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What are Instant Decision Unsecured Loans?

Malcolm Tatum
Updated May 17, 2024
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Sometimes referred to as instant approval unsecured loans, instant decision unsecured loans are loans that are approved or denied within minutes of submission of a loan application. The typical instant loan required that the applicant comply with a very simple list of criteria that does not involve conducting a credit check or submitting many of the other types of documentation necessary for more conventional loans. One common example to day of this type of instant loan process is the payday loan, which often requires nothing more than an established bank account, proof of residence, and proof of a steady income.

With instant decision unsecured loans, the applicant fills out a short form and provides a few basic documents to back up the information provided on the application form. This usually includes the name, physical and mailing addresses of the applicant, some type of picture identification, his or her employment information, proof of income, and a copy of the most recent bank statement. Some lenders will also want to verify the applicant’s identity with the use of a recent utility bill that confirms the physical address. Credit lines for these types of loans are established based on the monthly or annual income of the applicant. Assuming the applicant meets the basic criteria established by the lender, he or she is granted a loan for up to the limit on that credit line.

There are a number of benefits associated with instant decision unsecured loans. One has to do with the fact there are no length evaluation periods, which means the loan can be approved and the funds delivered in only minutes. There are also no credit checks, an advantage for anyone who has experienced financial problems in the past and does not currently qualify for a loan from a bank or similar financial institution. Providers of instant decision unsecured loans often provide their services with no collateral required, making it one of the most convenient and simplistic types of personal loans on the market today.

Along with the benefits, instant decision unsecured loans also have some disadvantages that must be considered carefully. Loan interest rates for these types of loans is usually much higher than with more standard loans. This is because the liberal qualification process results in lenders assuming a much higher degree of risk in extending the loans.

While the loans are ideal for managing short-term emergencies, attempting to carry instant decision unsecured loans for more than a few weeks is generally discouraged. Doing so could mean that in a very short period of time, the interest owed would exceed the amount actually borrowed. For this reason, instant decision unsecured loans may be helpful in for something like managing car repair expenses now rather than waiting until the next scheduled payday, but should not be employed as a long-term financial solution to settle debt or to finance a major purchase.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Malcolm Tatum
By Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing to become a full-time freelance writer. He has contributed articles to a variety of print and online publications, including WiseGeek, and his work has also been featured in poetry collections, devotional anthologies, and newspapers. When not writing, Malcolm enjoys collecting vinyl records, following minor league baseball, and cycling.
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Malcolm Tatum
Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing...
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