Many people are reluctant to apply for an online payday loan because they’re wary of the unclear process of application. They’re suspicious of the possible hidden fees, of being scammed, of their application being denied over and over again because they did something wrong when filling out their application form. Fortunately, there’re 5 easy steps that you need to know to apply for an online payday loan effortlessly.
Step 1: Locate a Trustworthy Company
The first and the most important thing is to decide which company you’re going to use. To check whether it’s trustworthy, there are three main points you should do:
- read other people’s reviews;
- check the company’s website and read their policies;
- check their interest rates.
The opinions of those who’ve already applied for a payday loan might reveal the pros and cons of a particular company, including the hidden pitfalls. However, even when you locate a company with majorly positive comments, you shouldn’t trust them blindly. Go to the website and read the policies carefully, checking the terms and the additional fees you might be charged with. Then, check the interest rates. If they’re acceptable, you’re ready to proceed to step 2.
Step 2: Select Your State
Remember that the conditions and even the interest rates might vary from state to state. So, be sure to double-check these points. Are they as reasonable as those presented in the site’s policies? Are you satisfied with the personalized rates?
Step 3: Get Everything in Order
If you have no questions, get ready to fill out the application form. To do this, you’ll need three basic things:
- your ID;
- your bank account info;
- your pay stub.
Granted, all information has to be up-to-date and truthful.
Step 4: Fill Out Your Application
You’ll be asked a minimum of questions — however, you still have to be careful when replying. You’ll have to provide your name, the place of your employment, the routing number of your account, and your email/phone number. Double-check to make sure that the info you’ve entered is correct to avoid any possible delays. Upload your ID, though remember that you have to be at least 18 years to qualify for a payday loan.
Step 5: Keep Checking Your Email
Generally, the majority of applications for the online payday loan are approved within several hours. The confirmation will be sent to your email, so you should check it frequently to make sure everything’s settled. When it is, relax and wait for the money to be deposited into your account, which usually happens within a day.
As you can see, the five steps the application process entails are quite easy. By following them, you’ll be able to get your payday loan in no time at all.