Payday loans can be processed in a matter of minutes over the internet. Within hours, you can have up to $1000 transferred into your checking account. However, you will need to provide some basic financial information to process your loan. But, requests for too much information are a warning of a scam.
Basic Info Required
To process your application, a payday loan lender will need your contact information, checking account number, and job information. With a faxless application, you simply type in the information. Otherwise, you will need to use a fax to send copies of your driver's license, pay stub and a voided check.
With your personal information, the lender wants to be able to contact you if there is a problem with your account. They also want to verify that you are 18 or older.
Checking account information is need since the cash advance will be wired to your account. Your lender will also debit your payment. They also want to check that there are no outstanding checks.
Payday loan companies also check to see that you have a steady source of income with a job or pension check. With an employer, they will also verify that you have been employed for more than 30 days.
What Not To Share
Never give out your pin number to any of your accounts. A lender does not need it to deposit or withdraw from your checking account if they are legitimate. And they don't need it to verify that you have credit cards.
Be especially wary of handing out your personal information, including social security number, personal description, or license plate number. Social security numbers are used for tracking purposes, but be sure you know who you are handing out the information too. Other personal information is often used for identity theft purposes.
Look For Lender's Name And Address
Before signing up with a lender, look for the company's name and address on their website. If you can't find it, request it by phone or email. This way you can contact the lender if you are having problems. Avoid those companies that don't respond. They are probably going to be shady or difficult to work with.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
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