How to apply for a payday loan online?
To put the need for a payday loan into perspective, say you’re on your way to work and your car breaks down. You used the rest of the money in your bank account to pay to get your car towed, but now you don’t have enough to pay to get your car repaired. You don’t need a lot of cash, and you don’t need it very long, you just need some cash to get your car back on the road before pay day. A payday loan could provide you the cash you need. You borrow a small amount of money, and pay it back – along with the fees – on your next pay day.If your payday loan is approved, then your money will typically be direct deposited to your checking account, and your loan payment will be due around your next pay day. Most lenders offer an AutoPay option where your payment can be automatically processed on your due date.
Requirements to Apply for a Payday Loan
Most lenders have the same basic requirements to apply for a payday loan.
When applying for a payday loan, most lenders will require the following information
Personal Information
Including your phone number, home address, email address, birth date (showing that you meet the minimum age requirement), and a valid ID
Income Information
Including your pay frequency, gross (before taxes are taken out) and net income (after taxes are taken out), and employment information
How Much Money Can I Get
With a Payday Loan?
The amount that you’re approved to borrow can be based on a number of different factors, but payday loans typically range from $50 – $1,000.
The following items could impact the amount that you’re approved to borrow, based on the payday lender:
- Monthly income
- Credit score
- State regulations that limit the maximum loan amount
