The process associated comprises a lender which grants a personal not guaranteed loan to be returned in the next payday of the borrower or in a very short period of time. Usually this involves some sort of verification of employment or income, but not of the credit score. With an application process convenient and easy to understand, customers have access to a financial option to cover small expenses, often unexpected. Borrowers can also choose to use this product to avoid costs of bad checks, overdraft protection fees, surcharges for non-payment of bills, or other less desirable credit options in the short term.
Getting payday loans online is quite easy, does not takes too much time, and you don’t need a lot of documents or long applications to fill in. Still, they don’t give you money just because you have a pretty picture on your photo ID. The verification for approving most of the payday loans applications is done through pay stubs and / or bank statements of even verbally through a phone call to the work of the applicant. Most of these loans are given without credit check, being most of the time called unsecured bad credit loans, however each individual company dedicated to making this type of financing now have their own approval guidelines.
These days, thanks to the Internet, consumers have the opportunity to complete the application for a cash advance quick loan online or in some cases when documentation is required, via fax. The loan is transferred through direct deposit to the account of the borrower and the loan payment electronically withdraws when the debtor supposedly receive payment of his salary. We see recently an increase in number of people looking for payday loans online “without fax”. To be fair, we understand this issue, we’re in the middle of the 21st century, getting access to a fax machine is quite like you are still listening your music by audio cassettes on a 2 pounds Walkman. Nevertheless, most of the major lenders are now offering straight payday loans online.
Usually, on these unsecured bad credit loans, you have the option to choose how you want to receive the funds. These options are available:
Instant. If your debit card is eligible for an instant deposit, you can receive your payday loan within 2 hours after approval. Please note that if the card is not compatible, you can use the standard process (direct deposit ACH).
The same day. If you have a bank account with the same bank as the lender, you are eligible to select the service deposit the same day, provided they have completed the application process before 11:00 am PST. In this way the money should be in your bank account before 2:00 pm PST the same day.
For deposit options instant cash advance or the same day, additional charges may apply and these will add to the amount of the refund.
Send the following business day. Shipping amount of the transaction to your bank (via ACH) at 5 pm PST, Monday through Friday (except federal, state or banking holidays). Most banks send funds to your account the next business day.
So, is clear by now, getting a payday loan, online or otherwise, is easy. You need the money, you ask for the money, you get the cash advance you need. Is really easy. Paying it back is not so easy though – no payday loan is cheap. Yes, you can get a lot of offers and promotions, you can even get free of cost payday loans – at your first contract with a lender, this is good and is real, but it only happen once. After that, if you want more money, or if you can’t pay it on time, the interest rate is a lot higher than on a bank.