Instant decision payday loans

Plenty of payday lenders are willing to transfer cash fast to eligible applicants. But despite what some lenders promise, an “instant” payday loan – from a lender you haven’t used before – simply doesn’t exist. However, some near-instant options are out there.

While some lenders only approve loans during business hours, with no guarantee of when they’ll get around to it, other lenders make an automatic decision where a loan application meets certain criteria, after which you’ll be in for a wait that could be as short as 15 minutes.

Let’s take a look at how long it takes to get cash from some of the key players in the UK payday loans market. We’ve covered high-cost loans paid back in one lump sum on your next payday and those paid in a few instalments.

Turnaround times for popular short term loan companies

• Anico Finance – Anico Finance aims to have the money in your bank account the same day as approval.
• Conduit – Conduit states that once it receives the completed paperwork, your loan will be in your bank account within 3-5 working days. (For a £7 Faster Payment fee, you can receive your loan the same/next working day, subject to the cut-off time of 2pm.)
• Creditspring – You'll need to wait 14 days from signing up before you can borrow, and then you can borrow at any point. The transfer process is usually immediate.
• Creditstar – If your application is approved, Creditstar says the funds will usually reach your account within 30 minutes.
• Drafty – Drafty says it aims to send the cash from your credit line to your bank within 90 seconds.
• Fast Loan UK – Money will be transferred into your account within 15 minutes of signing your Loan Agreement.
• Fund Ourselves – Fund Ourselves aims to transfer the money on the same day for applications approved before 10pm.
  
• Lending Stream – Lending Stream says that, in most cases, the loan will be streamed to your bank within minutes of approval, but it may depend on your bank’s policies and procedures.
• Moneyboat – Moneyboat says that approval can take place the same day, and following approval, cash is transferred directly to your account.
• QuidMarket – If your application is approved, you can usually expect the money to be in your account on the same day. If you apply outside of business hours, your loan will be funded the following day.
• Savvy.co.uk – Once your application has been approved, Savvy states it will normally send funds within one hour (Monday-Saturday).
• SteadyPay – To be eligible for top-ups, you must have paid the subscription for 2 weeks.
  Upon accepting a top-up offer, SteadyPay will transfer the money to your bank account by the next business day.
• Swift Money – 10 minutes
• The Money Platform – If you agree terms on a loan before 3pm on a weekday, you will have the funds in your account that day within just a few hours.
  If you agree terms after 3pm on Monday to Thursday, you will have the funds the next morning.
  If you agree terms after 3pm on Friday, you may not receive the funds until Monday.
• The One Stop Money Shop – The One Stop Money Shop says that once approved, the money can be in your bank account within 60 minutes.
• Tick Tock Loans – Once approved for a loan, Tick Tock Loans says that you can expect the money in your bank account within a few hours.
• Wageme – If your bank accepts faster payments, you will receive the money on the same day that you are approved for a loan. Some banks may take 24-48 hours to clear the funds.

Can I get a payday loan instantly?

Realistically, you’ll be hard-pressed to get a payday loan instantly, but some lenders have managed to streamline their processes to the point that borrowers who get approved can go from hitting “apply” to receiving funds comfortably within an hour.

Text loans and facilities that connect to your bank account or that access your Internet banking can, in theory, deliver funds even faster, but you’ll need to be an existing customer. However, you should never get to the point where you’re using this type of loan regularly. They’re simply not suitable for sustained borrowing.

So what happens after I submit my application?

The lender runs your application through its own in-house assessment. In many cases, this part of the process is automatic. But in more “borderline” cases, it may require human involvement – potentially even a discussion with you. The lender also requests a credit search from a credit reference agency (CRA).

Provided the lender’s happy to proceed, it then makes you a formal offer. In some cases, if the lender can’t approve the application in its received form, this offer may be for a lower amount or shorter loan term than you originally applied for.

Once you’ve accepted the offer, it’s then simply a matter of transferring the funds. This should, in theory, be fairly fast, depending on how slick the lender’s (and your bank’s) systems and processes are.

Top features to compare

If you’re thinking of applying for an instant payday loan or short term instalment loan, take some time to review these key features to choose the right lender for you.

• Total amount payable. This figure should be your main focus when comparing lenders. It takes into account the rate plus any fees. Keep it as low as possible while ensuring the repayments are affordable.
• Eligibility. Don’t waste time looking into (let alone applying for) a loan if you’re not eligible for it. Remember that each application for credit affects your credit record.
• Amounts and terms available. A loan with a great rate is one thing, but if you can’t get it for the duration and amount you need, it’s unlikely to be suitable or cost-effective.
• Turnaround time. Most payday lenders like to shout about how fast they are – as you can see from the table of turnaround times on this page. If you’re really in a rush, choose one of the faster options.
• Early repayment terms. Most short term lenders only charge you for the days on which you borrow and will happily let you repay some or all of your loan early at any time. If you think this would be a possibility for you, double-check the lender’s policy before proceeding – there are significant savings to be had.

Benefits and drawbacks to consider

Bottom line

Payday or short term loans offer a quick source of money, though they come with high interest rates. As with any loan, you should only take it out if you’re sure you can make the repayments. However, as in the name, this source of finance is only a short term solution. If you’re looking for a longer term solution, you may want to explore longer term loans.

Frequently asked questions

• How long does it take to receive the loan money?

  Payday loan lenders are usually quick at transferring the funds to you. It can take as little as 15 minutes after approval, although it may take longer with other lenders or depending on the time and day.

• Can I pay off my payday loan early?

  Many payday lenders let you pay off your loan early without incurring any extra fees. However, always check with the provider before paying off your loan.

Written by

Chris Lilly

Head of publishing

Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

Chris's expertise

Chris has written 609 Finder guides across topics including:

• Loans & credit cards
• Building credit
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