What Information Is Needed To Apply For A Payday Loan

What Information Is Needed To Apply For A Payday Loan

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 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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