Understanding the Payday Loan Application Process
Payday loans are a great way to get emergency cash. Industry analysts estimate that there are more than 200,000 payday websites on the internet and they provide more than $40 billion to customers in the form of simple cash loans.
Users can just apply online and the cash is deposited into a bank account within 24 hours. For poor households or bad credit customers, this form of easy cash is a godsend as there is no need for extensive credit checks, loan security, co-signers or paperwork. Payday websites report that they approve almost 99% of all loan applicants but a scant 1% has their loan applications rejected. This can be terrifying for the customer who has no other credit or cash option available. Banks take too much time to approve loans and bad credit customers usually do not get credit cards or overdraft facilities. Payday loans are their only quick cash option and a rejection can be devastating. There can be many reasons for this but it should not happen. To ensure that your payday loans online application is approved quickly, do take a look at our top tips.
Find a local payday loans online website
A very important rule followed by all payday websites is that they will only loan to citizens of their own country. That means if you are a US citizen, you should apply only to US-based lending organizations. Applying to the wrong website or to an international website could result in an immediate rejection of the loan application.
Read eligibility criteria
The basic eligibility criteria for a payday loan are simple. The customer has to be 18 years of age and over. He should be a citizen of the country and physically located inside his domiciled country at the time of loan application. He or she should also be employed with a regular paycheck. Additional criteria may include a current account, a debit card and check books to facilitate repayment of the loan. We urge you to read the fine print on the website and the TERMS OF SERVICE page to protect your legal rights.
All payday websites have a very simple application process. You have to fill in your name, address, telephone number and loan amount required and then submit the form. Unfortunately, desperate or anxious people do make mistakes while filling in the form. Please note that the information provided on the form is the only way that the company can get in touch with you. Mistakes in the address and telephone number will mean that the loan officer cannot get in touch with you and they will move on to the next applicant.
Multiple applications at the same time to the same payday website or to different payday websites are a complete no-no. payday lenders approve 99% of all applications but anxious customers may put in multiple requests just to cover their bases. They may also apply to three or four payday lending websites to ensure a loan from at least one company. Please note that this can be very risky in the end. All payday companies have a contract clause that prevents you from taking two payday loans from two different payday companies at the same time. This is done to protect the customer who will have to pay two loans from the same paycheck. Moreover, applying multiple times may also create the impression that you are a scam artist who is trying to defraud the company by asking for fake loans. Just apply to one company and wait for a response. If you are rejected, the reason for rejection will be provided and you can then try another website for your loan .
Payday loans online are designed to give you quick cash during emergencies. Just be careful during the application process and you will get the cash you need .