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How Fast Will I Get My Money?

If there’s one thing that every emergency situation has in common, it’s that they happen quickly and suddenly. It’s even worse when they’re expensive and you have to worry about money on top of the stress. However, a payday loan can be extremely beneficial in helping you get through a tough time. But the question on everyone’s mind is: when you have an emergency situation, exactly how fast will you get your money?

The answer depends on your lender, but here are a few general guidelines to help you plan.

In-Person Cash Advances, Same Day
If you have a payday lender store in your area, you can usually get your cash advance on the same day. After filling out the appropriate paperwork and getting approved, you’ll receive your cash, check, or prepaid debit card. Some lenders also allow you to complete the paperwork online, then go to the store to pick up your money. Just be sure to check the store hours before you go.

Wire Transfers, same Day possible
For lenders without brick and mortar stores, you can still get your money quickly. Apply online before 3:00 p.m. and most lenders can have your funds wire transferred directly to your bank account on the same day. You may incur an additional fee, but this is a convenient option for time sensitive situations. Since processing times vary with each financial institution, check with your lender and your bank to see how quickly you can access your funds.

Online Direct Deposits, 1-3 Business Days
When you need to borrow money but don’t need it on the same day, direct deposit is a good option. Apply online and receive a direct deposit from your lender into your checking account within just a couple of business days.

How to Speed Up the Process
The best thing you can do to ensure speedy delivery of your funds is to complete the application fully and accurately. Whether you’re applying online or in person, ask ahead of time what type of information and documents you need to get approved. When filling out the paperwork, double check to make sure you’ve entered everything accurately. Applying with incorrect information, even accidentally, can slow down the process and subsequently, how quickly you receive your funds. Many payday loan lenders also calls you before approving a loan, so be ready on the phone.

Valerie Mellema

Valerie Mellema
Author & writer

Article writer

Valerie is an adept writer with over 10 years of experience as a journalist. Her official launch into the journalism profession was as an Associate Editor for the College newspaper published in the Tulsa community. She has authored many books/guides. She has a degree from the West Texas A&M University. You can connect with Valerie on LinkedIn Read more about us »

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