There are many factors that will determine the popularity of a loan. For some people, the amount threshold matters a lot, while others judge the balance between interest rate and repayment terms. Nowadays, approval time is also another factor considered by borrowers. If a loan has a quick approval rate, then it’d be popular.
Listed below are some of the loans with the best approval time frames. Keep in mind that these frames are approximations and not the exact period.
Personal Loans (1-3 hours approval)
As the flagship products of most banks and lenders, personal loans are the most popular options chosen by urbanites and constant borrowers. Personal loans are actively marketed on social media, and they are emphasized in viral videos, infographics, and other forms of content.
Back then, the approval time for personal loans takes almost a whole day. Now, times have changed – you can be approved (or denied) within 1-3 hours. It all depends on the volume of the applicants and the requirements you’ve submitted.
Guaranteed Cash Loans (30 mins.-1 hour approval)
Guaranteed instant cash loan is a popular loan offered in many parts of the world. They are called ‘guaranteed’ because you will almost always get your money. In some cases, guaranteed loans are likened to payday loans, but this is not always the case.
Guaranteed cash loans are popular because their lenders are not that strict. You only need basic identification or proof of billing. There are also times when your community reputation speaks up for you. Guaranteed cash loans have a 30 mins.-1 hour window of approval. If you’re on a rush, this loan is meant for you.
Cash Advance (20-30 mins. approval)
If you’re going to ask many borrowers about a cash advance, you’d get positive remarks. Cash advance is the decent term for payday loans. Cash advance loans are known for their quick approval periods and small interval of repayment terms. In most cases, cash advance lenders will ask you to repay the interest of the loan on a weekly basis. Some lenders are more lenient than others, and they’d allow you to repay the loan in full if possible. With cash advance loans’ quick approval period, you will definitely be hooked to apply.
Even though the mentioned loans have quick approval time frames, you should apply for them sparingly. If you rely too much on loans, you’ll live a life of dependency. On top of that, your financial situation will be compromised because you have to pay out interest and fees constantly. Think of loans as temporary ‘aces in your sleeve.’