Instant cash loans, instant loans and instant payout on loans. These are the promises on many websites. But can it be trusted?
We live in the drive-thru age. Consumers want fast results, quick fixes and readymade solutions to all of their problems. Could it be the same way with cash loans?
The straightforward answer is no. There is no such thing as an instant payout on loans. If you should find a promise of instant cash on a short term loan - you should really think twice before accepting the offer. It sounds like the tactics of a credit provider that wants to rush you into a deal. A deal that you will come to regret.
Some near instant payout examples of credit that can happen are instances where people apply for an overdraft on their bank accounts or a second mortgage is taken out on their homes. But even those examples aren’t instant. In both these scenario’s you first would have gone through a screening process that would consist of things like credit checks and background checks. A process that takes time to complete.
Logically – if a supposed credit provider pays out immediately it means that not much thought went into the process. That goes against all fair practices set out by the National Credit Act of 2005. If a credit provider really cares about your success they will first determine whether you have the ability to repay a loan through the use of a credit check.
A cash loan with an instant payout should spell trouble to you. Decisions regarding credit should never be instant.
Online loans certainly are a step closer to instant payout on loans but the usual processes will still be applied. If the loan application takes place under the authority of the NCR – the National Credit Regulator – some time will pass before the payout of the loan. Anything that doesn’t operate under the NCR umbrella can be very dangerous to you.