As the process is largely automated, with rudimentary checks carried out on an applicant's details as well as their credit score, there isn't the same amount of red tape as there is on a bank loan. If you're applying online, there's a fair chance that you won't even need to pick up the phone and discuss the details with the payday loan company.
First time applicants will obviously be scrutinised a lot closer than those who have used a company on a number of occasions previously. However, even in these instances, a decision can often be provided within a couple of hours at most. Only if there are any issues with the details you've provided will they usually request any additional documents or discuss issues with you over the phone.
Once a payday loan application has been accepted, the wheels will immediately be put in motion to start getting the payment organised to your bank account. The bank details will have been provided as proof of your identity earlier in the process, therefore they are able to quickly transfer the funds as soon as they are able to do so.
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