Instant approval loans offered by the different financial institutes is a very suitable means of getting access to a personal loan without having to wait for the processing of the application. The best part is that irrespective of the loan seekers credit scores that are good or bad, a loan can get approved instantly. Since the financial institutes approve the loan irrespective of the credit score of the loan seeker, the interest rates are high on instant approval loans. For the same reason the reimbursement methods are also not flexible.
Advantages of instant approval pay day loans
1. The biggest advantage of instant approval pay day loan is that it is easy to acquire. Some basic eligibility criteria needs to be met to get instant approval and they are like:
- Citizenship of US.
- Age of the loan seeker above eighteen years.
- Having a current account.
- Employed with a regular job.
The above factors will help in getting an instant approval for pay day loans from any organization. The total process takes less time and easier.
2. Another benefit of availing these loans is that the lender is not bothered with where the loan seeker has spent his money on. Unlike home and car loans where the loan seeker needs to furnish documentations regarding where he spends the loan amount, in instant approvals no such documentation is required. The loan amount gets directly deposited in the approved checking amount of the loan seeker.
3. Instant approval of pay day loans is not depended on the credit score of the loan seeker. A borrower with a bad to fair credit score can get his loan approved although with higher interest rates.
4. Instant approval of pay day loans provides its users the opportunity to pay a fixed charge on the loan amount. The loan payment schedules are cut short so that there is no accumulation of interest charges on the loan seeker.
5. Instant approval provides the opportunity to get access to ready cash at the time of emergency financial need. The loan seeker need not have to run from pillar to post and waste his time in arranging for documentation for traditional loans.
6. Pay day lenders also offer the loan seekers the opportunity of flexible repayment plans. The debtor can either repay back the interest charged first and then the loan amount or might choose to repay the principal first and then the interest.
Instant approval of pay day loans is beneficial in the above ways. Still the higher interest rates charged should act as a deterrent to loan seekers and should be availed only in case of emergency when no other options are available.