in life, is to be told "yes" you have been approved for a payday loan, but it's going to take weeks before the funds will be in your account. You have applied for a payday loan, because you have a short term financial problem and waiting weeks, is not going to make life any easier.
When selecting the payday loan lender you choose, it is always important to find out how long they take to transfer the funds to your account, once your payday loan application has been approved. There are a few questions to ask yourself, about the lender, such as
Do they transfer funds to my account electronically?
Do they arrange sameday transfer of my funds?
Do they issue a cheque and post it to my home address?
Not knowing this information can mean waiting 1 day for your loan to be received and possibly 1 week, so make sure you confirm this with the lender prior to applying for your loan.
Nowadays most lenders will arrange an electronic bank transfer to your nominated bank account, which is also the account you will use to pay the loan back from your next salary. Many lenders will arrange for the funds to be in your account the next working day usually, so for example if you had been approved on a Monday for your loan, on Tuesday the funds should be in your account. Sometimes it has been known with certain lenders, for them to issue a sameday bank transfer and the funds are received in your account within hours of being approved for the payday loan. There is not usually a charge for this service and instead the costs would be recovered by the lender, with the charges you have agreed to on top of the money you are paying back from your next salary.
Lastly you will need to remember that Saturday & Sunday is a weekend in the UK and therefore no
payday loans are usually transferred to customers. Instead they are completed on the next working day, usually the Monday - unless of course it is a bank holiday/public holiday, in which case the funds would be in your account on the Tuesday.
To conclude it is usually a fast, easy and hassle free way of obtaining a loan quickly and receiving the funds in around 24 hours. But with many payday loan lenders in the marketplace and many having different criteria, it is always worth checking the period of time it takes to receive your funds, once your payday loan applicaiton has been approved.
For further information please visit
www.Quick-Pay-Day-Loans.co.uk for more information on the service.
How long do I wait for my payday loan?
By: James Selvey
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