Obtaining an Instant Payday Loan – How it Works
There are several benefits to choosing instant loans over regular bank loans. They are easier to get with no credit check, and they provide you with fast cash. The application process is easy, cash delivery is fast and the loans can help you avoid heavy late fees or other problems. If you have never applied for a loan before, here is how you can expect the application process to go.
Simple Application with Basic Information
When you visit the bank to get cash, they want to know how you will use the money along with a wealth of other information. Payday and instant loan lenders understand that you don’t have time to waste with lengthy applications, so they offer applications that are easy to deal with. Basic information you will need to provide includes name, address, phone number and email address.
You will be expected to provide employment information to prove that you have 90 days on the job. Your Social Security number is required so they can confirm identity. This step protects you and the lender alike, but your actual credit score will not be taken into account. Funds are deposited directly into your account, so you will also have to share your banking information.
All borrowers applying for same day loans must be 18 years of age, so you will be asked for your birthdate. Borrowers must also be permanent residents of the United States, and your identification should reflect that. Once this basic information is submitted, you can expect instant approval of your application.
Convenient Online Applications
You are welcome to visit storefronts in person to receive the instant loan you need, but that might not work with your schedule. When you’re busy and need the money fast, the quickest way to receive funds is with a no fax online application. Simply visit the secure website, enter the required information and wait for your instant approval. If there are any questions, you will be contacted shortly, but most applications are approved and funds are issues in as little as 1 hour. The process is easy, so you can get your instant loan advance in an hour or less.
Websites are fully encrypted and secured, so you can send in the application with confidence. SSL encryption is used to prevent hackers from accessing your private information and ensure that all data is protected.
Most no credit check instant loans are for up to $1,000, but some people may qualify for more depending on income levels. Funds are deposited into your checking account, and you will probably have access to them the same day. After the funds show in your account, you can access them through your debt card, by writing a check, using your ATM card or visiting the bank for a direct withdrawal.
Repaying the Loan
All loan applications will receive a contract sent electronically. This contract will clarify the fees and charges associated with the faxless loan application. It will detail when the loan should be repaid and what the associated fees are. Lenders automatically withdraw the funds on the agreed-upon date, and it is your responsibility to make sure the funds are available.
In general, the loan will be due on the your next payday. The best cash advance lenders may give you until the second payday depending on when they fall. However, you must be sure the money is available to repay the unsecured loan at the proper day. When the lender debits the account for the funds, you will be face substantial penalties if the funds are not available for any reason.
If you will not have the money to repay your short term loan at the proper time, then you should contact the lender as soon as possible to make other arrangements. Many small instant loan lenders will allow you to extend the terms for a small fee, but the arrangements must be made ahead of time.
Save Money with Instant Loans
People often wonder if these easy and quick loans are the right choice. Whether it’s the best option for you depends largely on what is going on with your situation. The fees associated with instant loans are far lower than the expenses involved with being evicted and having to move. Likewise, it’s better to pay fees for a payday loan than to face a bench warrant for failing to pay legal fines. Before making the decision, take a moment to weigh the options and decide which one is right for you.
Instant loans are easy to get and can help you save money in a pinch. Whether you have legal fees to cover or a car repair, these loans are available to help you out of a tight spot. They are simple to apply for, and you can count on fast approval and access to the cash.