If you are shopping around for a payday loan, chances are you don’t have any time to spare. There is an emergency of some kind, and you need to get an advance on your next paycheck. You need to get that money as soon as possible.
There are hundreds of payday lenders, and all of them tantalize you with similar claims – Fastest cash! Guaranteed loans! Cash now! Depending on which lender you choose, these claims may or may not be true.
One thing is for certain — no matter where you go, you will need to fill out the on-line application. Without giving a lender your information, they cannot verify your identity or loan you a dime.
Since time is of the essence, read this quick list to prepare you for everything you will need for your payday loan application. If you have everything you need before you start, the application will only take a few minutes!
Before You Get Started
Make sure you are dealing with a Direct Lender. When you borrow direct, you get your money straight from the lender without going through any brokers or middlemen. This will save you time and money in the long run.
Next, make sure whatever site you choose is prefaced by HTTPS. That S means the site is secured, and your information is protected. Putting any personal or financial information in an unsecured site is very dangerous.
The first step is the simplest. You will need your name, phone number, address, and email address. Where you live is very important, as there are several states that prohibit this kind of lending.
You may be asked to provide your drivers license number or your social security number, your date of birth, gender, age, and if you rent or own your home.
None of these should require much homework.
A payday loan is nothing more than borrowing against your next check. So the income information section is very important; if you want to be approved and get your cash, you need to be ready willing and able to provide whatever is needed.
In other words, you need to demonstrate that you are making money, and show how much money you make and how often you get paid. If you don’t have a payday at least once a month, you won’t qualify for a payday loan.
If you work for a living, you will need to provide contact information for your employer. You may need to email or fax in a pay stub, as well. No job? No problem! Although you must have income to get a loan, that doesn’t mean you have to have a job. If you have disability or social security benefits, if you live off a pension or from child support or alimony, these may still qualify you for a loan!
The only other thing you need to have for a payday loan is a bank account. Online lenders do not mail you a check or disperse cash, they electronically wire the funds into your account. No bank account = no funds.
You will need to provide your bank account information on your online application.
This entails the name of your bank, your account number, and if you have direct deposit set or not (some lenders require direct deposit as a condition of the loan).
Most payday lenders DO NOT run credit checks, but they still check your bank account history. If you are prone to overdrafts, or do not have regular deposits into your account, you will likely not be approved for the loan.
References and Security
Do you have references? Certain lenders require that you give them the names and phone numbers of people you know. That way if you don’t repay the loan they will reach out to your friends and family. Not all lenders do this! If you are applying and they require references, just quit the application and find a different lender.
There may also be security questions. These are easy enough; they are usually culled from information in public records. The questions are designed to be easy to answer if you are who you say you are, but very tricky for identity thieves. Once again, this is not something used by all lenders.
After completing the application, you will likely be asked to electronically sign a contract. Be sure to read the contract before signing it!
This is all the information you will need to successfully fill out an online payday loan application. There are many different variances of the format, but essentially every lender is going to want this same information.
Have everything you need before you open up the laptop, and the process will go surprisingly quickly! You will have your money before you know it.