Get Instant Approval For a Personal Loan: A Complete Guide
Need an instant approval loan to get cash today? We hear you. We all hate the mountains of paperwork and time it takes to apply for a loan. And when you need cash today, it’s torture to wait for a decision on your loan. That’s why instant approval same day loans are so appealing. The trick is knowing how to get instant approval for a personal loan. So we’ve broken down what instant approval cash loan actually means and what you need to know to get it.
Overview
- What is an instant approval loan?
- How to get instant approval for a personal loan
- Get an instantly approved personal loan with bad credit
- What happens if you don’t get instantly approved for a personal loan?
- Can Swoosh help you with an instant approval loan?
What is an instant approval loan?
Instant approval loans are cash loans you receive an outcome for within a short amount of time. It can take as little as 60 seconds for some lenders to approve your quick cash loan. But be aware that these loans tend to have high interest rates, and they may not be the best option for your situation.
How long does a personal loan take to get approved?
As an alternative to high-interest instant loans, you can apply for a small personal loan and the cash can be almost instant. How long the approval process takes depends on the lender. You can apply online in minutes and have the cash in your bank account that same day. And because Swoosh has every application reviewed by a professional assessor, you’ll only get a loan you’re reasonably able to repay.
What’s the difference between pre-approval and approval?
Pre-approval means you have been conditionally approved for a certain amount of money. The lender then follows up with a deeper review of your credit history and financial situation. If you are approved, you will receive the funds set out in the pre-approval.
Some lenders offer fast pre-approval, not fast approval , which isn’t helpful if you urgently need a loan. So make sure you check what’s being offered before you submit an application.
How to get instant approval for a personal loan
Responsible lenders are required to verify that you will reasonably be able to pay back your loan. So, while there’s no such thing as guaranteed instant loan approval, there are things you can do to speed up the process and improve your chances, including:
- Check eligibility requirements before you apply
- Upload all your documents and required information when requested
- Build a good credit history – the better your credit score, the better your chances of securing the funds you want with the best interest rate and terms
- Show you have a steady income
- Have an asset you can use as security for the loan
- Manage your spending to show you can live within your budget
Get an instantly approved personal loan with bad credit
It can be harder to get fast approval when you have a bad credit history, but it’s not impossible. Lenders are less likely to loan you a large sum of money if you have a bad credit score, but small cash loans are less of a risk. They require less time to pay back and less financial loss if you fail to make repayments.
So, if you need an instant cash loan and you have bad credit, approval is more likely if you apply for a small loan. But instant cash loans aren’t the only way to get money quickly. Check out our blog on how to earn money fast for some helpful tips.
Instant cash loans can be useful but you should always consider all your options before you decide on the best path for you.
What happens if you don’t get instantly approved for a personal loan?
If you don’t get instantly approved for a personal loan it usually means the lender needs to do a deeper review of your financial situation. There can be a number of reasons for not getting instant approval, including:
- Mistakes in your application
- Incomplete information or documentation
- The lender is receiving a high volume of applications
- Check how long the lender usually takes to issue instant approvals. It may be longer or shorter than you imagine. If they still haven’t responded outside of the timeframe they advertise, contact them to check the status of your application.
What is the easiest loan to get approved for instantly?
Small loans, like personal loans and payday loans, are the easiest instant approval loans, because you don’t necessarily need to have a good credit score to be approved. The financial risk being taken by the lender is smaller, and if you are getting a secured loan, they will recuperate the costs of the loan if you fail to make repayments.
Best online personal loan with instant approval
The best way to find the right personal loan for you is by checking out reviews. You can use comparison websites to get an overall idea of loan companies, but ultimately it’s best to rely on reviews and your own analysis of the business. Check out reviews and look for comments on approval speed to get an idea of how efficient they are at providing fast loan approvals.
To find the best online personal loan for you, evaluate how much money you want to borrow and what your financial situation and history look like. If you’re looking for a large loan you may want to spend some time improving your credit score and building up savings to demonstrate your financial responsibility.
Can Swoosh help you with an instant approval loan?
At Swoosh, we understand things crop up and you need money fast. That’s why we work hard to approve your loans fast. If everything goes well and your loan is approved, you could have the money in your account same day! Contact us now for more information.
FAQs
Can you get an instant approval cash loan with no bank account?
It’s unlikely that you will be able to get an instant cash loan without a bank account. Most lenders, especially online lenders, require you to have a bank account for any type of loan.
Where can you get instant approval for personal loans in Australia?
You can get instant approval personal loans from lenders such as banks, credit unions, and online lenders. Different lenders offer different versions of ‘instant approval loans’, whether it be approval within minutes or days. At Swoosh, a real person reviews your application instantly, and, depending when you apply, you can have the cash in the bank the same day.
Can you get an instant approval loan on Centrelink?
Yes, you can get an instant approval loan while you are on Centrelink. However, depending on your circumstances it may limit how much you can borrow and where you will be eligible.
