subject: The Process Of Applying For A Payday Loan [print this page] Applying for a payday loan is a quick and simple process. To apply for a cash loan, you can complete the entire process on the internet, or you can fill out the online application, then print out the application, sign it, and return it to the physical address of the lender. Which method you choose depends on how quickly you need the loan money. The loan process is explained in the steps listed below.
Completing the Online Loan
Step One Once you have chosen a lender, fill out their online application form with all the information they ask for. You will need to disclose personal and confidential information, including your name, date of birth, gender, checking account information, and your job information, as well as your social security number.
Step Two After you submit the application and it is accepted, you will be pre-approved for the loan. You will need to accept the Consumer Credit Agreement in order to receive the loan money.
Step Three Once the agreement is accepted, the lender will transfer the loan money directly into your checking account, which can be done in less than 24 hours after the lender receives your credit agreement.
If you choose to print out and sign the application, then it will take a few more steps to process the application, but it is doesnt take much longer to be approved for the loan. The following steps show what to do when you return the application through a fax or by mail.
Applying Manually for a Payday Loan and the Receipt Process
Step One As with the online process, you'll need to complete the online application form. You will need to provide your personal information, employment, financial and bank information.
Step Two - After you have filled out the loan application, you'll need to print it off and sign the credit agreement. After you have signed the paperwork, the form is ready to be faxed or mailed to the lender. Be sure to include the following information:
The last two months of bank statements regarding your checking account
Your last pay stub
A utility bill or another document as proof of your address
Copies of each side of your debit card
A drivers license, passport or both sides of a credit card to show proof of your signature
Step Three When your documents are received by a lender, they will be reviewed. You will receive a message when your application has been approved. If your loan amount changes, you will receive notification and a revised loan agreement will be sent to you to sign and return. You may have to send a check in order for you to receive the loan.
Step Four - Once the lender receives your signed credit agreement and check, if it is needed, the lending company will directly deposit the money to your checking account.
That is how easy it is to receive a payday loan. After you have compared payday loan rates, terms and conditions with different lenders, and the loan process has been completed, you will quickly receive the money you need to help you out of your financial crisis.
