Getting Approved for a Personal Loan: How it Works?

A personal loan could be a mortgage loan, car loan, installment loan, a payday loan etc. In order to get an approval for any of these personal loans, you have to fulfill the eligibility criteria set by the lender and the state laws. For example, some states in the US allow borrowers to apply for a payday loan, whereas a few states have made it illegal. Similarly, state laws define how often and how much one can borrow. At the same time, lenders prefer an excellent credit score to approve your mortgage loan. They also decide how much should be lent so that it is possible to recover the money. When it comes to small installment loans or payday loans, the lenders appear to be very flexible with credit scores but want the debtor to have a stable income.

Therefore, you first need to make sure what kind of personal loan you want, and what the amount would be. Then check the requirements set by the lender. Once you realize that you qualify, then only apply. Otherwise, your application would get rejected. Before applying you can contact the lender, in case you have doubts. Nowadays, most lenders offer an online platform to apply, so it is a matter of minutes to submit the request. The lender then goes through your details and verifies them to be authentic. For mortgage loans and car loans, a thorough credit check is performed, whereas payday lenders do not run through your credit. Once the lender is done analyzing your details, it decides how much amount you qualify for, and gives you an approval.

How Long Does It Take to Get Approved for a Personal Loan?

Processing a mortgage loan and car loan may take some time as a lot of paperwork is involved. Apart from that, the quality of service of the financing company decides how quickly your personal loan application gets approved. On the other hand, if you apply to take out a payday loan or an installment loan, lenders like CashTodayAmerica verify your application as soon as you submit, and if you qualify, give you an instant approval. Not having any paperwork makes it really fast.

At CashTodayAmerica, for example, we only check that-

  • You have a stable job to pay off the loan.
  • Your age is 18, at least.
  • You are a legal resident or citizen of the US.
  • You have a checking account.
  • And you are not a military man.

Payday advances and installment loans are the short term emergency personal loans. Apply to get funded immediately up to $1,000, and we will approve you instantly!

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Applying Does NOT Affect Your FICO® Credit Score

We are registered with Utah’s Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.

CashTodayAmerica does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors’ creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM EST will be processed on the next business day which is usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday-Friday: 8:00 AM to 7:00 PM (EST) or email to

* I have read and understand the Terms and Conditions & Privacy Policy of this loan. All loans financed by CashTodayAmerica