The Complete Guide to Instant Funding Payday Loans

Payday loans can provide fast access to cash when you need it. But traditional payday loans can take 1-2 business days for the funds to hit your bank account. That’s not ideal when you have an urgent expense.

That’s where instant funding payday loans come in. These online payday loans deposit the cash directly into your bank account within minutes of approval. It’s the fastest way to get emergency cash.

In this complete guide, we will cover everything you need to know about instant funding payday loans.

What is Instant Funding for Payday Loans?

Instant funding allows you to receive the loan proceeds from an online payday loan extremely fast. Instead of waiting 1-2 days for a direct deposit, the funds are available in your bank account within minutes of the loan being approved.

Here’s how instant funding for payday loans works:

• You complete a payday loan application online This only takes a few minutes

• If approved, you electronically sign the loan documents.

• Select instant funding as your payout option and provide your debit card details.

• The lender verifies your information This is usually automated and only takes a minute or two.

• The loan amount is deposited into your checking account right away. Many lenders can get you the cash within 30 minutes of approval.

So instead of waiting days to get a payday loan, you can get the emergency cash sent to your bank account almost instantly. It’s the fastest way to get funds from an online payday lender.

How Quickly Does Instant Funding Work?

The major benefit of instant funding for payday loans is how fast you get the money. Here are the typical funding times:

• 30 minutes: This is the fastest funding time advertised by most lenders. If everything goes smoothly, you can have the cash in your account within 30 minutes of getting approved.

• 1 hour: It usually takes no more than 1 hour to receive the deposit. Verification steps can sometimes delay it past the 30 minute mark.

• 4 hours: In rare cases, it may take up to 4 hours for the funds to hit your account. This is the max funding time allowed before it is considered a delay.

• Next business day: If there are issues verifying your account, the lender will notify you and deposit the funds the next business day instead.

So while 30 minutes is the best case, you can expect to receive the cash within 1 hour in most cases. Much faster than waiting days for a direct deposit!

Do All Payday Lenders Offer Instant Funding?

Instant funding is a relatively new option that only some online payday lenders offer. Many lenders still rely on direct deposit which takes 1-2 business days.

Here are some of the top payday loan companies that offer instant funding options:

• Speedy Cash: This lender advertises deposits within minutes when you use instant funding to a debit card.

• ACE Cash Express: ACE claims loan funds may be available in as little as 30 minutes depending on the bank when using instant debit card funding.

• Check ‘n Go: This lender offers “instant payday loans” with funds available today if approved by 10:30am CT.

• Check Into Cash: This company provides instant funding to qualified debit cards which allows funds delivery within minutes.

So make sure to look for a lender like one of these options if you need payday loan funds instantly. Otherwise you may be stuck waiting days for direct deposit.

Requirements to Qualify for Instant Funding Payday Loans

Instant funding payday loans have a few more requirements compared to standard loans with direct deposit. Here are some of the requirements:

• Debit card: To receive instant funding, you must provide details of a valid debit card that is connected to your bank account. Prepaid cards usually don’t qualify.

• Bank account verification: Lenders need to verify your bank account ownership to send funds instantly. This usually requires answering very personal questions.

• Minimum loan amount: There is often a minimum loan size, such as $100, to qualify for instant funding since it has higher costs for lenders.

• Credit score: Your credit score is usually not checked for payday loans. But some lenders may check it for instant funding eligibility.

• First time customer restrictions: If it is your first loan with the lender, they may require further ID verification before allowing instant funding.

Meeting these requirements does not guarantee approval for instant funding payday loans. But they are needed for lenders to even consider it.

Pros and Cons of Instant Funding Payday Loans

Instant funding payday loans provide fast access to emergency cash. But are they the right option for you? Here are the main pros and cons:

Pros

• Speed: The biggest pro is getting the funds in minutes, instead of days. This can help with time-sensitive expenses.

• Convenience: The entire process from application to receiving funds can be done online in under an hour.

• High approval odds: Payday loans have high approval rates and lenders mainly check income rather than credit history.

Cons

• Cost: Payday loans are one of the most expensive financing options. Expect fees of $15-$30 per $100 borrowed.

• Limited regulation: The payday loan industry does not have extensive regulation. This leaves room for unreasonable loan terms.

• Repayment challenges: The 2-4 week repayment term can create difficulties repaying the loan for some borrowers.

While instant funding allows fast access to cash, the high fees and short repayment term make payday loans a very costly way to borrow. Make sure you evaluate your options and budget carefully before applying.

What to Look for in an Instant Funding Payday Lender

If you decide an instant funding payday loan is your best option for fast cash, you’ll want to choose the right lender. Here are some factors to consider:

• Funding speed: Obviously, look for a lender that deposits funds as quickly as possible such as within 30 minutes.

• Easy application: Select a lender with a simple online application that approves applicants fast.

• Transparent terms: Choose a lender that clearly explains loan costs and repayment terms upfront.

• Positive reviews: Read third-party review sites to make sure the lender treats borrower fairly. Avoid lenders with many complaints.

• Data security: Only apply with lenders that use encryption and other security measures to protect your data.

Taking a few minutes to research lenders can help you identify the best instant funding payday loan for your situation.

Step-by-Step Guide to Getting an Instant Funding Payday Loans

Ready to get lightning fast access to emergency cash? Here is a step-by-step guide to getting an instant funding payday loan:

Step 1: Choose an Instant Funding Payday Lender

First, use the criteria above to select a reputable payday lender that offers instant funding options. Make sure to verify they can deposit funds quickly.

Step 2: Complete the Online Payday Loan Application

The application form only asks for basic personal information like your name, employment details, income, and checking account information.

Step 3: Get Approved and Review Loan Terms

After submitting the application, you will get an instant loan decision. If approved, review the loan terms closely before accepting the offer.

Step 4: Provide Your Debit Card Details

To setup instant funding, you need to provide your debit card number, expiration date, and security code so the lender can deposit the funds.

Step 5: Sign Loan Agreement and Verify Information

Electronically sign the payday loan agreement. The lender may also require identity or bank account verification.

Step 6: Receive the Deposit

Once approved and verified, the loan funds will be instantly deposited into your bank account, usually within 30 minutes or less.

And that’s it! Just follow those steps and you can get access to fast cash with an instant funding payday loan.

Alternatives to Instant Funding Payday Loans

While instant funding payday loans provide fast access to cash, the high fees and short repayment terms make them expensive.

Here are some alternatives to consider:

• Borrow from family/friends: Asking family or friends to borrow money can be a good option with no fees and flexible repayment.

• Credit cards: While credit cards have high interest rates, they provide more time to repay and you may qualify for low intro APR offers.

• Personal loans: Online lenders like SoFi offer personal installment loans with lower rates and longer repayment compared to payday loans.

• Employer cash advance: Some employers provide salary advances or loans which allows you to borrow against future paychecks.

• 401k loan: Borrowing against your 401k is an option that allows you to pay yourself back over time with low interest rates.

• Local nonprofits: Organizations like United Way provide low-cost loans as an alternative to payday lenders.

The bottom line is that instant funding payday loans allow fast access to cash at a