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Applying for Payday Loans

Written By wong blogjob4 on Thursday, September 19, 2013 | 11:40 AM

Applying for Payday Loans
Being in a predicament where you need money now but you are days away from payday can be quite frustrating. Luckily, there is a way to get the money you need now by taking out a payday loan. Payday loans are short term loans that are expected to be paid back the next time you get paid. Loans can be in the amount of fifty to five hundred dollars. The money you receive from a loan can be used for anything that you need it for. Qualifying for you a loan is fairly easy. As long as you have a job and a bank account, you can pre-qualify for a loan today.

In order to find out how much of a loan you qualify for you will need to apply for a loan. There are two ways to accomplish this. One way is to apply online. There are some websites that help match you to a loan company based on your qualifications. Filling out the application online will allow the website to make the best matches for you. You can then choose the company that will meet your needs and forward your application to them. Once they receive and process the application, you will then be required to send documents proving your employment and bank account either via fax or through email.

After all the necessary documents and the application is received by the online loan company, they will then determine the amount of money that you qualify for. If there is not a local branch associated with that company, they will deposit your loan amount directly into your checking account typically within three to five business days. The amount of your loan and the associated interest fees will be automatically deducted from your bank account on the day determined in your loan agreement.

The other method is going directly to a loan office. There are standalone loan offices and there are others that are part of another existing business such as a pawn shop. You can find these establishments in your local yellow pages. Once you have chosen a company, you will then go in person to fill out the necessary application and provide the required documentation directly to the loan officer. The loan officer will then review the application and the supporting documentation and then make a decision as to how much money you qualify for.

Once the amount of your loan is determined, you will then be able to either pick up a check from the loan company in that amount or the funds will be directly deposited into your bank account. If the company offers checks as an option for payment, you can receive your payment in as little as one day and up to five business days. When it becomes time to pay back the loan, the loan company may allow you to come in to make the payment or they will arrange to take payment via a postdated check that will be drafted on the date in the loan agreement.

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