Taking out a short term loan, also known as a payday loan, is a very simple process. It can be easily completed online in just a few minutes and, in most cases, you will hear back from online payday lenders within one business day with the money deposited into your account shortly after you accept the loan.
Limited Information Required
Since you do not have to provide any collateral for the loan and online payday lenders don’t complete a credit check, there is really very limited information that you have to provide. All that the online payday lenders need to do is ensure that you are over 18 and have a job that you have held for at least 90 days prior to applying for the loan.
You will need to provide your SSN as well as a current email and all your home contact information for verification purposes. In addition you must have a working email as this is how the online payday lenders will let you know that your loan application has been approved. This is also how you will accept the terms of the loan so the money can be deposited to your account.
Why Employer and Income Information is Essential
Your employer and income information is critical for online payday lenders as this is the proof that you are supplying that you can repay the loan. Now, with direct deposit and automatic withdrawal possible this is all set up for your next pay period.
You do need to provide your income amount as this will be necessary to determining how much you will be eligible for. The more income you have the greater the loan amount will be up to the maximum amount. For most online payday lenders the maximum loan amount will be $1000. This can be as low as just a $100 depending on your requested amount and you income level.
Remember, even if you are doing an application with online payday lenders online, you will still be working with a lender that is approved to operate in the state where you are applying for the loan. This may involve an additional step of completing a separate application after you do the initial application with the website.
