How To Apply For An Online Payday Loan
There are a few things to check before applying even for the most trusted payday loans online:
- verify the eligibility criteria since these vary greatly from lender to lender;
- compare lenders across key parameters pertaining to the payday loan: interest rates, monthly fees, financing fees, missed payment fees, early repayment charges;
- verify the reliability of the lender by reading independent reviews;
- in case you have a poor credit history or other aggravating circumstances, you might consider applying to a lender-matching service rather than to multiple individual lenders separately. Although your financial information would be shared across more parties, the issue with multiple separate applications is that each of these would imply an inquiry on your credit report and too many applications might negatively impact the credit score.
- if you are not informed yet, check whether payday loans are legal in your state (in 13 states it is not so);
- if you would like to maximally protect your financial information, pay attention to the type of online application – many applications are step by step forms where you cannot proceed to the next step unless you fill in all the information in the previous one. The issue is, however, that the overall fees might be displayed on the very last page, so it might be useful to alternatively call the lender and ask all your questions before filling this information.
What Information Is Needed To Complete The Online Application
While completing the online form, you’ll be initially asked some basic information like the name, address, date of birth, zip code, cell or home phone number, income level, whether you rent or own your home (questions might vary greatly according to the lender). Other typical documents or information that would likely be requested are as follows:
- an identifying document (with photo) such as a national ID card, a driver’s license, a passport (this is also needed to confirm that you are more than 18 years old).
- a recent proof of stable income – most lenders will prefer to verify whether you are employed or not, for instance by calling your employer (hence, employer’s contact information will likely be requested). Others would verify a couple of recent pay stubs provided by you (have these handy – you might need to fax them). In some other cases, other documents would do, such as a proof of taxes for self-employed people, regular payments from a relative or even disability payments, social security, child support (the court order is needed in the last case);
- a bank statement from a checking account which would be used to withdraw the payments – in particular, lenders are interested in the account number and bank’s routing.
- a personal check from the same checking account;
- a valid email address;
- any bill confirming your address and name (optional).
After filling out the form and providing all the necessary information, you will need to wait for approval (normally, by email) and eventually, for the bank transfer.