With the Internet, getting a payday loan has become very easy and convenient. You can get the short-term financial assistance you need in about 24hours and you don’t even have to leave the comfort of your own home. But many people are still not quite sure what to expect when it comes to the payday loan application process. What kind of information will be requested on the application? Will you be required to fax or email additional information? Will you receive a confirmation phone call? This article breaks down the process and explains everything you need to know before you apply.
7 Common Questions About the Payday Loan Application Process
1. What information do you need to complete the payday loan application? Completing the payday loan application is pretty straightforward. It doesn’t generally take more than 5-10 minutes, depending on whether or not you have you this information memorized or if you have to look it up. The questions on the payday loan application will include basic information like name, address, phone, etc. but also some more detailed information like your social security number, your income information, and your bank account information. Most payday loan applications are pretty basic and once you’ve entered your data, you just hit submit.
2. Will any additional information or documents be required after completing the online payday loan application? Many companies also require that you fax or email your most recent bank statement. Your most recent bank statement is the last bank statement that you received from your bank or credit union. It must be a complete bank statement, which means it must cover a full month. If you have online banking, you can download your last months bank statement (or the last 30-days of transactions) and then email it without even leaving your computer.
3. What happens if my payday loan application is disqualified or denied? Most online payday lenders have a system in place that allows them to screen most of the payday loan application data online in real-time. This means that when you hit the submit button after filling out the application, your information will be checked against a sophisticated database that verifies your identity and your payday loan history with other lenders. Most lenders do NOT include checking your standard credit report or credit score with the major three credit bureaus (Experian, Equifax, and TransUnion), so there is no need to worry about that. However, if for some reason your payday loan application is disqualified online your information will be sent to other affiliated lenders in an effort to assist you with your fast cash needs. This makes things more convenient for you because you only have to fill out one application and even if you’re not approved with that particular lender, you have a good chance of being approved by an affiliated lender.
4. How do I sign my payday loan application online? The great thing about completing a payday loan application online is that you can sign online too! It’s called an electronic signature or an e-signature. It’s legally binding, like a so-called “wet signature,” so by e-signing you are still agreeing to the terms and conditions of the loan. It is important that you read through you loan agreement carefully so that you understand what will be expected of you, especially the total amount due and the due date.
5. Is there a manual verification process after completing the online payday loan application? In most cases, there will be a review of your payday loan application by a live customer service representative or loan agent. This is generally a quick process that can be completing in less than an hour. For this reason, it is important that you fax or email any supplemental documents that have been requested of you (such as your last months bank statement). Once your information has been reviewed, you will receive a phone call from one of the customer service representatives to verify your work phone number and confirm your loan is being processed for approval. Don’t worry about the work phone call either, payday lenders are very discreet and will respect your confidentiality.
6. How do I get the money once my payday loan application is approved? Once your payday loan application is officially approved, your loan funds will be electronically transferred to your checking account. Generally there is a daily processing deadline that payday lenders have that will ensure that your loan funds are in your bank account by the next morning. The actual time the loan funds will post to your bank account depends on how your bank operates, but most borrowers see the payday loan funds credit post to their account first thing in the morning, which is somewhere between 6am-10am.
7. How do I pay back my loan? After you’ve taken care of the financial matter that lead to the need for the payday loan, it is best to plan for the repayment. This may mean cutting back on a few things over the next couple of weeks or it may just mean remembering to account for a little less money in your account come pay day. Either way, most online payday lenders will automatically debit or electronically transfer your loan balance from your bank account on your loan due date. This will happen automatically, based on your loan agreement, unless you contact your lender and request a loan extension.
Ready to fill out a payday loan application to solve your urgent money matter?
Payday Loan Today is an honest, reliable lender that offers payday loans online. We understand that you might need a little help once and awhile and we’d like to be the one who helps you get through. We are dedicated to providing you with the quick cash you need and the service that you deserve!
