In the past, when you applied for a payday loan, even if you applied online you were still required to fax in additional documents before getting your money. With many companies now, you can apply for your loan completely online and not have to fax in any paperwork at all. The benefits, aside from being able to apply from the comfort of your home, are that your application can be approved almost immediately and you can have access to your money as soon as the same day you apply and worst case, the day after you apply.
Many companies have turned to the internet to help them process the large volume of applications they receive each and every day. This allows them to process loans much faster and allows you, the borrower, to apply in a much easier manner and easily compare multiple offers to find the one that best meets your needs.
To have the greatest chance of success you’ll need to make sure you meet the basic requirements and have all the necessary information readily available before you apply. The typical requirements to satisfy most online payday loan companies are as follows:
– At least 18 years of age
– In current job for at least 3 consecutive months
– Have a salary of at least $800 – $1000 per month (varies according to lender)
– Valid checking account that has been open for at least 3 months
Once you have all the information and you’re ready to apply, simply head to the selected company’s website and fill in the required information online. Once you submit your application, the lender can probably have you approved within minutes and you will normally be notified via email once your loan is approved. The amount you’re approved for is based on your financial information, just like any other loan, but doesn’t depend on your credit history or credit score. The laws in your state might also impact on the amount you’re approved for.
Once you get your money, you’re free to use if for whatever you need. When it comes time to pay back the loan, you can also do that online. The options for paying back the loan vary from lender to lender but they usually give you several options to choose from. One thing to bear in mind however is that you should try to pay back the loan as quickly as possible since the fees and interest associated with payday loans are much higher than a normal loan.