We may hear a lot about payday loans being quick. But we may wonder how quick they really are. There are some other loans that are quick too and so we might also want to compare with those as well.
How Long to Arrange?
Once you apply for the loan, the time it take to get the money into your bank account can be crucial. If you need money in an emergency then you will need this money to arrive really quickly. It might be that if it takes too long, then it might just be too late and it will be a waste of time applying.
Lenders take different times to arrange loans. With payday lenders they are relatively quick and some may take just a few hours but others could be significantly longer. It is therefore really important to make sure that you find out how long they are likely to take. The best way to do this is to contact the lender directly and ask them.
You may find that there will be some lenders such as Boutell Loans that are available weekends and overnight as well, which might be useful to you. It will depend on when you need the money, but if you do need it outside of banking hours, then you could find that it will be extremely useful to you if the lender does operate outside of these hours. It will again be something that you will have to check.
How Quick to Apply?
It is also worth considering how long it takes to apply. The time taken form when you choose the lender to when you submit your application will make a difference. You will tend to find though, that most lenders will have a similarly simple application process. They will want to make it easy because they will want you to be a customer and they will not want you to be put off by something as simple as a complicated application from. You will need to be careful though, that you have completed all of the questions and provided everything that they need. If you do not, then it could be you that slows down the application process because the lender will have to come back to you to get some extra information.
How Fast are Other Loans?
It is always good to compare with other loans as well. Then you will be able to work out whether the process is quick in comparison. You will tend to find that some loan applications will take a long time, especially ones for large sums of money, because you will need to have lots of checks done. However, there will be some possible ways of getting money more quickly. Some banks may arrange loans quickly and this could be worth checking out. You also need to think about whether you already have a way of borrowing money. For example, if you have an overdraft facility. Then you will be able to use this without having to arrange anything extra, as long as you have already got it organised. You may also have a credit card and this could be a way to get money, perhaps by paying for things on the card so you can use your cash for other things or by drawing out cash with the card. You will need to look at the costs of using these though and compare them with the cost of the loan and that will help you to work out which will be the best method for you. Of course, cost is not everything and you should look at other loan features as well.