Have you got into a situation some urgent extra cash was needed? But it is too sudden to apply a loan off line and wait for approval? You feel the sky has fallen, but there is a way out.
This article is a very basic short step by step guide of online payday loan process.
A special loan type - so called "payday loan" or "cash advance" is designed for borrowers in this situation. It is a short-term loan to be repaid by their next payday. Typically the amount of such a loan is between $100 and $1500 with the length of the tem about 2 to 4 weeks.Fees/Interest rates vary from lender to lender. I must stress that fees/interest rates are extremely high compared to home mortgage. Payday Loan is unsecured loan so lenders regard this high risk, imposing a much higher interest rate.
Typical online loan application step by step process is below
1. Find and choose Online Payday Loan Lender/Broker
Ask you family, relatives, friends, or work colleagues for referrals.
If they cannot recommend any, you will face trouble as there are so many Payday Loan Lenders. It's really not an easy task to choose the most suitable one for you. If you have no clue, some typical brokers/Lenders can be referred to at the bottom link where you can also see sites for Free Government (Federal and State) Grants and Foundations Grants. These Free Grants are not the subject of this article so I will not go any further here.
2. Examine "Terms and Conditions","FAQs (Frequently Asked Questions)" and "How It Works":
Check fees/interest rates based on the length of terms. Some online lenders show you a detailed fees/rates Table in their site and you know exactly those before you proceed to your application, while some provide very rough estimates online. Also investigate flexibility or special conditions such as extension of time or modification of installment.
3. Estimate Your Income To Be Sure Enough To Cover Initial Loan Amount and Fees
If you miscalculate or skip this important evaluation you will suffer self-inflicted ill-fated consequences. That is why it is paramount to investigate "Terms and Conditions" of each lender to see which one is more willing to modify terms SHOULD YOUR MISCALCULATIONS HAPPEN.
4. Complete Online Application Form
These days No Faxing is required to many customers for verification/clarification. So it will take a few minutes to fill in.
5. Wait For Approval
Typically a day will do unless you make a big blunder in completing your form.
6. Receive Your Cash In Your Checking Or Savings Account
You typically notify your account in application form. If you do not have a bank account,a different method such as a check is used.
Lastly very often your "bad credit", "no credit" or "bankruptcy" does not prevent Lenders/Brokers from accepting your application and approval when it comes to Payday loan. It is good news for everyone in need of urgent short term cash. But remember trade off is a really big interest rates/fees.
I hope you do not get to the stage that you have to apply for Payday Loan. But your safe net is there.