How It Works
Before you can really decide whether or not you want to take out a payday loan, you need to find out how everything works.
While some people will have borrowed many payday loans, many people will be very new to the whole process. While it is easy and simple once you've learned the steps, it's still a good idea to read through our guide and understand what is involved. Here are the steps you'll need to follow.
Step 1: Make sure you fit the criteria
If you don't fit the criteria to get a payday loan, then you shouldn't apply. There are no exceptions to the rules, unfortunately, and if you don't fit one of the three criteria, you won't be able to get a loan.
You must be at least 18 years of age, according to US laws. No person under the age of 18 can apply for a loan of any sort, and online payday loans are no different.
You must also have a bank account, and preferably one which has a relatively good history. New bank accounts might not be accepted, but if you're unsure, it won't cost you anything to submit your information. That's the best way to find out, so it's entirely up to you whether or not you want to go ahead and check.
The final thing you need is a source of monthly income, which is at least $1,000. Generally, it's better if you are in employment, but you just need to prove that you are able to pay back the money by the time the repayment date arrives. The repayment date will be on or after your next payday, so in theory you should have plenty of funds to cover the repayment.
Step 2: Fill out our easy request form
The loan request form can be found on our website and contains several fields which you will need to fill out. This will ask for details such as your name, address, date of birth and bank account details. You will also need to provide information about your monthly income sources and the amount you receive.
Also, you will be asked how much money you want to borrow. Our lenders offer between 100 dollars and 1000 dollars, so choose the amount that you would like to borrow within the available range. If you want to borrow a $500 loan, simply state that and we will then connect you to one of several lenders in our network willing to offer close to this amount.
While there is no credit check on our end, once connected with a lender they will usually pull up some kind of credit history. However bad credit will not necessarily cause you to be rejected, so don't be put off if you've had issues in the past. Furthermore if you're looking for a no faxing solution, we cannot guarantee this, however rest assured that the process will still be much faster than if you were borrowing from a bank or other large lender.
Step 3: Wait for your data to be reviewed
If you are looking for instant approval then you will be pleased to know that our referral process takes no longer than 3 minutes, and once on the lender's side you can be approve in as fast as 5 minutes!
Cash is usually then deposited in as fast as 24 hours. However if you apply on Friday evening or over the weekend, you may need to wait a little longer until your bank responds.
When we receive your information our system will check your details to make sure that you are old enough to apply for a loan and you meet the other basic requirements.
Once matched with a lender they will then perform their own automatic checks. They may not offer you the amount of cash you have requested, but it will be as close as possible.
Step 4: Accept your loan
If the lender approves you and makes an offer you will also be presented with all the terms of the agreement, which is required by law. This will contain important information which you should read through before digitally signing the contract. This will tell you when the loan is due, what fees you will be liable to pay and other vital points.
You will not receive any money until you have agreed to the terms and conditions of the loan. If you change your mind at this point, you are free to walk away with no obligation as nothing has been finalized. An offer is simply an offer until you accept it. There will be a certain amount of time from which the offer is valid, so you can return and complete the process. But you are also free to apply all over again in the future. The offer however may change the second time.
Step 5: Receive the cash
You will usually get the money deposited into your bank account on the next business day. If you have applied at the weekend, you may have to wait until the Monday of the next week. Once the money has been sent to your bank account, you can start spending it on whatever you like.
Step 6: Repay the loan
Don't forget to check your loan agreement to see what date the money is due to be paid back. It will normally be on your payday or a day very close to your payday, so once you've been paid by your employer, you can repay the money. This is an automatic process, so double check that the funds are there before this date.
The loan must be repaid in full on the due date if you want to avoid paying any late charges or fees for missed payments. If you miss the date and do not start a dialogue with the lender, you may then be subjected to collection proceedings.