The Application Process for a Payday Loan
Once you have chosen to seek out a payday loan, and you have gone through the research process to ensure that you have found the right payday loan lending service that suits your needs the next step is to actually apply. Depending on how pressing your need is to acquire a payday loan you might choose to do this immediately, or first play around with some numbers and see what fits for your specific needs and capabilities for paying back the loan, as well as any interest and fees that will be applicable to the loan.
The best of the newer breed of payday loan lenders are those that provide you with quick and easy access to funds, and the best way to do so is through a good company website. Every payday loan provider that is a responsible lender will give you the chance to apply for a payday loan directly through their website. This ensures that the process is as smooth as possible and as fast as it can be made, rather than having to apply over the phone, in person, or by post. Instead, everything is completed within a few short minutes and you get your answer, and you cash, within 24-hours of the application going through in most cases.
Let’s go back to the beginning though. Visit the website of the lender you wish to borrow a short-term loan from and find the payday loan calculator. Here, you can input the amount of money you would like to borrow. Once you have done this, then choose the amount of time you would like to repay this initial amount over. This could be a one-off payment, making it a payday loan that is repaid within a month of the loan being taken out, or an instalment loan, which is spread out over a number of months, with monthly repayments expected.
Depending on how much you want to borrow and how long you would like to pay the loan back over you’ll notice that the total amount that you are due to pay back will change, as well as the monthly repayment amounts expected of you.
The longer you want to pay back the loan, the higher the amount of interest that will be added to the initial amount. However, the longer you want to pay back the loan, the lower the amount you will have to pay back monthly within the terms of the payday loan repayment that is agreed. It is about choosing the right balance that works for you, and every single borrower is different in that respect.
Once you have decided what you would like to do, all you have to do next is fill out some personal information, provide income details and your bank account information, and then press send on your application. This can all be achieved within a few minutes. In most cases a decision is made quite quickly, with payment made directly to the bank account of the applicant within 24-hours unless further documentation is required.