Things To Know Before Applying For An Internet Payday Loan

| January 3, 2012

If a person wants to get an internet payday loan then most companies will want a person to have a bank account, preferably a checking account. The reason for this is because almost all payday loan companies will deposit funds into the person’s checking account. Not only will the company deposit funds into the checking account, but usually they will also take the payments owed to them right out of a person’s checking account.

Before applying for a payday loan a person is usually asked if they are employed or self-employed. An internet payday loan company will usually want to see proof of income by having the person applying for a loan to scan and email, or fax them two copies of their most recent pay stubs. If a person is self-employed, a payday loan company will typically want to see tax returns from the previous year. If a person cannot prove their employment via stubs or tax returns, sometimes a written statement from their employer is good enough. Many companies will also want to make sure that the person meets specific income requirements, but usually the income requirements are low. Companies just want to make sure that the loan will be paid back in full.

Bad credit does not automatically disqualify somebody from getting an internet payday loan. In fact many companies guarantee that people will get approved for a payday loan, as long as they are employed and have been employed for a certain length of time. Another thing to keep in mind is that people with bad credit usually do not pay any extra loan fees or interest on the payday loan simply because of their bad credit. A lot of internet payday loan companies do not even perform credit checks at all, so credit rarely matters when applying for a payday loan via the internet.

Before applying for an internet payday loan, a person should keep in mind that payday loans are short term loans and are usually required to be paid back within 1-6 weeks, maybe even 8 weeks. Interest rates are usually reasonable on payday loans, and the approval process is often very fast it can usually take up to three days to get approved for a payday loan, but in most cases it only takes one business day to be approved. Funds are typically deposited into the person’s account within 24 hours of being approved.

Category: Payday Loan

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