Introduction
The application process for a loan is a long and arduous one. It takes time to get approved, so you’ll need to wait for your money.
Many factors determine the amount of time it will take after your application is approved before you receive the money in your bank account.
Let’s explore what those factors are so that you have an idea of how long you might be waiting for a loan payout:
It depends on which method you have chosen to receive your money.
It depends on the method you have chosen to receive your money. In-store pickup and direct deposit are the fastest methods, while prepaid cards can take 6 weeks or more.
When you are approved for a loan and your application is processed, several things must happen before you can receive your money.
In-Store Pickup:
If you selected in-store pickup as a payment option, we would contact you once your application is approved so you can come in and pick up your check.
You’ll receive a text message or email notification when it’s ready for pickup. The email will contain the location of the store where your check is waiting for you.
You may also log into your account online at any time to check on its status or find out if there are any problems with processing your application.
If you selected online or mobile payment as your preferred method, we would send you a notification email when your application is approved. In this email, we will provide instructions on how to make your first payment.
You may also log into your account online at any time to check on its status or find out if there are any problems with processing your application.
Direct Deposit:
You can receive the money either by check or direct deposit. If you choose direct deposit, the money will be deposited into your account within 24 hours of approval. If you choose to check, the money will be mailed to you within 7-10 business days.
If you have a checking account, you can also use that to receive your money. If you do this, it will take longer for the payment to post because it has to be deposited and cleared first.
You can also choose to get a credit on your account instead of receiving a check or direct deposit.
This will be done by crediting your account with the amount you were approved for, but it won’t necessarily be immediate.
If you have a checking account, there is no difference between getting paid through direct deposit or through a check that’s mailed to you—they both take the same amount of time.
Prepaid Card:
If you choose the prepaid card option, your money will be deposited into your account within 24 hours of approval.
You can use the card to pay bills, buy things online and even withdraw cash at ATMs. However, you won’t be able to pay at a cash register or get cash back when using it in stores.
There are also some restrictions on how you can use the card. For example, you may be unable to use it at certain retailers that don’t accept prepaid or debit cards.
You may also need a PIN to withdraw cash from an ATM, making it harder for younger people without driver’s licenses or other government-issued IDs to get their hands on money.
MoneyGram:
MoneyGram: Your money will be ready for pickup within 15 minutes of approval.
To use MoneyGram, go to a participating store and tell the cashier that you’re using a money transfer service.
They will ask for your name, fingerprint, and ID number (if you have one). You can then pay with cash or credit card for the amount of money being transferred to your account. Once approved, pick up your cash at any MoneyGram location within 15 minutes.
Conclusion
So, how long will it take for your funds to be available? It depends on which method you have chosen.
If you want to receive your money as soon as possible, choose In-Store Pickup or MoneyGram.
If you don’t have a bank account or prefer not to use one, consider getting a prepaid card instead of a direct deposit.