What is the difference between a payday loan and a regular bank loan?
What distinguishes these loans is their relatively small dollar amount, namely that they are typically between fifty and fifteen hundred dollars, and that they are designed to be paid back when you receive your next paycheck.
What do I need to apply for a payday loan?
To receive a payday loan, many lenders ask that you have a job and a checking account in good standing. You must also provide identification and provide a post dated check for the borrowed amount. There are many websites that allow you to apply for payday loans online making faxless payday loans quite common.
What does the payday loan process involve?
The process will involve filling out a relatively short application, getting approved, signing some forms, and having the funds electronically deposited into your bank account. The lender will verify your bank routing number and bank account number, and as your funds are distributed electronically, your repayment will be debited from your checking account on your next payday. Depending upon when you submit your completed application, you may receive your requested cash on the same business day. In most cases however, approved loan amounts are available on the following business day.
Can I still apply for a payday loan with bad credit?
Yes, all credit types are welcome to apply.
What if I have filed for bankruptcy? Can I still be approved?
If the bankruptcy has been discharged, you may still qualify for payday loans. While more traditional loans may require you to put up some form of collateral if your credit is less than perfect, this is not the case with payday loans.
Is my personal information safe when applying for an online payday loan?
Reputable lenders that offer direct payday loans verify your personal information through secure websites and by using encrypted technology and the process should be similar to what is used by employers who offer direct deposit.