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When Getting a Payday Loan for the First Time
from: ...Completing an online application takes between two to six minutes, depending on how fast a person reads and types.
A person who wants to take a payday loan for the first time need not worry about his credit history because the payday loan lender will no longer conduct any credit investigation. This means that if the applicant has issued bouncing checks or declared bankruptcy in the past, he will still be eligible for a payday loan. The few requirements are these:
1. Must be 18 years old and above
2. Must have a current job or receive a regular income
3. Must have a minimum wage of $1,000
4. Must maintain a checking account
Once a person meets the requirements listed above, the next he will need to find out is the amount that he is qualified to borrow. Such amount will depend on his income. This implies that a person usually cannot borrow more than his income. This is the lender's way of ensuring that the borrower is able to pay the loan.
Once the loan application is approved, a representative of the lending company will contact the borrower either by phone or by email. The representative or customer service personnel will confirm several loan details and will answer any other question that the borrower may have. The borrower is now considered a client. And this usually happens within the day.
A few lenders will require the client to submit via fax or email attachment some documents (such as driver's license) so that the client may show proof of his employment. But most lenders have other more convenient ways. That is, they do not ask the client to fax anything.
The client usually receives the amount he loaned during the next business day. That is, if the application was submitted Wednesday, the client's bank account usually gets a deposit overnight or early Thursday. If the application was submitted on Friday, the deposit is received on Monday.
The payment for the loan is often deducted from the client's bank account on the day of his payday. This payment will consist of the loan and of the interest. The amount charged for the interest will vary from one lender to another. As a first time borrower, one of the best courses to take is to research which lender will offer the least interest and the best deal.
For more information or more questions, the first time borrower may contact the lender's toll-free customer service hotlines.
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