The approval time of payday loans is one of the quickest in the loan industry. There is very little information taken due to the short time of the loan. The average wait time depends on the company, but most are automatic and are based off of a few things in someone’s life.

Credit rating is rarely used for a payday loan due to the requirement of a checking account, or check. Loan companies will look into someone’s account history to see if they have written bad checks, or have had a lot of insufficient fund fees. Payments are auto-debited directly from the checking account or brought in by person. If someone doesn’t have an account they won’t be granted a loan.

Having a stable job is also very important to pay check advance companies, hence the name. If someone has worked for a job very sporadically, or more than 6 jobs in a few months than they can be declined a loan. Also huge gaps in employment will also be a factor in whether or not a loan will be approved as well. Part of the approval time of payday loans is checking into the employment history of the person applying for the loan.

Americans are generally required to bring in two forms of identification. This will be a social security number, and a driver’s license. These are used to make sure they are who they really say they are, and to sometimes preform a background check for employment, and rarely a credit check. Companies will not grant loans to illegal immigrants to the United States due to them having no way to legally provide proof they can pay the money back.

If all three of these requirements are met then approval is almost guaranteed. It can take anywhere from 15minutes to 24 hours to look into the information provided by a borrower. Most in store transactions will be approved instantly, and the approval time of payday loans online is generally just a few hours.