Internet payday loans are usually short-term loans that are given instantly over the internet. There is no need to go to the store or walk to the bank to apply. When online, you can apply for the loan right from your own home. They are easy to obtain and require little paperwork. They also offer flexible repayment periods and stipulate quick approval periods. The application is quick and simple. You just complete an online application for a payday loan. There is no need to fax paperwork, have a job, or a credit check. After submitting the application, you get an answer with a financing option in minutes.
Every individual has the ability to apply for internet payday loans as long as they are eighteen years of age or older and have an active checking account.
There is no reason to think that if approved for one payday loan, that you will be denied another; because the amount borrowed tends to vary based on the amounts previously borrowed. And depending on your repayment history with the original lender, they may even lower your interest rate or approve additional borrowings.
Internet payday loans were specially created for people like those who use them for emergencies or cash advances for unforeseen situations that could occur in life without warnings, such as having car problems or a small unexpected expense that requires immediate attention. If needed, payday loans are taken out responsibly, they can be very helpful in your financial life.
What are the requirements for obtaining an internet payday loan?
Many payday loan companies still have physical locations. These facilities are designed to offer credit based on the applicants’ means of identification and financial position. This is because the online bank does not perform a credit check. There is no need for collateral. Obtaining the funds is fast and easy. Citizens with any income may qualify even if there are no assets. Loans can be applied for and funded within minutes regardless of your credit history.
You do not need to have a bank account either, as long as your paperwork (SSN, your home address, and other information) is processed promptly. When it comes to payday loans in general, interest rates are usually higher than what you pay at a bank or include additional fees and penalties for late payment.
What are the fees?
The fees that come attached to this type of a loan include an origination fee ranging from around $15 – $35, an agreement fee ranging from around $10 – $30, a processing fee ranging from around $7 – $30, or maybe all three, depending on which lender you decide to choose. There may also be annual fees that you must pay, depending on how long you keep the money borrowed. Late fees will most likely range from around $15 – $35; however, there may also be additional fees that depend towards how long past due payments are received by the lender and if you are only one or two days late, or if time spans reach up to 30 days or more since the last repayment of your loan. Anyway, you should carefully read the disclosure of the direct lender you are going to proceed with. Make sure you are aware of the fees of that lender.
How to apply for an internet payday loan?
This is easy. Apply at any payday loans company. See if they have a website and look for the application section. There should be directions on how to complete the application and can also provide you with all the information you need to understand how their payday loan process works. Applying online is easy and secure. You will be asked to complete a one-page application form that will give the lender your contact details, such as name, address, telephone number, and email address. If you have an account with them, you will first log in and select the amount of money you would like to borrow. Then they ask you to provide identification information about yourself, such as:
- Your social security number.
- Date of birth.
- Driver’s license number or a state ID card number (if you have one).
This information is to confirm who you are, especially when applying online and requesting a loan. You will be asked for financial information relating to your checking account. This will include:
- The bank name
- Your checking/savings account number
- Routing transit numbers that are located on your checking account statement or checkbook (may want to bring it with if not already on record).
It is very important that the information is entered correctly, so that there are no errors with any details you may have provided during checkout (you might want to take note of these details before you begin completing an internet payday loan application).
The last thing that will be requested when filling out your application is some other basic information about yourself. These questions relate to how many times have you been turned down for a payday loan, how many payday loan companies do you currently use, and why would you choose that particular lender.
Some applicants could possibly be approved for up to 3 loans from one company within 24 hours! Payday loan lenders usually ask that anybody who has applied for more than one facility within 24 hours consider consolidating them into one loan; because this is better than having multiple payments due each month for many loans of the same amount.
This process can save the additional applicant fees by eliminating disputes amongst creditors, even though it can be very costly if done less than just once or twice in a person’s reasonable lifetime.