There are a lot of lending agencies that provide payday loans, and most of them have similar requirements. Today practically all lenders make it possible to apply for a loan via the Internet, which considerably saves time of their customers and makes this service even more attractive. Well, let's learn more about these popular loans.
What should I know about the typical online payday loan process?
For a typical consumer may sound frightening and controversial. With all the negative and confusing information circulating, a consumer can get into great doubts whether an online payday loan is the right appropriate variant for them and their financial situation. The point is that an online payday loan could be the perfect way out you were searching for. Anyway a payday loan is an option that is always worth considering, especially if you get into emergency need for money.
Here you are offered an illustration of the typical process. Evidently there is no a single way of payday loan process, because different companies conduct business in a different ways. That is why to give a full and exact picture of the process for a payday loan is impossible.
For a start, let's figure out what minimal requirements should be met by applicants so that they could get this loan. The first requirement set by most lending agencies is permanent employment or at least a fixed income, including social security check or disability check. In general monthly earnings must be not less than $1,000. Besides, the majority of lenders require current account. Most agencies also ask their customers to provide some picture ID, for example a driving license, and a document verifying their residence, such as utility bill addressed to the name of the applicant. What concerns repayment terms, some lenders require direct remittance of an applicant's income on a fixed date.
Speaking about application process, it should be mentioned that most lending agencies deliver their services via the Internet, allowing their clients to apply online. Some companies still ask their applicants to fax a set of documents establishing their identity and verifying their employment, earnings, and residency. However most companies tend to cut on paperwork so as to make the application procedure as quick as possible and attract more customers.
Another positive feature of online service is that applicants never wait for response from a lender more than one hour. Usually it takes just several minutes. Moreover, lenders do not review credit standing of their clients, however individual companies may decline a loan because of poor credit of an applicant. Besides, some companies check whether their customers have other unredeemed payday loans at the time of applying.
Applicants who get approval for a loan normally receive funds within twenty-hour period of submitting the loan application. Money is usually deposited directly to a borrower's bank account.