Payday loan online is very easy to avail of. It’s like applying for payday loans in storefront companies without the hassles of standing in line, being badgered by hardball salespersons, and risking your neck with the thieves waiting outside for you.
Still, it pays to read through the basic actual experience of applying, receiving and paying for a payday loan online.
Find a Reputable Online Company
You will discover that this is the hardest part of the process simply because with the plethora of Internet scams out there, you might just find yourself fleeced of your money. This usually takes the form of membership fees, mailing fees and other charges that you have to pay even before you have actually received the loan proceeds!
To avoid this happening to you, always do your research about the payday loan online company. You can ask your family and friends about the websites they have tried, visit blogs and forums to secure the opinions of Netizens, and even do your own private investigation (ask for physical address and customer service hotlines, to mention a few).
Decide Whether You Need the Loan
Yes, even when you are in the process of looking for a legitimate payday loan online company, you need to assess whether you really, really need the money. You might just change your mind when you read the fine prints of the contract.
And speaking of fine prints in the contract, you need to read it thoroughly before affixing your signature. Things to look out for: Annual Percentage Rate (APR), loan duration, loan amounts in total and net, and loan payment options must be clearly spelled out. Otherwise, run for the hills! Or at least, leave the website.
Also, you need to confirm that the loan is a faxless one. Some companies will ask you to provide signed copies of the contract, which is quite abnormal but not unheard of in online cash loans.
It also pays to ensure that there are no bounced checks and outstanding payday loans to your name. Depending on company policies, your application might be rejected if you do have these records.
File Your Application
Now, if you are hell-bent on getting your hands on the loan proceeds for whatever reason you may have, then it is time to file your application. You just fill out the online form, which you will be directed to at the website’s homepage, with the necessary data like your name and address, your employer’s name, address and contact details, bank account and Social Security numbers, and monthly income.
There is no need to provide credit reports and collaterals because with a payday loan, online companies will provide you with the money on an unsecured basis. This is advantageous to individuals whose credit history might be spottier than average.
Once your application has been approved, you can wait for your loan proceeds to be deposited directly to your bank account. Usually, payday loan online companies deposit the money within 24 hours after filing of the application.
Now, all you have to do is spend the money and pay the loan on its maturity date. This can be one of the hardest parts, even harder than looking for a reputable lending company, but with discipline, it is possible.