4 Quick Cash Loans Recorded Times in AL and MS (Virtually Instant Approval – 1 Hour)
“Quick! I need a loan fast!” – Really? Exactly how fast?
Unfortunately, we hear this loud and clear on our website hundreds of times each day from people who have let their finances get completely out of control. They find themselves in a position where they need a loan immediately and they choose the Internet as the obvious place to go when they want to find quick cash.
This study is about speed. Plain and simple. We are not really that concerned with the nomenclature of the loan or the product of the note – we are simply concerned with how quickly each loan was submitted, process, approved, and funded. When we say funded, we are of course speaking about the final step when the money is deposited into your bank account.
In order to gather the information on the speed of the lending process we had to gather data from central loan processing centers. These processing centers are where you can find the information in regards to which lenders approve and fund loans the fastest across these United States. These processing centers are operated by private companies and we had to bend over backwards to finally get permission to use some of this data. In fact, we had to create our own script (software), to pull the data from their terminals showing each loan, and the time it took for each step in the lending process.
I know that there are millions of people in the United States who would like to know how they can get money instantly transferred from an online lender’s bank account into their personal checking or savings account. The bad news is that this does not exist, and therefore you’ll see throughout this study that we use the word “virtually instant transfer”, meaning a loan that is submitted, processed, approved, and funded all in under 30 min.
In the data tables below you will see the bullet points showing the particulars of four different loans, two of which were processed in the State of Alabama and two that were processed in the State of Mississippi. We chose these specific borrowers because of the fact they were typical.
To have a loan processed quickly you have to be dealing with a small amount of money. You will notice in the data below that all of these loans were for under $1000. That is because this is a common threshold for most online lenders. In some States they are not allowed to lend out more than $1000 due to local legalities, and in many cases because of the risk factor involved with online lending – they don’t want to put out more than $1000. Some lenders will only allow a loan up to $300 on the first business transaction with a new customer to protect themselves from fraud.
I will go into the tables below in more depth to show you the different aspects of each fast approval. We have to explain how this data is placed first – please be patient 😉
Please take note of the “virtually instant” cash transfer bullet points and the cash transfer to the borrower’s bank account in the bullet points. This is where we show which lenders approve loans the fastest. It can be confusing when you read this data because it doesn’t seem to make sense that a lender could approval a loan successfully in 20 min., but fail to approve the loan in 45 minutes. The reason this looks like an anomaly is because this data was pulled from the processing center database(s) using exact calculations of time – right down to hundreds of the second. Unfortunately, this was a mistake because it should have been written so that each loan (per line) was rounded up (or down) to the nearest minute. If we do this again – pull from one of the lending processing centers in the future, we will be sure to change this. However, the information we have makes it pretty clear on how quickly a loan can really be approved and funded.
We will be doing one loan from Mobile, Alabama and Birmingham, Alabama. We will also be doing a loan from Jackson Mississippi and Hattiesburg Mississippi. We have one loan with a finalized principal of $700 which was approved and funded in 10 minutes. another for $900 approved in 15 min., $500 approved in 20 minutes, and lastly, $300 approved in 30 minutes (pretty damn quick to be sure).
We had to keep all of the principals below $1000 as we described above. Don’t forget how we pulled the data – we pulled information on over 30000 loans approved across 50 different States and chose these four customers. They were not only approved within minutes, but they were approved in a exactly the precise period of time logged, right down to hundreds of a second. You would be surprised how many thousands of loans it takes before you see a loan approved exactly on the minute! Like I said, we will do better next time and make things easier for ourselves.
This data is based on a approval and funding speed ONLY. We used data points from various payday loan processing centers to see how fast applicants are getting approved for cash loans, and how quickly they had their borrowed money in their bank accounts.
We chose these four loan examples from Mississippi and Alabama to show the fastest loan providers in the study. All of these loans were approved and funded within 30 minutes time. One loan was approved in Mobile Alabama in 10 minutes, one loan approved in Jackson Mississippi in 15 minutes, a quick loan processed in Birmingham AL in 20 minutes, and the final fast loan was approved and funded in Hattiesburg MS – 30 minutes.
All of these loans fell into the “Virtually Instant” category. Any lender who funds your bank account in under 30 minutes fits the bill. When you look at all of the bullet points you may be confused – the reason these loan speeds are so different is because the loan has to approved exactly within the 60 second mark of a minute. Example being: if a loan was funded in 14:25:12 it does not qualify as a 15 minute loan processing time.
These kinds of lenders are ALL cash advance (payday loan) providers, because there really is no such thing as a virtually instant installment loan being approved in under 3o minutes. Sure….they can be approved, all paperwork filled out and signed in 5-30 minutes, but NEVER funded. The money for a traditional installment type loan will usually be transferred into your bank account in a matter of business days.
We only used lenders who approved their loan product(s) legally (Fed level) and within the legal boundaries of their prospective States – in this case focusing on Alabama and Mississippi. Click here to learn about predatory lending laws in Alabama, and click here to learn about predatory lending laws in Mississippi.
Enjoy the loan clocks and loan stop watches – cheesy I know, but it sets the theme of this publication.
Quick Cash Loan in Mobile, AL – Funded in 10 Minutes
Quick Loan in Bank Account in Under 10 Min – Mobile, AL
The fastest loan process we have presented today took place in Mobile Alabama, where this applicant has a full-time job as a dog groomer. She has lived in Alabama her entire life – she grew up in Leeds and Montgomery. She had never taken out a payday loan before so this was her first business dealings with this Alabama-based lender.
We should point out that this lender only provides loans in the one State. Of course, this lender and this borrower have no idea that somebody would actually be looking into the speed in which their lending process is concluded. Not to worry, we have protected the lender and the borrower in all of these studies. In fact, the processing center that we pulled the data from made us sign a stringent legal document guaranteeing that we would never disclose information on the lender or the borrower.
So as we stated, this loan was funded and processed all within 10 min. and the approval took place in Mobile Alabama. The finalized principal on this loan was $700 and the fee per $100 came to $17.50. As pointed out, this is the highest legal rate that cash advance providers are allowed to use when charging their customers in AL. The effective APR if, you are interested, comes to 227.5%, and over the one month term of this little note, the total interest paid was $122.50. This comes to a total amount of cash back to the lender of $822.50.
The credit rating of the individual who borrowed this money is irrelevant, but we do have this data – 370 FICO. As with all of our loan descriptions we have a product nomenclature acronym and in this case it is QCL, which stands for “quick cash loans”.
This lender also provides fast loans to people living in Huntsville, Montgomery, Auburn, and Florence (basically all of Alabama), and this lender takes applications online or by phone. They do not use faxing in their process – purely digital. This company guarantees that they will deposit cash in your bank account within an hour, and they do what we call virtual instant approval. Your credit rating is really not an issue as long as you have a job. This kind of loan is based on your job income only.
Now please take a look at the virtually instant lines to see the average speed in which this lender processes loans for their customers.
10 Minute Quick Loan Approval and Funding in Mobile, AL
- Finalized Principal: $700
- Fee Charged (FP100): $17.50 (legal rate in Alabama)
- Effective APR (annual interest rate): 227.5%
- Monthly Payment: n/a
- Total Monies Paid Back: $822.50
- Total Interest: $122.50
- Loan Term Length: 1 month/28 days exactly
- Credit Rating FICO Score: 370
- Product Nomenclature Acronym: QCL (quick cash loans)
- Applicant’s Home City/Town: Mobile
- Other Areas Lender Services: Huntsville, Montgomery, Florence, Tuscaloosa, Auburn, Leeds
- Main City of App. Origin: Mobile
- State of Loan Speed Study: Alabama
- Lender Classification: High Speed Lender/Payday Loans
- Takes Application Online: Yes
- Takes Applications By Phone: Yes
History of Loan Speed By Lender (approval speed times not rounded to minute)
(00:00:00 = minutes:seconds:hundreds of a second)
- Virtually Instant Funding In Under 5 Minutes (between 0-5 min.):
- 3:23:04
- 4:56:29
- 2:21:59
- 1:44:34
- 3:52:03
- Virtually Instant Funding In Under 10 Minutes (between 5-10 min.):
- 9:33:25
- 7:21:04
- 5:48:53
- 6:11:37
- 8:03:58
- Virtually Instant Funding In Under 15 Minutes (between 10-15 min.):
- 10:02:22
- 14:37:00
- 12:55:55
- 13:10:12
- 11:07:28
- Virtually Instant Funding In Under 20 Minutes (between 15-20 min.):
- 19:00:37
- 15:57:50
- 18:21:24
- 17:38:33
- 16:50:37
- Virtually Instant Funding In Under 25 Minutes (between 20-25 min.):
- 21:07:05
- 24:12:03
- 23:51:53
- 22:32:35
- 20:00:13
- Virtually Instant Funding In Under 30 Minutes (between 25-30 min.):
- 25:22:10
- 29:53:06
- 27:49:18
- 26:25:47
- 26:39:12
- Cash Transferred to Bank Account in Under 35 Minutes in Last Month: 57
- Cash Transferred to Bank Account in Under 40 Minutes in Last Month: 54
- Cash Transferred to Bank Account in Under 45 Minutes in Last Month: 33
- Cash Transferred to Bank Account in Under 50 Minutes in Last Month: 65
- Cash Transferred to Bank Account in Under 55 Minutes in Last Month: 41
Lender’s Criteria
- Guarantees Cash in Bank Within an Hour: Yes
- Does Virtual Instant Approval: Yes
- Bad Credit OK: Yes
- Loan Based on Job Income Only: Yes
- Lender Approved By FUSA: Yes
Quick Cash Loan in Jackson (Clinton) MS – Funded in 15 Minutes
Quick Loan in Bank Account in Under 15 Min – Jackson (Clinton) MS
Our second quick loan was deposited in under 15 min. to a customer in Jackson Mississippi, and the finalize principal on this loan was $900.
The fee per $100 was at the legal rate for Mississippi loan providers at $20. The effective annual interest rate on this loan was 260%, with total paid back to the lender of $1080. The total interest on this loan was $180 for the one month term. Once again, for your interest only note the credit score of his customer at the time of the loan was 380.
This borrower lives and works in Clinton Mississippi, but the actual city where the affiliate lives is Jackson. The actual lender who approves this loan does loans in all of Mississippi including centers such as Tupelo, Meridian, Biloxi, Moss point, Yazoo City, and Gulfport. They also do loans by phone or and online application forms.
They also guarantee cash in the bank within an hour and virtual instant approval with bad credit not being a problem. As per normal their approval is based on your income only. By the way, you can use our calculators to see these rates for yourself.
15 Minute Fast Loan Approval and Funding in Jackson (Clinton) MS
- Finalized Principal: $900
- Fee Charged (FP100): $20 (legal rate in Mississippi)
- Effective APR (annual interest rate): 260%
- Monthly Payment: n/a
- Total Monies Paid Back: $1080
- Total Interest: $180
- Loan Term Length: 1 month/28 days exactly
- Credit Rating FICO Score: 380
- Product Nomenclature Acronym: QCL (quick cash loans)
- Applicant’s Home City/Town: Clinton
- Other Areas Lender Services: Tupelo, Meridian, Gulfport, Biloxi, Pascagoula, Moss Point, Yazoo City
- Main City of App. Origin: Jackson
- State of Loan Speed Study: Mississippi
- Lender Classification: High Speed Lender/Payday Loans
- Takes Application Online: Yes
- Takes Applications By Phone: Yes
History of Loan Speed By Lender (approval speed times not rounded to minute)
(00:00:00 = minutes:seconds:hundreds of a second)
- Virtually Instant Funding In Under 5 Minutes (between 5-10 min.):
- 1:33:47
- 4:08:11
- 2:26:31
- 3:37:49
- 3:53:21
- Virtually Instant Funding In Under 10 Minutes (between 5-10 min.):
- 5:10:00
- 9:15:25
- 7:58:37
- 8:16:19
- 8:20:01
- Virtually Instant Funding In Under 15 Minutes (between 10-15 min.):
- 13:52:56
- 14:43:33
- 14:51:26
- 14:02:14
- 12:07:50
- Virtually Instant Funding In Under 20 Minutes (between 15-20 min.):
- 15:30:19
- 19:27:04
- 17:12:41
- 15:08:25
- 18:38:39
- Virtually Instant Funding In Under 25 Minutes (between 20-25 min.):
- 24:47:50
- 24:57:00
- 21:29:24
- 20:21:52
- 23:22:25
- Virtually Instant Funding In Under 30 Minutes (between 25-30 min.):
- 25:06:02
- 28:35:43
- 28:12:56
- 27:38:25
- 26:59:34
- Cash Transferred to Bank Account in Under 35 Minutes in Last Month: 58
- Cash Transferred to Bank Account in Under 40 Minutes in Last Month: 21
- Cash Transferred to Bank Account in Under 45 Minutes in Last Month: 89
- Cash Transferred to Bank Account in Under 50 Minutes in Last Month: 150
- Cash Transferred to Bank Account in Under 55 Minutes in Last Month: 321
Lender’s Criteria
- Guarantees Cash in Bank Within an Hour: Yes
- Does Virtual Instant Approval: Yes
- Bad Credit OK: Yes
- Loan Based on Job Income Only: Yes
- Lender Approved By FUSA: No
Quick Cash Loan in Birmingham (Leeds) AL – Funded in 20 Minutes
Quick Loan in Bank Account in Under 20 Min – Birmingham (Leeds) AL
Our third loan that was processed in under 20 minutes in Birmingham. This borrower lives in Leeds AL and they were approved for a $500 loan online. The fee per $100 borrowed was also $17.50, but because this loan was only $500 the total interest accumulated over the one month was less at $87.50. The effective annual interest rate on this was 227.5%.
The FICO score of this borrower was 410 at the time of the loan processing. This QCL also comes in at a speed which puts them in the category of a virtually instant lender. This borrower is a large company that works in all of the United States, and they also provide loans to borrowers in Huntsville, Florence, Auburn, in Mobile Alabama.
They also take applications by phone and online, and they advertise the speed in which they can fun your bank account quite a bit. They don’t have any loan guarantees, but (by and large) they clock in under 45 minutes for the vast majority of their loan transactions.
This lender is only doing online payday loans and they don’t approve loans for over $500 for first-time customers.
20 Minute Fast Loan Approval and Funding in Birmingham (Leeds) AL
- Finalized Principal: $500
- Fee Charged (FP100): $17.50 (legal rate in Alabama)
- Effective APR (annual interest rate): 227.5%
- Monthly Payment: n/a
- Total Monies Paid Back: $587.50
- Total Interest: $87.50
- Loan Term Length: 1 month/28 days exactly
- Credit Rating FICO Score: 410
- Product Nomenclature Acronym: QCL (quick cash loans)
- Applicant’s Home City/Town: Leeds
- Other Areas Lender Services: Huntsville, Montgomery, Florence, Tuscaloosa, Auburn, Mobile
- Main City of App. Origin: Birmingham
- State of Loan Speed Study: Alabama
- Lender Classification: High Speed Lender/Payday Loans
- Takes Application Online: Yes
- Takes Applications By Phone: Yes
History of Loan Speed By Lender (approval speed times not rounded to minute)
(00:00:00 = minutes:seconds:hundreds of a second)
- Virtually Instant Funding In Under 5 Minutes (between 5-10 min.):
- 4:50:52
- 4:32:07
- 4:01:31
- 2:52:52
- 3:35:47
- Virtually Instant Funding In Under 10 Minutes (between 5-10 min.):
- 5:51:52
- 9:23:04
- 7:31:18
- 5:19:25
- 8:53:29
- Virtually Instant Funding In Under 15 Minutes (between 10-15 min.):
- 14:11:22
- 11:55:37
- 12:25:21
- 12:29:59
- 12:39:00
- Virtually Instant Funding In Under 20 Minutes (between 15-20 min.):
- 15:22:10
- 18:58:28
- 19:32:52
- 17:27:44
- 16:21:20
- Virtually Instant Funding In Under 25 Minutes (between 20-25 min.):
- 20:46:06
- 24:55:41
- 21:02:39
- 21:05:25
- 23:51:04
- Virtually Instant Funding In Under 30 Minutes (between 25-30 min.):
- 25:00:20
- 27:32:13
- 29:38:41
- 28:49:29
- 28:17:18
- Cash Transferred to Bank Account in Under 35 Minutes in Last Month: 112
- Cash Transferred to Bank Account in Under 40 Minutes in Last Month: 217
- Cash Transferred to Bank Account in Under 45 Minutes in Last Month: 521
- Cash Transferred to Bank Account in Under 50 Minutes in Last Month: 363
- Cash Transferred to Bank Account in Under 55 Minutes in Last Month: 372
Lender’s Criteria
- Guarantees Cash in Bank Within an Hour: Yes
- Does Virtual Instant Approval: Yes
- Bad Credit OK: Yes
- Loan Based on Job Income Only: Yes
- Lender Approved By FUSA: Yes
Quick Cash Loan in Hattiesburg MS – Funded in 30 Minutes
Quick Loan in Bank Account in Under 30 Min – Hattiesburg MS
Our final loan was approved in 30 minutes which is the longest approval time in today’s publication, but they have been included because they are very fast. This was a $300 loan principal that was paid back a month later as per the terms of the contract, and the money was taken from the customer’s bank account 28 days from the date of approval and funding.
The fee charged for every $100 borrowed with this company is $20. That comes to a 260% annual interest rate, and the total monies paid back to the lender at the end of the term was $360 (that is $60 in interest, which is reasonable and legal as per Mississippi lending laws).
The borrower in this case lives in Hattiesburg Mississippi and this borrower also services the same areas of MS as the above lender does – the highest density of loan approvals goes of to Biloxi and Tupelo. They have a high volume of loans from Meridian and Moss Point as well.
This company only does applications online and does not use fax machines or the telephone. They don’t do credit checks of course, and they guarantee transfer to your bank account within an hour of approval. This is an approved lender and in our database, so when you are applying for loan on our website this is one of the lenders that will be reviewing your pre-application request.
30 Minute Fast Loan Approval and Funding in Hattiesburg MS
- Finalized Principal: $300
- Fee Charged (FP100): $20 (legal rate in Mississippi)
- Effective APR (annual interest rate): 260%
- Monthly Payment: n/a
- Total Monies Paid Back: $360
- Total Interest/Fees : $60
- Loan Term Length: 1 month/28 days exactly
- Credit Rating FICO Score: 330
- Product Nomenclature Acronym: QCL (quick cash loans)
- Applicant’s Home City/Town: Hattiesburg
- Other Areas Lender Services: Tupelo, Jackson, Meridian, Gulfport, Biloxi, Pascagoula, Moss Point, Yazoo City
- Main City of App. Origin: Hattiesburg
- State of Loan Speed Study: Mississippi
- Lender Classification: High Speed Lender/Payday Loans
- Takes Application Online: Yes
- Takes Applications By Phone: Yes
History of Loan Speed By Lender (approval speed times not rounded to minute)
(00:00:00 = minutes:seconds:hundreds of a second)
- Virtually Instant Funding In Under 5 Minutes (between 5-10 min.):
- 4:22:50
- 2:11:10
- 2:54:12
- 3:28:22
- 1:39:26
- Virtually Instant Funding In Under 10 Minutes (between 5-10 min.):
- 5:50:38
- 8:30:51
- 9:32:27
- 7:06:33
- 7:09:29
- Virtually Instant Funding In Under 15 Minutes (between 10-15 min.):
- 10:20:53
- 12:19:59
- 14:26:03
- 13:39:32
- 11:00:27
- Virtually Instant Funding In Under 20 Minutes (between 15-20 min.):
- 15:57:11
- 18:09:22
- 17:56:00
- 15:21:26
- 15:08:52
- Virtually Instant Funding In Under 25 Minutes (between 20-25 min.):
- 20:06:51
- 22:03:40
- 22:15:49
- 24:28:31
- 23:49:07
- Virtually Instant Funding In Under 30 Minutes (between 25-30 min.):
- 25:42:34
- 29:05:12
- 27:37:04
- 28:21:45
- 28:25:52
- Cash Transferred to Bank Account in Under 35 Minutes in Last Month: 923
- Cash Transferred to Bank Account in Under 40 Minutes in Last Month: 532
- Cash Transferred to Bank Account in Under 45 Minutes in Last Month: 356
- Cash Transferred to Bank Account in Under 50 Minutes in Last Month: 294
- Cash Transferred to Bank Account in Under 55 Minutes in Last Month: 176
Lender’s Criteria
- Guarantees Cash in Bank Within an Hour: Yes
- Does Virtual Instant Approval: Yes
- Bad Credit OK: Yes
- Loan Based on Job Income Only: yes
- Lender Approved By FUSA: No
Conclusion
This concludes this quick study of four loans that were approved all in under 30 min. We could have presented thousands of these samples, but for the purposes of discussing the speed in which a lender approves loans (and funds customers’ checking and savings accounts), this will do.
There are many applicants out there looking for fast loans online and they will find thousands of different companies who claim that they move this quickly, but in reality there is a very small percentage of online lenders who really process loans within minutes of submission.
In order to provide loans this fast the lender must have a streamlined system, and usually these processing systems are customized specifically for the company. This custom software is not something you can just purchase out of the gate as a standalone software package for approving loans.
Each one of these lenders has to adhere to State and Federal Laws in regards to payday lending and cash advance processing. The software has to be customized for each State so that the laws is obeyed, and this means there is a concerted effort to provide extremely fast loans to customers who are borrowing in haste.
You want to be careful whenever you try to get a loan based on emotion, and not based on sound judgment. Too many of the borrowers we see on our website are people who have gotten themselves into a tight situation financially and they are desperate to get a loan approved within just minutes of getting on the computer and browsing. This is no way to go in our opinion, but we will save you the lecture for today.
The whole point of this publication is to prove once and for all that there are real lenders who can process loans in just minutes. It does exist, but you will be paying a premium in APR. Lenders like this usually always have extremely high penalty fees and they charge the highest possible fees they are allowed to by law in their respective States of operation.
Our next publication in regards to the speed of lending will be on the West Coast of the United States out in California. The laws are different than in Mississippi and Alabama, so the data tables will be different. We will also be pulling the data from the loan processing center differently and we will be using a lot more information. Basically, we will be showing more loans.
If you are looking for a fast loan that is approved and funded into your account in under 30 minute, you can use our application form below. We have approximately 2 dozen lenders who are using software that enables them to process your loan in under and hour. Just fill out the application below and click submit. Your loan will be submitted to these 24 lenders (approximately, because we are always gaining or losing a few lenders each month) for their review. If you are contacted by them that is good news. If you are not contacted by a lender within five business days you will likely not be contacted at all. Sorry – this is just the reality of our process. You can read a more detailed informational on how to get approved for a loan by clicking here.