Instant Decision Loans

Instant Decision Loans
Instant decision loans are sometimes a marketing method a lender will use to get customers to choose them over other lenders and loans. The only real instant decision about a loan application is when the lender receives it, they have to evaluate it.

Some lenders use the term “instant decision” to mean different things. It might mean instant decision loans are available to those who have taken out a loan previously and paid it back successfully. An instant decision loan might be available if the applicant has acceptable collateral and or a cosigner for the loan. Instant decision might also mean the lender will make a decision the instant they have deemed the applicant worthy of a loan.
As you can see the term “instant decision” can have different meanings. It is imperative, the applicant fully understand what instant decision loans means before submitting an application.
Once the applicant is satisfied that the term instant decision applies to them, applications for such loans can be found online at the lenders web site. Most lenders offer application submittal through a secure, encrypted system to avoid compromising the applicant’s information. There are a few lenders who require the application be mailed via overnight or postal mail delivery.
Instant decision loans are available through payday lenders for anyone over the age of 18. The applicant must be employed and have a steady income meeting a minimum monthly wage and a bank account. The applicant will have to supply the necessary information to verify employment, salary and bank account. It is essential the applicant fill out the application honestly and completely. Incomplete applications will result in an automatic denial of the loan or the loan process will be held up until the applicant provides the necessary information.
Once instant decision loans are approved, the funds are typically transferred to the applicant’s bank account. Electronic transfer is a requirement of most lenders who offer instant decision loans. The transfer depends upon the policy of the lender. The transfer may be made immediately or the transfer may take up to as much as 24 hours. The terms and conditions will usually specify the transfer time, but be sure to ask if the transfer time is unclear or not noted.
Instant decision loans offered by payday lenders are subject to higher than normal finance charges and very short pay back periods. The finance charges are usually $15 to $35 for every hundred dollars borrowed and the loan and the finance charges are due back to lender within 7 to 30 days. A longer payback time can be negotiated but that just means the loan is more expensive. Some lenders will allow the borrower to extend the loan for a period of time in the event the borrower cannot pay the loan back by the predetermined due date. It is necessary to notify the lender of that request within 24 hours of the loan coming due. \
If the borrower anticipates not be able to pay the loan on time, they should at least offer a partial payment. That shows good faith on the part of the borrower and will save a little on the finance charges.