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It is now possible to get instant approval for a payday loan if you have a valid checking account. As the mechanics of the banking system have evolved and become more sophisticated, short-term lenders who provide for the cash needs of borrowers between paychecks have kept pace. With these developments, it is now easier than ever to deal with a near-term money shortage by finding the right lender.
Under the original paradigm, when an individual needed to take a payday loan, he or she would go to a lender’s physical location and fill out an application. Part of the application process involved showing the lender a series of pay stubs as evidence that the borrower was employed, received a stable paycheck, and would be able to repay the loan. He would then write a check to the lender for the amount to be borrowed and collect the needed cash. The application was relatively streamlined, but there was some tediousness and extra time.
As technological advances have been made, lenders are now able to accept and process these applications completely online and make instant decisions. Once the application is processed, if the borrower has a valid checking account, the loan can be completed immediately. The way that this works is that at the time that the loan is to be made, the lender sets up an electronic transfer by which the loan can be repaid. The borrower authorizes this payment. With an electronic transfer, the lender is able to submit the loan repayment to the lender’s bank at the time the loan is made because the loan term is very short. This payment is in the banking system immediately which affords the lender a significant degree of protection. The complete mechanism for the flow of funds is set before any money changes hands.
The scenario described above is only possible if you have a valid checking account, because the loan repayment is run through this account. The other reason why a lender is willing to make an instant loan to an individual with a valid checking account is that most commercial banks conduct credit checks before opening a customer checking account. While the standards needed to get a checking account are very low, there is still a standard to be met. The quick nature of a payday loan makes the lender comfortable with the idea that if one’s credit qualifies for a checking account, it likely qualifies for a two week, low-dollar loan.

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