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How it Works

payday loan how it works

The process of obtaining a same day payday loan is quick and simple. As long as you have the required basic information on hand, then you will be on your way to obtaining a cash advance to take care of your financial emergency. Keep in mind that you have the initial option of choosing a loan of between $100 and $1,000, but the lender might change the amount slightly based on your stated income, as well as their terms. Before you take out a payday loan, it is important to ensure that you will have the means to pay back your loan, along with any interest and fees, on the predetermined due date.

Before you apply for a same day payday loan, first determine whether you meet industry prequalification standards:

  • Be at least 18 years old.
  • Be a U.S. citizen or permanent resident.
  • Be employed for at least 90 days consecutively.
  • Earn at least $1,000/mo. after taxes.
  • Have a checking account in your name.
  • Provide home and work telephone numbers and a valid email address.

Application Process

The initial application process commences when you fill out our online application. You can be assured that all of the information you send is completely safe with us, and it will not be shared with third parties. Once the application is submitted, lenders will be chosen that match your specific criteria.

Choosing a Lender

There are different considerations to keep in mind when you choose a same day payday loan company. One of the first things to look for is the amount of money a particular lender is offering, and whether it matches the actual amount you are looking for. If a lender is

not offering enough, you might look at another provider. At the same time, you should be wary of a lender offering you too much of a cash advance because this will likely translate to higher fees and interest. As you choose a lender, you will also want to compare the interest rates and any fees in order to locate the best deal.

Understanding the Agreement

Before you officially sign up with a payday advance lender, you will be required to read through the terms of the loan agreement. It is important that you read the agreement in full so that you completely understand the terms in relation to payment methods, fees and interest rates. If you do not fully agree with the terms of the agreement, then it is best to look for a different lender.

Receiving Funds

Once your loan application has been processed and you have e-signed the lender’s agreement, you will receive your same day payday loan within 24 hours. The most common method lenders use is to transfer funds directly into your bank account, which is considerably faster than picking up a check or waiting by the mailbox. Since most lenders require that you receive your same day payday loan funds through a bank account, you will need one that is under your name.

The final step in the entire same day payday loan process is repayment. Your agreement will clearly outline the due date in which you are to pay back the entire advance in full, as well as any agreed-to interest rates and fees. The repayment process is just as convenient as receiving the funds, since they are automatically debited from your bank account on the designated due date, which is typically your next payday.

Category: Payday loans

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