Payday loans are very practical. You can easily apply online within minutes or from your local payday loan store - which can be called in many ways. Although easy to obtain, you will want to have the necessary information to make the process much smoother. Here's what you need to know about the application process.
If you show up at the local payday loan center, you must have all your information because you have to fill in ...
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Payday loans are very practical. You can easily apply online within minutes or from your local payday loan store - which can be called in many ways. Although easy to obtain, you will want to have the necessary information to make the process much smoother. Here's what you need to know about the application process.
If you go to apply at the local payday loan center, you will need to have all of your information with you, because you must fill out the application there in the store. Filling it out online, of course, gives you greater convenience – and more time to find the information – if you need it.
The first piece of information that you will need will be about your job. They will want to know the name and address of your place of employment, as well as the name and phone number of your employer, or supervisor. The main thing will be how long you have worked there. It will be necessary to have been employed at the same place for at least three months in order to be qualified for a payday loan.
Next, you will need to state just how much income you make each month. There needs to be a minimum of $1,000, and some lenders will require as much as $1,500 each month. Some will accept the amount of $800 per month if you are on a fixed income. In some cases, you will need to fax some copies of your recent pay stubs, and possibly bank account statements.
Then, you will want to have some information about your checking account handy. In order for them to send you the money, they will want to put it right into your checking account. This, of course, verifies that the account is real, and that they can get their money out of it when the loan is due.
Most payday loan lenders will check your information with a data bank for lenders that is called Teletrack. It is a clearinghouse for lenders that records loan applications, payment record for loans, etc. When they run their checks, they will also know how many applications you have in at any given time, as well as how many payday loans you currently have outstanding. Generally, you can have a maximum of three out at the same time – depending on your repayment record. Because of Teletrack, however, you will only want to fill out one application at a time.
After applying, there will usually be a phone call so that they can talk to you about any other information or question you need to answer. Once approved, you can expect to find your money in the account within 24 hours - but many lenders can give you your payday loan in less than an hour.
It's a great idea to shop around and check interest rates and how much time you have left until the loan is paid off. Do not expect much on your first payday loan - maybe up to $ 400. Also watch for websites that may not be secure. You will give serious personal information online. If you are not sure, contact them first by email.
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