Payday Loans Made Simple
Posted on Sunday, July 11th, 2010 at 11:06 am in Helpful Payday Loan Info, Miscellaneous Cash Loan Info
Navigating the financial waters of online payday lending can be confusing for first-time borrowers. With so many lenders to choose from, understanding how the process works can be tricky. We’ve done our best to simplify the process to help new customers understand how online payday lending works. Here’s how the process works in three simple steps:
Step 1: Submit an online application. Your online payday loan lender will have a secure application for you to fill out on their website. You will have to include sensitive personal information like your social security number (for your lender to verify your identity) and bank account number (for your lender to deposit your cash advance in the right account). Your lender might also request proof of income or an employment history to verify that you earn enough in one month to afford repayment on your loan. Make sure you supply all required information completely and accurately to guarantee approval for your cash advance or payday loan.
Step 2: Your lender deposits your cash loan in your account. Approval for an online payday loan typically takes about 1-hour, depending on your lender. Once your loan is approved, you can expect your cash shortly after. Your lender will deposit your cash loan amount directly into the checking or savings account you specified on your application. The time between submitting your application, getting approved, and receiving your cash is pretty short, meaning you can receive the cash you need the very same day you apply for it with an online payday loan lender.
Step 3: Pay back your loan. Because payday loans are designed for temporary expenses, they have have a short lending period – usually between 14 to 30 days depending on your pay schedule. If you receive your paycheck, Social Security, or unemployment every two weeks, your cash advance loan will be due in 14 days and paid in full with your next paycheck. If you receive your income once a month, your payday loan will be good for 30 days and due on your next scheduled pay date. You should always pay your loan in full right away to avoid extra interest and finance charges, but if you don’t think you can afford the payment you can always discuss an alternate payment plan with your online payday loan lender. Online payday loans with payment plans can be repaid with several monthly installments or renewed for another term and rolled over until you have the funds to make the full payment. Always discuss payment plans with your lender and make sure you have a full understanding of your rights and obligations as a borrower before you submit your application.
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How it Works
Complete the short form.
We match you with a lender based on their requirements and direct you to their website.
The lender will then display loan rates, terms and conditions for your acceptance.
Cash is directly deposited to your bank account after approval.
