In the past, only traditional loans were available and it was tedious to access them. You will need to travel to the lender’s office, complete a pile of application forms, and add many documents before submitting your application. The lender will also need to conduct in-depth tests on your credit score, income level, employment, and several others before granting your loan. All these take a lot of time. Even the loan application can take up to several days. The lender will inform you about the status of the loan after several weeks. This makes loan applications take a lot of time. Even the loan disbursement takes time.
Things have changed over time and that include loan applications, availability, and approvals. Now there are more loan packages for everyone and even the method of loan applications has changed. One thing that brought great change to the lending is online loans. Online loans have made it easy for people to access loans. People can apply for loans from the comfort of their homes at any time. Although there has been a huge improvement in the accessibility of loans, is instant loan approval possible?
The truth is that no matter how easy it is for lenders to provide loans they will still need to review your application before they approve your loan. They will need to verify your identity, run checks on your credit history, and confirm all the other information you have provided. Since they need to do all these before approving your loan, it will not be easy for a lender to offer you an instant approval payday loan. Instant loan approval is only possible if you have an existing relationship with the lender. If the lender has granted you a loan in the past and you have built a good relationship with them, they can grant instant approval for your loan.
Even though instant approval is not possible for new borrowers, there are chances of you accessing a fast loan.
It is easy to get a fast approval for your loan but it all depends on you. There are things you can do to fast-track the loan application.
The first thing to do is to be cautious when you are completing the application form. If you take your time to fill out the form correctly, the process will be faster. The lender will not need to come back to you for you to correct errors on your form. The lender can proceed to conduct the necessary checks and then approve or disapprove your loan.
You should be available to answer any question that the lender may ask. You should also be willing to provide all additional documents requested by the lender as soon as possible. It is important to answer queries by the lender promptly if you want to get a fast approval for your loan. You should keep your phone beside you and check your emails regularly to make sure you do not miss any calls, and messages from the lender.
You should be honest about your financial situation when you are applying for a loan. Lying about your financial situation can prevent you from accessing the loan. Lenders run checks when you apply for loans. There is a high possibility of the lender getting access to all the original information about you. If you tell lies, the lender will find out.
If you have a bad credit score but you want to increase your chances of getting a fast loan, you can get a guarantor. Your guarantor must have a good credit score and a good financial background. You should note that presenting a guarantor means the guarantor will be responsible for your loan when you are unable to pay the loan.
Many people who have bad credit scores have been able to access fast online loans. It all depends on the lender’s requirements. Some lenders do not have a credit score requirement; they offer loans that are simply advertised as instant approval no credit check. Lenders who do not have credit score requirements offer loans to people with very bad credit score. That does not mean that they offer loans to everyone who applies for a loan. They have other lending requirements. These lenders have income requirements. If you have a good income, they will consider you for a loan. The lender may also look at your employment status. Most lenders prefer to offer loans to people who have been in employment for at least six months.
Most lenders have decided to use this method instead of using the credit score to check a lender’s creditworthiness. This is because it reflects the borrower’s ability to repay the loan based on the borrower’s current status. That means that a lender can still deny you credit but it is not due to your credit score but your income. You should, however, note that there are also loans that have been designed for people with poor credit scores. It is important to also note that loans offered to people with poor credit scores are usually expensive since they attract high credit scores.
Although there are loans that are fast to access, you should be aware that there are scams out there. The scam lenders will make the loans attractive to you by advertising guaranteed instant approval loans. Here is how you can check if you are dealing with a legitimate lender or not. You should check if the lender has been accredited by the Better Business Bureau. You can also check reviews about the lender from online review sites. If the lender asks for some cash payment upfront, you should that one too as a red flag. Genuine lenders will not request for fees or any other payment before offering the loan. They will include the fees and the interest rate in the total amount you will pay at the end of the loan period.