What is a On-The-Spot Loan?

An on-the-spot loan is simply another term used to describe a pre-approved loan. If you’re qualified to get an on-the-spot loan, you’ve now got access to a line of credit up to the amount that the lender has approved. In these instances, the lender has not felt the need to check your credit history – or at least, not very thoroughly – and you get access to the loan almost instantaneously.

Acquiring Payday Loans

On-the-spot loans are very often what are also called “payday loans.” An on-the-spot loan in these instances is granted when you need cash, don’t have any, and won’t have access to any until pay day.

An on-the-spot loan or payday loan primarily requires proof that you’re employed and are going to be receiving a check. Other documents you made need to furnish are your social security card, proof of identity, proof of residence, and your bank account information. Once this information has been corroborated as being true then you could easily get the money deposited into your account within 24 hours, or even right then and there. On-the-spot loans and payday loans can, therefore, just be advances on your paychecks.

On-the-spot loan providers can also simply be lenders who know you well, and have already verified your loan repayment habits. They know you’re good for the money, basically, and because of that do not see an on-the-spot loan made to you as being risky. See what being a responsible citizen can do for your finances? A lot of that has to do with a strong credit score. Nowadays, lenders can get credit scores in a flash, and if it’s a good score then often they’ll approve the loan instantly.

To learn more about on-the-spot loans, payday loans, cash advances, or any other kind of loan, be sure to consult with a financial advisor. He or she can help you decide which kind of loan works best for your needs.