It's as easy as 1-2-3 !
Before applying for any online payday loan, make sure you meet the following minimum requirements:
- Have a current job or a proven source of income
- Take home a minimum of $800.00 monthly after taxes
- Have a current checking account open
Applying
for payday loans is really simple. No traditional credit check where
they access your credit report from the three credit bureaus are used.
Instead,
most use a consumer information reporting service called Tele-Track.
This system allows them to verify an applicant's banking history,
current status of checking accounts, number of insufficient funds
encountered, and any current outstanding payday loans. As with any
other services you apply for, be honest and answer all questions
truthfully and to the best of your ability. Falsifying information
could lead to denial of your application.
Much like
applying for credit cards, you really can have too much of a good
thing. Avoid applying for multiple payday loans at the same time. Each
application is reported and may result in all applications declined.
Upon
submission of an online payday loan application, the lender reviews it
to see if it meets the mimimum requirements. If approved, you'll
receive a notification of your approval via email. The lender
determines the final loan amount based on several factors among them
your current income, your job stability, length of employment, any
outstanding insufficient funds to be paid, as well as any outstanding
payday loans.
Online payday loans usually get deposited
by the next business day electronically into your checking account. We
allow you until 5:00PM CST to complete your application.
When
your payday arrives, the lender will withdraw the loan amount plus
pre-specified fees from your checking account. For example, a loan of
$400 with a fee of $10 for every $100 loaned, would result in fees of
$40. The amount withdrawn would therefore be $400+$40 or $440. No
hidden fees, no add-ons, no extra wire transfer fees. Just $10 per $100
for 14 days.
Many online payday loan providers offer loan
roll-over where the loan can be carried forward to the next payday. In
such cases, the fees typically double. Roll-over should be used with
caution and very sparingly as fees could accumulate quickly.
Applying
online is simple and hassle-free. You don't have to wait in line or
drive to your nearest low-income neighborhood to get your loan. You can
apply from the comfort of your home and avoid possible embarrassment by
people you know seeing you at these check cashing stores.
Very little documentation is required and it can all be done electronically. No handwritten forms. No faxing needed!
Apply
for My Online Faxless Payday Loan NOW!
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