How long does it take to get approved for a payday loan?

Payday loan applications vary in approval time depending upon the lender and the method of application. In-store payday loans will sometimes have a faster turnaround time than online loans if the borrower is ready with all the required documentation.

In-Store Payday Loans
For an in-store payday loan, the borrower needs to present:

  • Proof of regular, verifiable income.
  • A working phone number.
  • An active checking account.

Income sources can be a full- or part-time job, Social Security or disability (with award letter), self-employment (1099 form), and in some cases alimony or child support. Each individual lender will have restrictions on what they will allow for proof of income, so be sure to check ahead. If all the documents are valid, the approval takes only a few moments, and then the cash is in your hand. It really can be as fast as a phone call to verify the phone number, and your payday loan is approved.

Online Payday Loans
The estimated time for online payday loan approval depends largely on whether or not the lender, in accordance with state law, allows for no fax payday loans. The requirements are the same as with an in-store payday loan. With all the correct documentation, a faxless online payday loan can be completed in just minutes — the combined time it takes for a representative to verify the customer’s phone number and for the borrower to respond to verification emails sent to his or her email address. If the lender does not allow for faxless payday loans, then the application cannot be approved until the borrower faxes in the required documents.