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.
- 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.
- 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?
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 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.
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?
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?
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?
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 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.
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!