subject: Do You Have Questions About Online Payday Loans? [print this page] Before you consider going online to apply for a payday loan, think about your financial situation. Ask yourself some questions that will help you decide which loan best suits your current financial needs.
What does the application process involve?
Applying online for a payday loan is usually a very quick procedure. The application will normally ask you to provide:
Information about your job
Your name
Your current address
Your bank information
Your identity can be easily verified with an internet search if you are a citizen of your country and have lived at your current address for quite some time.
How much money can I borrow?
Lenders may have different loan standards and may lend different amounts. Your lender may loan you an amount that is dependent on your financial situation. You may receive only a small amount, but if you prove that you can pay back the loan on time, and in full, the next time you need to borrow money, the lender may be willing to lend you a larger amount.
When will I receive the loan money?
After the loan application is accepted, the money should be available in your account within 24 hours, although some loan companies will promise you the cash advance within two hours of the accepted online loan application. Exactly when you receive the money depends on the loan companys lending processes, and how long it will take your own bank to process the incoming money transfer.
What is the cost of a payday loan?
Typically, an online calculator shows the cost of a loan. When you enter the amount of money you need to borrow, the online calculation will show the amount that you will have to repay. This will make you aware of how much money your checking account should have in order to repay the loan when you receive your next paycheck.
Since fees and interest rates are different with various lenders, shopping around on the internet will get you the best loan rate for your financial needs.
How do I repay the loan?
You will not have to go to your bank to repay the loan. The lender knows your checking account information when you apply online for a loan, since you provide him with that information in your application. He will make sure that the money is automatically withdrawn out of your account when you receive your paycheck or quickly thereafter.
by: Marlon Jackson
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