A payday loan online is an immediate short-term loan that the borrower agrees to pay back on receiving his next pay check
. Anyone can apply for a pay day loan online in the privacy and comfort of their own homes. They help you at times of sudden financial crisis in your lives. There are a few instructions that will help you know how to get a pay day loan online.
1.There are several online companies that provide pay day loans. You will have to select any such online company and go to its website. The procedure to apply for a pay day loan online is very short and simple.
2.The borrower has to be 18 years or above. Should have a source of steady income i.e. monthly salary. Should have a bank account with direct deposit too. The borrower will also need an active home phone no. in your name.
3.Make sure that do not have any outstanding pay day loans. If you do then this may affect your current loan request.
4.There is a contract which you will have to sign before the loan is approved. The contract will have all the details including the loan amount and the annual percentage rate. The duration of the loan is also mentioned. The total amount has to be mentioned in U.S. dollars.
5.The due date of the loan repayment is also mentioned in the contract. Certain options will be mentioned in case you are unable to repay the full amount in the specified time.
6.Some companies need some documents too before approve your loan. The documents include employment details etc. Sometime you may also have to send the signed copy of the contract to the lender.
7.While filling the online application for the pay day loan, you will have to mention the date by which you will need the money. Once your loan is approved, the loan amount is transferred in your bank account automatically. Most of the money lending companies transfer money in your account in about 24 hours time only.
8. All this done just by sitting in front of your computer. This is an extremely easy way of getting money very easily and in a very short span of time. But it also advisable to go for only when you need a small amount of money which can be repaid easily as if you take bigger loans, the interest rates become alot higher.