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.

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.