Introduction

Loan applications are lengthy. Your money will take time to approve. If your application is accepted, several variables impact how long it takes to get the money in your bank account. Let’s look at those aspects to estimate loan payment time:

Your payment method determines it.

Your payment method determines it. Prepaid cards take 6 weeks or more, whereas in-store pickup and direct deposit are quickest. Before collecting your loan funds, numerous things must happen.

In-Store Pickup:

If your application is accepted, we will call you to pick up your check if you choose in-store pickup. It will be available for pickup by text or email. Your check’s store will be in the email. You may also check your account online to see if any issues are processing your application. After your application is accepted, we will contact you whether you choose online or mobile payment. Your initial payment instructions will be in this email. You may also check your account online to see if any issues are processing your application.

Direct Deposit:

Checks or direct deposits are accepted. Direct deposit funds in your account within 24 hours after approval. Checks are sent within 7-10 business days. You may also receive money using a bank account. Since it must be deposited and cleared, this will delay the payment. You may obtain a credit instead of a cheque or direct deposit. Crediting your account with the authorized amount may take time. If you have a checking account, direct deposit, and checks take the same time.

Prepaid Card:

Prepaid cards deposit funds within 24 hours following approval. The card lets you pay bills, shop online, and withdraw cash from ATMs. But, you can’t use it in shops or earn cash back. The card has use limitations. For instance, certain stores don’t take prepaid or debit cards. Younger persons without driver’s licenses may require a PIN to take cash from an ATM.

MoneyGram: 

MoneyGram: Pick up your money in 15 minutes. Tell the cashier you’re using MoneyGram at a partner shop. Name, fingerprint, and ID number are required (if you have one). The money deposited to your account may be paid for using cash or credit. After approval, pick up your cash at any MoneyGram facility within 15 minutes.

 

Conclusion

How long till your cash arrive? Your technique determines it. Choose In-Store Pickup or MoneyGram for fast cash. Prepaid cards are an alternative to direct deposits for those without bank accounts.