Are payday loans quick to process? #infographic

Are payday loans quick to process? #infographic

It can feel stressful and overwhelming to handle when you need cash quick to pay for bills, medical expenses or other emergency situations. Fortunately, depending on your location, qualifications and the amount of cash you're looking to get in advance, there are a few options available. If you are currently employed and are able to provide proof of income, the right choice for you and your situation may be quick payday loans.

A payday loan is a loan given to a person who is currently employed and who is able to regularly demonstrate proof of income. Payday loans allow you to receive cash in advance for a specified period of time to be paid back by a specified date to avoid additional fees and penalties. Additionally, payday loans require you to pay a rate of interest that is often dictated by your credit or financial history and current situation.

Banks offer a wide range of credit products, so they must be highly flexible in their approval process.  Such versatility comes at a cost, adding complexity layers.  When your loan application enters the underwriting process of a traditional bank, it will end up shuffling between several departments and evaluation officers before reaching the right person.  Until forwarding it down the line, each person will have to read the request and make a decision on their individual merits.

All this work comes at a cost that can be quickly recovered from a $500,000 mortgage, but can be more difficult on a $200 loan where they can only bill near the top.  Payday lenders are concentrated in a very small credit market segment, enabling them to streamline their processes in order to make small loans accessible. How quickly are they? My Canada Payday actually offers practically instant loans. That's right, the funds arrive in just minutes after the authorization.
Are payday loans quick to process? #infographic

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