Fast Approval, Clear Terms: Instant Approval Installment Loans

When you need cash quickly, one of the best options is to apply for installment loans online with instant approval.

 

With this type of loan, you can skip the lengthy vetting processes employed by traditional lenders and stand a much better chance of being approved, thanks to the fact that they are not dependent on factors such as credit scores.

 

What Are Online Instalment Loans With Instant Approval?

 

With some installment loans, instant approval online is made possible thanks to highly advanced algorithms capable of assessing applications extremely quickly and efficiently to determine risk factors.

 

Utilizing this technology, Swift Cash Direct grants approvals within the hour. Some online lenders might take a bit longer – between 24 and 48 hours. However, this is still much faster than loan approvals from traditional lenders like banks.

 

This is because banks process everything manually and depend heavily on credit checks for loan approvals, whereas lenders like us don’t. This cuts out a lengthy, admin-heavy part of the loan application process, streamlining the process.

 

Why Are Credit Checks Not Necessary?

 

One of the best things about instant approval installment loans online is that they don’t require credit checks. This means that applicants with sketchy credit histories and poor credit ratings can be approved without prejudice.

 

A credit score is a somewhat archaic method of determining the level of risk that a borrower might pose to a lender. It is determined by applying a score to a person’s past credit behaviour. 

 

Here’s how it works: Things like paying debts off as agreed in full will yield a positive score while defaulting on repayments will bring your score down. The higher the score, the less risk the borrower poses, and the more likely they are to be approved for bigger loans and receive better interest rates.

 

In theory, this makes sense. However, this rating system does not consider a borrower’s unique circumstances. Credit ratings focus too much on a person’s past behaviour or circumstances and not enough on their current capability to afford a loan. 

 

Just because a person could afford a loan five years ago doesn’t necessarily mean they can afford it now – and vice versa. Here at Swift Cash Direct, we assess an applicant’s current ability to afford the loan, not what they could or couldn’t afford in the past.

 

Why No Credit Check Is Better

 

There are several reasons why a person might want to sidestep the credit check process when applying for loans online, even if they don’t have issues with their credit score.

 

The first and most obvious reason an instant approval installment loan is attractive is that it allows individuals with less-than-stellar credit histories to borrow money, thereby making the money-lending sector more inclusive.

 

However, another crucial reason no credit check loans are so appealing – even to those with perfectly good credit scores – is that every time you undergo a credit check, your credit score takes a slight knock. If you’re keen on keeping your credit score up or have been working hard to raise it and don’t want to undermine that progress, these loans are a good way to go.

 

How Are Online Installment Loans With Instant Approval Made Possible?

 

Borrowing from traditional lenders such as banks typically requires lengthy administrative processes. It often involves handing in many different documents, standing in queues, and waiting for credit checks to be carried out against your name.

 

With online lenders like Swift Cash Direct, the approval process is speedy because advanced artificial intelligence algorithms process many applications for us. These sophisticated programs can process all of the data submitted in an application and work out very quickly whether it falls within an acceptable set of parameters.

 

If an application meets the criteria, it is approved. This process usually takes minutes if the applicant inputs all the data correctly the first time around. Sometimes, additional time is needed to verify a few flagged items with outside parties or for a human being to assess special cases individually. But the entire process rarely takes more than 24 hours.

 

The major reason online applications are delayed is incomplete or incorrect submissions by applicants. Therefore, it is important to be thorough in your submission and provide everything that was asked accurately if you want your application to be approved without any trouble.

 

How To Use Installment Loans Online With Instant Approval Responsibly

 

Because getting an online installment loan with instant approval is so easy, it’s possible to abuse it and use it irresponsibly. You should never use this type of loan for non-essential purposes, as it can lead you into a spiral of debt if you are unable to repay the loan. 

 

Let’s take a look at some of the ways you can use a quick installment loan online in a responsible manner.

 

Create a Repayment Plan

 

Before you attempt to take out an online loan, you should establish a clear repayment plan to ensure you are able to manage the monthly installments. Mark the due dates on your calendar and set reminders to help you avoid lapsing on the loan agreement. 

 

Where possible, use automatic repayment capabilities through your bank to prevent penalties or further damage to your credit score.

 

Make a Budget

 

It is important that you only apply for quick approval loans online after you’ve established a clear monthly budget. Try to cut back on other areas of spending temporarily so you can get your loan paid off quicker. 

 

Prioritize Your Loan Payments

 

Paying your loan off on time will not only give you peace of mind but also help you avoid late fees and additional interest charges. If you make paying your loans a priority, you can maintain a lower overall debt burden. This builds upon your positive repayment history, which makes it easier to borrow again in the future.

 

Communicate

 

If you find yourself in financial difficulty or foresee yourself not being able to make your payments, it’s important that you contact the lender immediately. Many lenders, such as Swift Cash Direct, are willing to help with a modified payment plan if you simply communicate before you miss your upcoming payment.

 

Don’t Take On More Debt

 

Prioritize paying off your current loan before taking on any additional debt. Applying for new loans while you’re still repaying one can make your finances more complex and meeting all your repayment obligations can be challenging.

 

Follow this simple advice to ensure your online installment loan with instant approval is a positive and beneficial experience.

 

What Are The Requirements For Quick Online Loan Approval?

 

If you want to make sure that your online installment loan gets instant approval without any hitches, you need to make sure you have three critical things in place when you apply: You need to be over 18, you need to be a Canadian citizen, and you need to be employed.

 

Here’s why these requirements are in place:

 

Requirement 1: Over 18

 

In Canadian law, as with many other jurisdictions around the world, a person under a certain age is not deemed under law to have the necessary legal capacity to enter into binding contracts. Legal capacity refers to a person’s ability to understand and make decisions for themselves. 

 

Since a quick installment loan online is a binding financial agreement, it needs to be entered into with the full capacity inherent in mentally sound adults over the minimum age. This is necessary to ensure that they fully understand the rights, responsibilities, and consequences of their decisions.

 

There are some rare exceptions to this, however. 

 

Some people under the age of 18 might be granted the legal capacity of an adult by the courts in cases of emancipation. Conversely, some adults over the age of 18 might be declared legally incapacitated due to things like mental illness. 

 

Requirement 2: Canadian Citizen

 

We only offer instant approval installment loans online to Canadian citizens because it ensures the enforceability of the loan agreement. If non-citizens take out a loan in Canada and then leave the country, it becomes extremely difficult, if not impossible, to pursue repayment and enforce the contract.

 

The practice of refusing loans to non-citizens is common around the world, with most lenders in most jurisdictions globally insisting that citizenship be proved before entering into a loan agreement.

 

This requirement is necessary to protect the interests of the lender and ensure that the borrower honours the loan agreement.

 

Requirement 3: Employment

 

It is necessary to provide proof of employment to assure us of your ability to afford the loan. Since we don’t carry out credit checks, how else can we be certain that you’re able to repay the loan?

 

Some individuals might be self-employed, which is acceptable, provided that they can show proof of a stable income for the past three months. Traditionally, employed individuals need to provide proof of their employment, along with proof of their income.

 

The important thing here isn’t the employment itself so much as the stable income that helps us determine whether the loan is within your means.

 

If you meet these three requirements, you can be assured of quick loan approval online without any delays.

 

If you’re despondantly looking for cash with little hope due to your poor credit score, apply for an instant approval installment loan online through Swift Cash Direct today.