Short term loan specialist Payday Express now has the ability to fund loans within 45 minutes of application, thanks to a new loan management system and faster payment procedures offered by banks.

The company has offered same-day loans for some time, with the use of a straightforward online application form, and cash transfers occurring three times each day. Now, however, following deployment of a new loan management system, loans can be distributed every 45 minutes.

This speedy service is complemented by the faster payments facility operated by many banks, meaning that transferred funds clear immediately. Money can therefore be received by many Payday Express customers within one hour of application.

Loans till payday, which have grown in popularity in recent years, give borrowers access to small amounts of money for short periods to smooth out the peaks and troughs they may experience with their income, without them having to build up long-term, high-level debt. They are ideal for those who don’t wish to use ongoing credit resources such as credit cards, bank overdrafts and long-term bank loans, offering an alternative credit solution to temporary cash flow issues.

Payday Express offers fast payday loans valued between £80 and £800, which customers re-pay on their payday, once cash flow is no longer an issue.

Payday Express operations manager Sarah Carroll said: “If customers simply want to borrow a small amount of cash for a short period to cover unanticipated expenses, or to use as a stop gap between salary payments, they want to be able to apply for the money simply and discreetly – and to receive it quickly.

“At Payday Express, we have worked hard to develop our systems and our website to meet these expectations. Since launching our online application service in 2008 we have enabled customers to discreetly apply for a loan and receive an approval decision within a matter of minutes and then, if approved, to get their money the same day.

“However, we’ve now improved our offering further, with the introduction of a system that transfers money every 45 minutes. Our customers can therefore receive their money within less than an hour of applying, subject to status.”

It is important to note that, although most customers can receive their funds within less than an hour of application, this is subject to status and whether additional verification is required, as well as being dependent on their bank’s facilities.

Via EPR Network
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