Article Series: Payday Loans & Cash Advances
Do I Need The Money That Badly?


Online Payday Loans - Should I Do It?

Payday loans are quite popular these days. With a lot of people in great need of cash, this is the quickest way to obtain it without many complications and problems. There are also a large number of online payday loan websites that you can visit. You just need to fill out an application form and provide some personal information, current banking status, occupational information, and financial information. Some online sites also require applicants to give references.

The main reason why many people like payday loans is that the lenders have very minimal requirements. The following are the requirements:

  1. Have a full-time job for the last three months.
  2. Take home pay (after tax deductions) is about $800.
  3. An active and valid checking account for the last three months.
  4. Must be of legal age. (18 and above)

Once you fulfill all these requirements, you shouldn't have any trouble in getting your online payday loan approved. All payday loan applications are verified upon receipt so you can't escape your previous commitments. In the verification process, the lender will check the NSF (non-sufficient fund) of the applicant and if he or she has an outstanding payday loan.

Some individuals who have poor credit, no credit, or a bankruptcy background find it hard to apply for loans both in the short term and long term. Online payday loans give these people a chance to get loans despite their credit history. Most of the consumer information used by online lenders of payday loans comes from Tele-Track and not from credit reporting agencies like Equifax, TRW, and Experian. Tele-Track just provides info regarding the consumer's banking history, checking account status, NSFs, and existing payday loans. In order to avoid denial of your application, you have to provide true and correct personal information.

Never apply for several payday loans from different lenders. This is not a good idea and you will face more problems in the future. The loan applications will all be reported to the various lenders and this can make it harder for you to be granted a loan next time you apply.

Online payday loan websites provide application forms for those who want to apply for the payday loans. Once you've provided all the necessary info, it will be immediately forwarded to the lender. The lender will review your application and if he finds your application truthful or correct and that you met the requirements, you will receive an email notifying you about your approved loan application.

It is up to the lender how much of a loan you're going to receive but most of the time, the loans range from $100 - $500. The loan amount depends on certain criteria like monthly income, length at work, direct deposit, paycheck stubs, outstanding NSFs, and availability of your bank statements. First time applicants usually receive lower low amounts as compared to repeat customers.

Some lenders allow frequent borrowers to extend their loans but this only means added cost on your part. If you do decide to apply for a payday loan, you have to pay it on time so that you will not waste any more money than you have to on interest. Payday loans are indeed helpful but only in desperate situations. Never apply for a loan if you're just going to spend the money unwisely. This is not a good idea because of the very high interest charges and outrageous fees the loan carries.

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