Lenders

Payday loans of the past used to take a few days to get approved. It would then take another couple of days for the borrower to actually get access to the money he qualified for. The internet and direct lenders changed all that. Now it’s possible to go from initial loan application to funds being directly deposited into your checking account within one day, even within one hour.

Websites and software have pretty much taken over the need for employees to manually review and approve payday loan applications. Same day cash advance lenders now have websites that can walk prospective borrowers through the application process, conveniently gathering all the necessary personal information along the way. Instead of having to wait for someone to fax the info to another person for approval, the site takes all the required data, makes the needed calculations, and can then automatically approve or deny the application right on the spot. Some one hour cash advance lenders can automate the process so effectively that they can give their customers the desperately needed funds in an under 60 minutes.

The other reason that 1 hour cash advance lenders can move so quickly is because instead of being a middleman and getting their funding from a third party financial institution, they have access to the necessary funds in-house. Same day payday loans direct lenders do not need to wait for the approval of a larger lending company. Since they are using their own funds, they can approve or decline loan applications on their own.

This is the also true with an 1 hour payday loans direct lender. The fact that they are using their own money to fund the payday loans means that the entire process can move with lightning speed. When you combine this fact with the automated process enabled by using online resources, the payday loan experience can happen faster now then ever before.