There are a lot of online payday lenders out on the web that imply that you can get an Instant payday loan and have the cash in one hour. I hate to be the bearer of bad news but that is a stretch of the truth.

If you understand the process of online payday loans for New York residents then it will be easy to understand why I said that there is no instant funds wired directly into your bank account.

The first part of the process is to go online and fill out the online application. Most sites have a small pre application that is nothing but a bait tool. It will ask four or five simple questions and then tell you that you are instantly approved. This is not true, this is actually the first step of the approval process.

Once you fill out the pre approval form and get the fake instant approval you will be directed to the actual application where you give your personal information, references, banking information and employment information.

Then once they receive this information the approval process actually starts. They will more than likely do a teletrak check on you. Once this is passed and approved they will call to verify your status with your employer and validate your earnings and direct deposit. You can still get an approval without direct deposit, but direct deposit makes it easy to get the final approval.

If you filled out the application at night it will be the next day before this information can be verified, so this alone makes the cash in 1 hour invalid.

Once they get all of this information validated and approved your information and loan details go into their ACH system. Ach is short for automated clearing house. It is similar to a wire transfer but is completed in a Batch, your information is loaded in the system with the other approvals for the day or period. So there may be two or two hundres other approved loans in the batch.

Batch processes are usually completed once or twice a day. So that means that it will be the next day before you have cash in your account.

Online payday loans are fast for emergency situations for people with troubled credit of people with maxed out credit, but I would not count on Instant funds. It will likely be the next day before you actually get the cash.

Online payday loans have their place but use some common sense and you will not be left in a bind.