In case of instant approval payday loan, lenders approve your loan based on the information provided in the loan application which taken no time. This is done in order to help the borrower when he needs money most urgently.
Usually loan amount remains small in instant approval pay day loan, normally upto £1000. However, lenders can also provide loans of £1500 or more depending upon your requirement. Rate of interest charged remains little higher than the normal loans because in case of instant approval pay day loan, both loan amount and repayment duration remain small.
Instant approval pay day loan, as the name suggests, is to be paid back on the next pay day. Therefore, the repayment duration is thirty days normally. However, repayment duration may be adjusted based on your requirement and need.