Payday Loans Process Described
Not having funds needed to cover necessary expenses can feel very frustrating...
If you find yourself strapped for cash and end up without the funds needed to cover necessary expenses, it can feel very frustrating and hopeless. Online payday loans aim to solve this problem by providing short-term access to money before your next paycheck comes in.
These loans are best used to cover expenses for a couple of weeks, and can then be paid back with your following paycheck. Since these are meant to cover gaps between paychecks, one of the few requirements for securing an online payday loan is steady employment.
If you need funds for longer than one pay period, the option is usually available to extend your loan to a future payoff date by renewing it. This option is ideal for customers who need to borrow higher amounts of money, or who will need more than one check in order to fully pay it off.
Who Can Apply?
Just about anyone can apply. All that's required is the following:
- You must be at least 18 years of age.
- You must be a legal resident of the United States.
- You must have a job.
- You'll need a bank account to receive funds.
If you meet those requirements, then congratulations - you're clear to apply for an online cash advance. Since this is processed digitally and remotely, you just need a bank account so that we can send the funds to you via direct deposit.
As long as your bank account is active, you're all setup. It can even be overdrawn - in fact, many customers use these loans to allow them more time to cover their overdrawn accounts. Your bank will still make the rest of the funds available to you (minus any negative balance) to spend once it has cleared the bank.
These simple application requirements mean you also get these nice advantages:
- No credit check
- Speedy approval and processing
- Same or next day payment
- No paperwork
- The Application Process
If you're wondering what the application process is like, you may be surprised at how easy it is. We'll ask you for some basic information, like your name and address, provide some questions about where you currently work and how much you get paid, and ask some additional questions for security and identification.
At that point, your work is over. We'll give you some details on how the loan works and provide you with information on the repayment process. Simply acknowledge that you've read this information, and it'll be moved to the next stage - processing.
Processing Your Application
Once your application is submitted, it's rush processed to the approval stage. Unlike big banks or lenders, your application won't wait in a stack of papers for ages. Instead, we quickly review your information and take some basic measures to verify your information.
Shortly after, we'll contact you to congratulate you on your approval and make sure any of your questions are answered. This process is a breath of fresh air in comparison to the high demands of other types of loan applications.
After that, you'll move on to the best part - getting paid.
Once your application has been streamlined through our quick approval process, you'll be all set to receive your funds. We'll use the bank account and routing number you provided during the application process (these numbers are easily found on the bottom of any of your checks) to deposit your funds.
We'll send out your funds right away. When they show up in your account can depend on your bank's individual policies. Many customers find they can access their money immediately, although some banks will have you wait until the following morning to have your funds available for spending.
Once the money is in your account, spend it however you want. You can access it through any medium, such as:
- Use your debit card to spend money
- Withdraw money through the ATM
- Visit the bank in person to withdraw cash
- Write checks from your account
- Transfer money from one account to another
Or anything else you can think of. Once the money is sent, it's yours to do as you please.
Spending Your Money
Likewise, you're free to spend your money on anything you want. You can use it to:
- Pay for rent
- Buy groceries
- Pay a credit card bill
- Pull your bank account out of an overdraw
- Pay utility bills
- Fix your car
- Purchase medical care
- Buy presents
- Or anything else!
Just like the paycheck that the payday loan is advancing, you're free to do what you please with this money. We urge you to use it responsibly to cover necessities and get yourself back on your feet as soon as possible, but we don't place any requirements on what you can do with the money we send you.
Repaying Your Loan
When you receive your money, we give you some time to get back on your feet. We format our repayment schedule to help align with your work payments, so when you get your check, you'll be ready to repay your cash advance.
To make things as easy as possible for you, we will use the same bank account information to both deposit the loan and schedule the repayment. You'll know upfront exactly when your repayment will come out and how much it will be, so there are absolutely no surprises.
Since you'll have a chance to receive a paycheck before the repayment takes place, it will be easy to repay your loan amount without placing unneeded financial stress on yourself. With some careful planning, you can use your payday loan to take immediate financial stress off your shoulders and follow a budgeted plan to repay your loan, develop some savings, and get into a better financial position.
We can only help you once you've applied. It's quick and easy, so fill out your application now!