June 5, 2009, Newsletter Issue #60: Timeline for Online Payday Loans

Tip of the Week

Depending on when the payday loan application is received, some lenders may even complete the entire loan process within 24 hours. However, borrowers should be aware of the specific requirements of the individual lender as some lenders may only process applications for online payday loans during certain days and hours. An example of the timeline for online payday loans includes distributing funds on the next business day for applications received before 3 p.m. Applications received after 3 p.m. may be processed on the following business day and the funds will likely be distributed on the second business day after the application is received. Applicants should be aware of the business days which apply to the loan process. They typically operate according to bank schedules.

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