If you want money now, you need a payday loan. It doesn’t matter whether you are a subprime borrower or not. Your credit score may not be impressive, but this doesn’t mean you’re cut off from the money circle.
Payday loans are great sources of quick financing, even on bad credit. The beauty of an online payday loan application is that you don’t have to fill dozens of paperwork, nor does a bad credit score mean you won’t get a loan.
If a payday lender is convinced of your ability to repay the loan, your application will be approved within the hour. Besides, just because you’ve gone through the application process doesn’t mean you must take a loan.
Below are eight steps on how to get a payday online:
Step #1: Establish how much of a loan you need.
Before you get a payday loan online, you need to establish the amount of money you need. A payday loan usually involves small amounts that can be recovered from your salary. So, it’s not your point of call if you are looking to buy a house. However, for those small emergencies that we all have, a payday loan is quite handy.
The key is to establish precisely how much you need and don’t borrow more than that. The interest rates are a bit higher, and the repayment duration shorter than that of regular loans. So, you don’t want to borrow what you cannot repay.
Step #2: Visit a payday loan lender’s website.
In order to get a payday loan online, start with a visit to your preferred loan lender’s website. The key is to make sure the company is legit since there are many frauds out there. A legitimate company won’t defraud you.
Once you land on their website, read their policies, including the fine print, and make sure there are no hidden fees. The other thing you need to establish is the interest rates chargeable. Payday loans may not be cheap, but this doesn’t mean they should be unreasonably expensive.
Also, establish what penalties the company charges should one default or fail to pay the loan on time.
Step #3: Check the payday loan company’s online reviews.
Reputable payday loan companies have online customer reviews and ratings on their websites. If you can’t find any review or rating on the payday lender’s website, you may want to keep looking.
If the site doesn’t include reviews or ratings as company policy, contact local consumer and government agencies that may have information about local businesses. It helps if the lender has a BBB (Better Business Bureau) rating.
Step #4: Get the documentation about the payday loans.
You will need to put together all the necessary documents before you apply for payday loans online. It makes the process more relaxed when you have everything you need next to you. Make sure you have your financial and personal information ready.
You can expect to be asked for your bank account information and to prove that the account has been active for a specified period. Some lenders will ask for a month and others three months or more of active banking.
Other critical information you will be asked to supply include your current phone number and additional contact information. You will also need to prove you’re at least eighteen years and tax compliant.
Finally, you will be asked for proof of employment (salary stub will suffice) and the contact information of your employer.
Step #5: Complete the online loan application.
Before filling out the application, read the complete application form to make sure you understand what you are getting into. Don’t ignore the fine print as it could return to haunt you at a later date. Some online application forms are spread out over several pages, which could be intimidating.
Ideally, you should be able to fill out the application on one page. Nonetheless, make sure the form displays all the information, and that there are no hidden fees that could come back to haunt you.
Step #6: Fill in your personal information.
Complete the application form by filling in your employment information, your name and current contacts. The key is to make sure you fill every mandatory field in the application form to avoid delaying the process.
Step #7: Wait for the decision.
Once your application is lodged, the only thing you can do is wait. In most cases, the decision on your loan application is made within an hour after application.
Step #8: Receive the funds from the payday loans.
Upon the approval of the loan, the funds will be sent directly into the account you supplied in the application form. This account must be verified to receive funds.
Applying for a payday loan is not complicated. However, you need to be careful and only approach lenders with a proven record and reputation for honest services. The beauty with an online payday loan application is that the process is straightforward. This means you don’t have to wait through tedious processes to have a payday loan application processed. Besides, once the lender is convinced of your ability to repay the loan, approval takes just under an hour.
