Oct

7

The Process of Getting a Payday Loan


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The process for getting a payday loan is fairly straight forward and is as follows:

- pick a lender
- Fill out an application
- Ensure that you abide by the agreed upon payment schedule

However, there are nuances to the application and approval process that the consumer should be aware of. A customer’s knowledge of these small things will make the process easier for both the consumer and for the lender in the end.

1. Have your information available before you begin the application. This will make the process that much easier.

2. Prequalification…then a follow up. Typically an applicant will be prequalified online…immediately. Once prequalified the lender will contact the consumer directly to verify the information provided in the application.

3. Verification process - The lender will verify your employment and/or deposits made to your bank account. Employment verification typically involves contacting you directly at work. Deposits are verified with the lender on the phone. The Lender will dial into your bank account to get an account summary, listening for verification of employment deposits made.

4. Listing your supervisor - Every lender will ask for your supervisor and contact info. Your supervisor is typically only contacted if you default on your loan.

5. References - You will likely be asked for two references. Like your supervisor these people are only contacted should you default on your loan.

6. Direct Deposit - Have your routing number and checking account number ready

7. Pay dates - Most lenders are flexible in when you pay them back, all depending on your pay cycle. Many lenders will require payment of at least the financing charge in the pay period after your next pay period. For example: If you apply for a loan on July 10th and you are paid on the 15th and last day of the month, your first payment will be due on the last day of the month.

8. Agreements - READ THEM CAREFULLY - Lenders will typically email you your loan agreements. The first agreement is the formal agreement outlining all terms and conditions of your loan. The second is usually an authorization to direct deposit. Agreements are typically signed electronically. NOTE: Many times agreements will be sent after prequalification. If this happens you are still NOT approved until your information is verified with a lender representative.

As you can see a credit check is not a typical part of the process. Another method of verifying your employment involves faxing. Many lenders require a recent paystub to be faxed as well as a voided check. If you are not interested in doing this look for lenders advertising ‘no faxing required’.

If you are a first time applicant with a lender do not expect to get more than a $300 loan. Lenders are not usually comfortable lending more than this right off the bat.

Stanley M. Smith
Editor / Creator
AtomicLoans
www.atomicloans.com


October 7, 2009

Comments

One Response to “The Process of Getting a Payday Loan”

  1. Brian on October 13th, 2009 1:37 am

    Hi,

    My name is Brian Cox and I work for MyPaydayLoanCash.com. I came across your site today and am very interested in doing some advertising on it. I was thinking maybe a text link ad on your sidebar or maybe an article about some of the services we offer. Shoot me an email at briancox@mypaydayloancash.com if you are interested.

    Look forward to hearing from you.

    Thanks,

    Brian Cox
    MyPaydayLoanCash.com

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