There are times when waiting for the next payday to get money is simply not an option. There are many potential situations and scenarios that may require an instant emergency source of income. For instance, a car accident could make going to and from work impossible, or you might be faced with unexpected medical bills or emergency home repairs. These are just some of the situations that might happen to anyone, anytime – and if you don’t have some cash lying around, lending money will be your only course of action.
However, most banks will force you to wait forever to get your loan application processed. Or what if you only need a couple of hundred – most banks will not agree to pay such a small sum, and if your credit score is low, they might refuse your application. These are just some of the reasons why payday lending industry was created. Payday loans are a great way to get some quick cash right when you need it the most, regardless of your previous credit history. In the early days of payday loan industry, the customer (also known as borrower) would usually write out a check in the lenders name, dating it to the next payday date. The amount of the check would be the amount of loan, plus the interest. At the end of the loan term – which is anywhere from a few days to a month, with two weeks being the average – the lender would simply deposit the check, getting the amount borrowed and the interest back.
This is how payday loans have worked in the past – but what has changed in the recent years? The internet has revolutionized many industries, and the payday loan industry is not an exception. With the advances in the online banking and financial service industry, the payday loans have become faster, easier and more convenient than ever. Some payday loan lenders don’t even require you to get to their site – you can just send a text message to their number, and get your loan approved instantly.
Almost all payday loan providers don’t require the users to go through credit checks. Some of the fastest lenders don’t even ask for your proof of income – all it takes to get the loan approved is that you have a job and an active checking account. Your payday loan application should include your full name, address, email, phone numbers (landline and cell), email, date of birth, as well as driver’s license and social security numbers. You need to specify the requested amount (usually between $750 and $1000) and your income source (this can be a salary, pension or benefits). You should also specify whether you are receiving your paychecks directly on your checking account or via paper checks, the dates of your last and next payday, and the average paycheck amount. The online application should not take more than ten minutes to fill out and submit, and you will be notified if it’s been accepted or not within minutes.