Unlike other loans, there are just a few requirements that applicants must accomplish when applying for online payday loans, which include the following:
1. An applicant must have an active checking account.
2. An applicant must have a job within the same company for a minimum of 3 months.
3. An applicant must have a net income salary of $800 per month.
There are some loan providers that would also ask for payslips and bank statements while others check if an applicant has other payday loans or has any record of NSF (or non-sufficient fund charges) within the last 30 days.
Payday loans that can be derived online are very appealing to borrowers, especially to people who have no loan records yet, to those that have low credit scores, or to those who have filed bankruptcy in the past. Not like traditional loan providers, loan companies that offer payday loans online do not check the credit records of loan applicants from credit bureaus, such as Equifax and Experian. They instead use Tele-track. Tele-track is not used to check credit records, but just to verify the banking records of applicants.
If you want your loan application to be approved, make sure that all the information you’ve written down on your application is true and correct. It is also very important to apply for only a single payday loan at a time as applying for numerous loans may mean rejection of all your applications.
Once you’ve accomplished a loan application form, submit it to the loan provider for evaluation. If you have successfully met all the requirements, the provider will inform you through email. You may be given an amount that ranges from $100 to $500 and it usually depends on your monthly salary, bank records, number of outstanding loans, etc. An individual, who has borrowed more than once from a similar company, will most likely be granted a bigger payday loan.
When your loan application gets approved, you’ll be asked to make a printed copy of the contract and sign it. Before signing, see to it that you have read and fully understood the terms. Once the contract is signed, send it through fax together with your recent payslip, back statements and personal check. After which, the loan provider will then verify all information and release your loan. Online payday loans are usually wire transferred into the checking account of borrowers within 24 hours, except during weekends and holidays.