There are a lot of ways to get a loan online, and many of these lenders say that they will make an instant decision after your application has been submitted. How can this be true? Well, the short answer is that it isn't, but these loans are still extremely fast. In this post I want to dispel some of the myths about instant decision loans and help you know what to actually expect.
First off, even if you qualify easily for a loan you'll have to wait at least an hour for the lender to go through and verify everything that is on your application. An hour is the minimum, and assumes that the lender is open and approving loan applications at the moment. Late at night and on the weekends this process can even take all the way up until the next business day!
The process gets even slower when you factor in how long it takes to be able to spend a dime of the loan you just got approved for. Once your loan is approved, the lender immediately transfers the money to your bank account. The problem here stems with the fact that banks like to take their sweet time with just about everything that they do! Before you're able to spend any of this loan your bank has to check out and verify the funds transfer into your account, which you can expect to happen the next business day. This is similar to depositing a check in the ATM and having to wait for it to clear before it's available to you.
First off, even if you qualify easily for a loan you'll have to wait at least an hour for the lender to go through and verify everything that is on your application. An hour is the minimum, and assumes that the lender is open and approving loan applications at the moment. Late at night and on the weekends this process can even take all the way up until the next business day!
The process gets even slower when you factor in how long it takes to be able to spend a dime of the loan you just got approved for. Once your loan is approved, the lender immediately transfers the money to your bank account. The problem here stems with the fact that banks like to take their sweet time with just about everything that they do! Before you're able to spend any of this loan your bank has to check out and verify the funds transfer into your account, which you can expect to happen the next business day. This is similar to depositing a check in the ATM and having to wait for it to clear before it's available to you.
1 comments:
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