Payday lenders require the borrower to bring one or more recent pay stubs to prove that they have a steady source of income. The borrower is also required to provide recent bank statements. Every company is different when it comes to approval. But in general, if you can prove you earn enough to cover it then the payday loan is approved.
Online Payday Services: Most people feel that going to a payday loan store is kind of an act of last resort. Sort of one step above a pawn shop and viewed as a sign of financial issues. For this reason, many people seek a more discreet way of using payday loan services. Thus the dramatic increase in online payday loan companies.
Online payday loans are marketed through e-mail, online search, paid ads, and referrals. Typically, a consumer fills out an online application form or faxes a completed application that requests personal information, bank account numbers, proof of income, pay stubs, etc. The borrowers fax copies of a check, a recent bank statement, and signed paperwork. Then the loan is approved.
The money is direct-deposited into your checking account. If you the ability to fax from home then you never have to leave your home until you’re withdrawing the money from the ATM. Extremely convenient!
And recently some online companies have even been advertising themselves as “no faxing is required”.
The significant difference with online payday loan companies is that the loan re-payment is almost always done the same way it was given… through electronic withdrawal from your bank account. Therefore, it is very important for you to be confident that the money will be in your checking account and the specific payment due date.
Obtaining a payday loan can be a welcomed option in many cases of unexpected emergencies like car repairs; heat goes out in the middle of winter, etc. etc. Also, an alternative for people with poor credit because there are no credit checks. You only have to prove that you have the ability to pay back the loan.
However, it is important that you are fully aware of the total repayment cost and confident you will be able to pay it… when it is due… BEFORE you accept the loan.
We can get emergency fund with payday loan. We can be benefited in our bad time by payday loan. But Payday loan can be debt trap for some one. If you have caught by payday loan debt you can seek help for your payday loan debt relief from the online financial company.