When applying for a payday loan online, you will be asked to supply some personal details such as employment information, income, checking account details, how much you hope to borrow, and how long for.
This guide aims to help you to apply for a payday loan online by explaining what information you need to give your lender, as well as some other key facts.
Key Points:
- Your personal information helps lenders to assess your eligibility for a loan. This information will be kept confidential.
- You will need to provide information such as your employment status, checking account details and your employment status.
- The most common loan amount in the US is $375 but you can borrow $500, borrow $600, or more!
- Many lenders will carry out a credit check, where they assess your credit history. It is possible to obtain no-credit-check loans.
What Information Do I Need To Give My Lender When Applying For a Payday Loan?
There are a few key details which lenders will, most likely, want to know. These include:
- Your name
- Your address
- Contact information, so they can get in touch with you
- Your salary
- Your social security number
- Your date of birth
- Your employment details
- How much you hope to borrow and how long for
- Your checking account number
- Valid ID, e.g. a driver’s license.
You will be asked to provide details such as your home address.
After you have provided these details, your lender may request follow-up documents, such as proof of income, further valid identification, proof of employment and more.
Will My Information Be Kept Confidential When Applying For a Payday Loan?
Yes – lenders and brokers are legally bound to keeping your information secure. Your details will only be shared with those who are instrumental in providing you with a loan. It is important that you check that your lender is regulated and legitimate before trusting them with this information. You can check online whether your prospective lender is trustworthy by cross-checking their details on the OLA website or SEC register and this will confirm their current status.
I Don’t Want To Provide My Details. Can I Give Someone Else’s Details When Applying For a Payday Loan?
No – never. This is fraudulent behavior. Not only will your application be rejected, but this could land you in legal trouble, too. You should always be honest when applying for a loan, and remember that however bad you think your situation is – your lender has seen it before!
Be truthful, and if you fail to secure a loan, there are plenty of other legitimate alternatives. You could seek out a credit union loan, ask for a cash advance at work, or ask a loved one for support.
Do I Have To Undergo A Credit Check When Applying For a Payday Loan?
Not always. If you are worried about your credit check preventing you from securing a loan, don’t worry. Plenty of lenders provide no-credit-check loans to borrowers who don’t want their credit to determine whether they are approved.
A credit check shows a lender your past financial actions, and allocates you a score. Your score is a number between 300 and 850, with higher scores demonstrating that you have a strong financial history. Those with lower scores, below around 550, may struggle to pass a credit check, and that’s where no-credit-check loans come in.
Many lenders offer loans to those with weaker credit histories, so don’t panic! With only 14% of payday loan borrowers able to meet their initial repayment plan, you aren’t alone in having faced financial stumbling blocks.
Will I Need To Show A Pay Stub To Get A Payday Loan?
It will depend. Many of the lenders that we work with will want to see a pay stub or credit history, so that they can get to know a bit about you before agreeing to be your borrowing lender. Even so, some lenders won’t require this.
Your information will remain confidential.
Am I Eligible For A Payday Loan?
Probably! Most lenders will have a basic eligibility criteria for borrowers to meet. These requirements typically include:
- You must over 18
- You must be a US resident
- You must have an active checking account that your payday loan can be deposited into
- You must commit to making repayments
If you meet these criteria, then you could be approved for a loan today. Apply online within five minutes, and keep those personal details outlined above to hand – it will speed up the process even more!
