How Fast Is Payout Time for Payday Loans? → Writer - William Wood
You need cash and you need it yesterday. Payday loans can be a great way to supplement emergency money shortfalls, but just how fast is the payout? Well, the answer depends on a few different variables.
Get your money on the same day
It’s not impossible to get cash from a payday lender the same day you apply for the loan. One way to do this is by finding a payday loan company with a physical store in your area. As long as they’re open, you can generally walk out with cash in hand. To speed up the process even more, see if you can complete the application online before going to the store so that all you have to do is walk in and walk out with your money.
Some online lenders also offer same-day wire transfers. You usually have to complete the web form before 3:00 p.m. to take advantage of this service. Also note that wire transfers usually incur an additional fee. But if you’re in a pinch, this is a quick and easy option.
Get your money in 1-3 business days
If you have a little more time before you need the cash, consider applying for a payday loan online and receiving the deposit straight into your checking account. You can shop around for different delivery times, but most lenders offer this service within 1-3 business days. Additionally, this helps avoid the wire transfer fee.
There are plenty of payday loan options available to you regardless of how fast you need to get your money. The key is to carefully research each lender’s delivery time, method, and fees before selecting the one that best suits your needs. You might not be able to plan ahead for every emergency expense, but you can choose smartly when the time comes.