The How-to of Payday Loans
The family car breaks down. The furnace is on the fritz. Whatever the reason, you’re in need of a small dollar, short term loan. You’ve heard about payday loans but have never applied before and you’re wondering how to go about it.
Well, here’s the good news. It’s easy.
The following is a step-by-step guide to getting that first payday loan.
Step 1 – Choosing a Lender
To begin, you’ll need to find a lender. Naturally, you’re looking for a reputable lending company. More good news. There are more perfectly respectable payday lenders out there than you can shake a stick at. You can find them, most conveniently, online. Before deciding on a lender, it’s a good idea to shop around, do your research, check out the online reviews and find a company with exemplary ratings that you’re comfortable dealing with.
Using an online lender-finding service is also a good idea. An online loan finder will ask you a few basic questions and then match you up with a lender that best suits your needs. Often, the loan application itself is submitted through the finder.
Step 2 – The Application
Most lenders offer the option of applying in person or online. Naturally, most borrowers prefer the convenience of online application. Either way, having found your lender of choice or chosen a lender-finder to work with, you’ll need to fill out the loan application. This, you’ll be glad to hear, is made surprisingly easy for the borrower and is fast to boot.
You’ll need to provide some basic information – i.e. your personal information, employer or other income source information, the loan requirement, etc. Credit checks are typically not required for payday loans. When credit checks are required, the lending company or finder must notify you and get your permission to run the credit check at which point, you can simply choose to find a lender that doesn’t do credit checks.
One piece of advice concerning the application: before submitting, review your information thoroughly to make sure it’s correct. This is especially important if you’re applying online. Clicking a mouse is so easy but, if some of your information is wrong, it can cause a lot of confusion and slow the application process to a halt.