How To Apply For Online Payday Loans

Applying For Online Payday Loans – What You Will Need

When applying for an online payday loan, there are typically two levels of approval. With the first, you’ll typically simply submit your name, address and phone number, your email address, the amount you would like to borrow, and your monthly income.  Providing you have verifiable monthly income sufficient for the amount you would like to borrow, approval for most online payday loans will usually be instant. For small amounts, up to $300.00 or so, often nothing more than this is needed.

If you are, however, applying for larger amounts from an online quick loan company, there may be an additional layer of approval.  Most online payday loan companies will wish to see a bank statement and a paystub.  This will usually require you to print out copies of both, and fax them to the company you are applying too.

Don’t worry if you have late or bounced fees on your bank statement; these are a pretty common site on millions of bank statements these days. Most quick cash loan companies simply want to verify that you do, in fact, have a personal bank account, and that you don’t already have several payday loans already taken out.

For your paystub, most online payday – cash loans companies are simply verifying your income. They’ll want to verify that you meet at least the minimum income requirements, typically $1000 to $1500 a month, and that you have been with your employer as long as you say you have; you should have been with the same employer for a minimum of one month.

Additionally, some of these online payday loan companies will wish to see a list of references, ranging from 3 to 7 different referrals they can contact. Don’t worry, they usually won’t; they are simply required to have them on hand. If they do check a reference, they are very discrete about it, and won’t ever divulge the fact that they are a payday lender.  They will usually say something along the lines of an employer or credit reference check, thus protecting your privacy.

Having these documents ready and available before you actually need to take out a payday loan can be a real life-saver. Often, when financial calamity strikes, we become stressed and flustered, and don’t remember where we put things – thus adding to the stress. By having these things ready ahead of time, you’ll be ready to get fast cash when you need it.

Even better, get together the documents you need, then obtain approval from the online payday loans companies – but without taking the funds.  By doing so, you’ll essentially establish a rainy-day line of credit for emergencies, a valuable asset to have in these days of canceled credit lines and reduced limits.