Payday or cash advance lenders have at least two distinct advantages over conventional lending sources like banks and credit unions. The first advantage is that payday lenders do not adhere to the same stringent credit guidelines as do other lending institutions. This means that virtually anyone can be approved for a payday or cash advance loan, regardless of the borrower’s credit history.
This is why getting a payday loan will always be much faster than getting a traditional bank loan. For a payday loan to get approved the main factor is to proved that you are employed so the credit can be paid back from your next pay check. But for a bank loan to be approved, this depends on a complicated internal process that is different for each bank, and it always take a long time.
The second advantage of payday loans is that they are funded with amazing speed. Same day cash advance lenders can disburse funds on the same day the application is received. There also exist a number of one hour cash advance lenders who can put the money you need in your hands in about an hour. There really is no faster loan process anywhere. The reason it is so fast is because payday loan operator have leveraged all the power of modern Internet technology. The approval process/lending is for the most part automated with minimal human intervention.
You might wonder how these 1 hour cash advance lenders can work so quickly. It is really quite simple. All loan decisions are made locally. There is no need for a board to convene to dissect the loan application. Other lending institutions may take days to check the applicant’s credit history. Your 1 hour payday loans direct lender does not care about your credit history so there is no need to check it. This step alone reduces the processing time by days. With the credit check out of the way, the only thing to do is deposit the money into your personal bank account.
If you have days to wait and your credit is stellar, go ahead and apply for a bank loan. If, on the other hand, you have experienced some credit problems or your employment history has some gaps, you are most likely wasting your time applying for a conventional bank loan. For borrowers with less than perfect credit, same day payday loans direct lenders are the best option. Apply now for fast loans.