Instant Decision Loans
Instant decision loans are simply a modified form of the payday loans. They are called instant decision loans due to the fact that the companies which provide these loans inform the applicant in a matter of minutes regarding the acceptance or rejection of his application.
Instant decision loans are becoming exceedingly popular among the common man. It is due to the fact that people who are employed for companies and work 9 to 5, mostly get paid once a month. Thus, if a financial need arises in the middle of the month and the person has no money to spare for it, then going for instant decision loans can be the best choice.
The reason behind this decision is pretty simple as these loans are granted in a matter of hours and you don’t need to fulfill many requirements like conventional loans for your loan application to get accepted. There is not a lot of paperwork to be done as well and you can easily apply for these loans over the internet too.
First, you must be able to distinguish between these instant decision loans and conventional loans. Conventional loans are provided by banks and conventional lenders. Banks mostly check your credit score before granting you loan while also ask for a lot of reassurances. The loan application can get rejected for the most simple of problems as well while the loan amount is released after days of processing the loan application.
The case with private lenders who provide instant decision loans is radically different. They only require you to have a good job, good salary and a current bank account to transfer the loaned amount. The loan application is answered promptly while the loan amount is released in 5-6 hours normally but never takes more than 24 hours.
One of the basic things that must be understood about instant cash loans is that they must be returned very quickly. Mostly, these loans would need to be repaid on your next payday while the maximum time limit can be around 100 days. Thus, you should evaluate whether you can repay the loan amount in such a short time or not before applying for it.
Another important aspect of these loans is that there is no importance of credit history in these loans. Private lenders do not choose to accept applications of people who have a good credit score but rather choose applications of the people who have a salary which is equivalent or greater than the loan amount in most cases.
However, some private lenders do keep a record of instant decision loans and will not hesitate in granting you the loan amount if you had previously repaid the loan promptly. The interest rate for these loans is a bit high but is yet lower than the interest rate on credit cards which makes this kind of loan better.
You must choose that private lender who provides you the lowest interest rate while is also ready to release a bigger amount when applying for instant decision loans.