It is usually believed a loan application takes at least 24 hours to get the green light. Normally they do, but there are other loans that can be approved much more quickly. In fact, low interest payday loans can be approved in just an hour, with the funds deposited into the bank account of the borrower by the end of the same working day.
The convenience of getting such desperately needed funds so quickly does come at a price, however. After all, getting loan approval with no credit checks means practically anyone can benefit, and lenders must protect themselves against the threat of major losses.
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