Payday loans are widely available and may be useful to a person experiencing an unexpected financial bind. The process for applying for a loan is very similar amongst most companies. A great number of payday loan companies now make loans via the Internet with minimal paperwork. Minimum requirements - Most payday loan companies require an applicant to be employed or to have a recurring source of verifiable income such as a monthly disability check or a social security check. A monthly income of $1,000 is generally needed. Having a checking account that has been open at least ninety days will be a necessity. Some companies require that the persons income be directly deposited. A drivers license or other form of picture identification as well as proof of residence will be required. Proof of residence can be a utility bill in the name of the person applying for the loan. Paperwork - If an Internet company is used the application will be filled out online. Copies of the identification, employment, income and residency documents may have to be faxed to the company. Increasingly there are online companies that no longer require documents be faxed. Approval The approval process is fairly rapid. Some companies can approve a payday loan in only minutes. On the average, consent will take an hour or less. A persons credit will not be checked. However, a history of bad checks may cause an application to be turned down. There are also payday loan companies who check to see if the applicant has other payday loans outstanding. Receiving funds Funds will be directly deposited into the applicants bank account. Depending upon the day of the week and the time of day the loan is approved the money should be available in as little as twenty-four hours. |
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