What Information Is Needed To Apply For A Payday
Loan?
Payday loans are very convenient. You can easily apply for one online in
just a few minutes or at your local payday loan store – which may go by one of
many names. While still easy to get, you will want to have the necessary
information handy to make the process go much smoother. Here is what you need
to know about the application process.
If you go to apply at the local payday loan center, you will need to have
all of your information with you, because you must fill out …
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cheque, wages, salary
Payday loans are very convenient. You can easily apply for one online in
just a few minutes or at your local payday loan store – which may go by one of
many names. While still easy to get, you will want to have the necessary
information handy to make the process go much smoother. Here is what you need
to know about the application process.
If you go to apply at the local payday loan center, you will need to have
all of your information with you, because you must fill out the application
there in the store. Filling it out online, of course, gives you greater
convenience – and more time to find the information – if you need it.
The first piece of information that you will need will be about your job.
They will want to know the name and address of your place of employment, as
well as the name and phone number of your employer, or supervisor. The main
thing will be how long you have worked there. It will be necessary to have been
employed at the same place for at least three months in order to be qualified
for a payday loan.
Next, you will need to state just how much income you make each month.
There needs to be a minimum of $1,000, and some lenders will require as much as
$1,500 each month. Some will accept the amount of $800 per month if you are on
a fixed income. In some cases, you will need to fax some copies of your recent
paystubs, and possibly bank account statements.
Then, you will want to have some information about your checking account
handy. In order for them to send you the money, they will want to put it right
into your checking account. This, of course, verifies that the account is real,
and that they can get their money out of it when the loan is due.
Most payday loan lenders will check your information with a data bank for
lenders that is called Teletrack. It is a clearinghouse for lenders that
records loan applications, payment record for loans, etc. When they run their
checks, they will also know how many applications you have in at any given
time, as well as how many payday loans you currently have outstanding.
Generally, you can have a maximum of three out at the same time – depending on
your repayment record. Because of Teletrack, however, you will only want to
fill out one application at a time.
After you apply, there usually will be a phone call, so they can talk to
you for any other information or questions that need to be answered. One
approved, then you can expect to find your money in the account within 24 hours
– but many lenders can give you your payday loan in less than one hour now.
It is a real good idea to shop around some and check into the interest
rates and how long you have until the loan needs to be paid back. Don’t expect
much on your first payday loan – possibly up to $400. Also, watch for Web sites
that may not be secure. You will be giving some serious personal information
online. If you are not sure – contact them through an email first.
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