How to Apply for a Payday Loan Online

Online Payday Loans

Online payday loans are pretty easy to obtain. These come in handy when you are short on cash for gas, groceries, or have an emergency. Payday loans are very short-term loans intended to cover small expenses until your next payday.

Instructions

1. 

   Payday loans can save the day if you are running low on some necessities or have a bill that is due before your next payday. With that being said, I do not recommend obtaining a payday loan for extravagant purchases or large purchases that you cannot pay in full with your next paycheck. Be aware that payday loan are convenient for a reason, they come with rates ranging from 300-800% on average. It is best to apply for a payday loan when all your other options have failed.

2. Applying for an online payday loan is easy. You want to gather all your necessary documents before you find your lender. You will need at least your last two most recent paystubs. Most lenders require you have been at your current job at least 6 months. Be sure to have your employers contact information available as well.

3. When applying for a payday loan online, lenders direct deposit your loan into your bank account. Make sure to have your routing number and account number along with your next available check number. With a payday loan, you are basically giving the lender a post dated check to cash on the day you get paid.

4. Once you have all your financial and employment information, start searching for the best payday loan lender. What makes the best? Compare rates, compare the ease of the application process, and test out customer service. Some payday lenders have 100% online approval process while others may require you to fax paystubs, drivers license, bank statement, etc. So if a fax is not available for you, look for 100% online processing. It is also a good idea to call customer service with any questions you may have. This will give you a chance to see how helpful they are and if you can get a hold of a live person. Last, and certainly not least you want to get the lowest rate you can find. Some lenders offer first time customers a free or half-price loan.

5. Once you have narrowed down your choices. Start the online application by filling in all the required information. Be as accurate as possible. If you are needing funds the same day or next day, be sure to check on cut off times for same or next day processing.

6. Part of the application process will be to choose your first due date. You want to make sure that funds will indeed be available as this will be an automatic withdrawal for your loan on the date you specify. You do have the option to pay over a certain amount of pay periods. However, I highly recommend only borrowing what you can pay in full with your next paycheck.

7. When you have submitted your application, check your email. You will either be approved instantly or they may have to manually approve you. If necessary, fax in documents requested as soon as possible to speed up the approval process. Once you are approved, you will be required to sign a loan contract, either by fax or electronically.