The first thing you need to understand is that most online companies can now deposit the funds directly into a bank or savings account. This process is completed by what is commonly called ACH. It is short for automated clearing house, which is an electronic fund transferring system that is completed online. It is very secure since all information is 100% secure and is the standard banking system of choice. Now, if the transaction is handled through the banking system, you can be sure it is safe and monitored by the banks.

Now we start the process. First you fill out a secure application on a payday loan site, you must make sure that you fill out the application completely to make the process faster. Once you complete the application a person will verify your job and bank accounts are active. There are no credit checks, but they may do a teletrac check to make sure you have an account in good standing.

Once this part of the process is completed, the next step is entering the information into their ach system. It has all of your information, banking information, amount of the loan you are receiving, a breakdown of the fees and the total amount to be repaid and the date it is due.

Once this information is completed they place it is a batch. Most ach transactions are completed as a group. Your loan may be grouped into a group anywhere from 1 of 2 or as many as 1 of 200 depending on the amount of loans that are completed in a day by the lender. If it is a high volume lender, you could have your batch sent within one hour from the time you completed your application. And since the funds transfer is wired, you can actually access the cash from you account just that quick.

There is a flip side to this though, If it is a small time lender, they may just send out one batch a day, and that batch could be scheduled to go out at any hour. So if they send out their once daily batch at 4 in the afternoon, and you get approved ten after 4 pm, you will wait over 24 hours before the money is even sent. So if you are in a hurry for cash, make sure you are borrowing from a larger volume lender to increase the chances of getting your cash fast. Some lenders send out batches every hour, and some once a day, and plenty do it several times a day at set times.