Most people opt to have their paychecks direct deposited now-a-days to save them the hassle of going to the bank. Direct deposit for payday loans involve a quick application process.
The process works so quickly, in fact, that once you are approved for the loan, you can have the money in your account within hours. Payday loans are short term tools to get you the money you need while you wait for your next paycheck.
Fast approval is one of the benefits of a payday loan. The lender processes your application electronically whether you apply in person, over the phone or on the internet.
The process is what is called “faxless” meaning that you do not have to deal with lots of paperwork. All the lender needs to do is verify your contact information to make sure you are who you say you are, check your employment and bank account.
There are a few requirements for direct deposit payday loans. One is that the applicant be at least 18 years of age or older.
They must also have a monthly income of at least $1,000 and have been at their current job for at least a month. There are additional requirements per lender but they vary.
You must understand that there is a limit to how much you can borrow. You cannot request a large loan the way you would with a traditional institution.
Most lenders will make loans anywhere from $500 to $1,000. However, the maximum amount you can borrow mainly depends on your state of residence.
The loan term is normally between two and four weeks. Term extensions are sometimes available. However, they normally result in additional fees.
What is even better, not only is the application simple, but even the repayment plans are easy and convenient. Generally, the lender will debit the minimum amount (usually the interest charges).
He may also withdraw part of the principle amount on your next payday. As stated previously, this would depend on state laws. Nonetheless, you have the option to pay the entire balance.
Next we will go into what a faxless payday loan involves. As mentioned before, a faxless payday loan is a loan which can be applied for where the lender does not demand documentation sent via the fax.
This kind of loan is offered by payday lenders to individuals seeking a solution to immediate, urgent, short term cash needs. When it comes to this type of loan, the individual that receives funds from a payday lender will be required to repay the funds received, plus any applicable fees, when the next payday arrives.
Unlike some payday loan lenders that require that a potential borrower fill out an application and then fax documentation to prove the status of one’s employment or identity, some payday lenders offer faxless payday loan options. The latter act actually speeds up the approval process for a payday loan and ensures that the potential borrower receives funds in the fastest fashion possible.
When applying for a loan, the applicant will not be forced to submit a copy of one’s driver’s license, birth certificate, or pay stub information. Instead, an application is filled out and the payday lender uses other verification processes to approve a faxless payday loan.
In some instances, a potential borrower may be surprised to find that he or she is approved for a faxless payday loan in a little over an hour’s time.
How it Works
Having to fax paperwork in order to apply for a payday loan can be a cumbersome process for some. If the individual applying for a payday loan doesn’t own a fax machine, he or she may have to travel to a location where the individual can fax the requested documentation.
The faxless payday loan process has removed the additional step of faxing documentation and has therefore simplified the loan process.
Consumers can apply for a loan and be approved the same day and access to funds is near immediate. Anyone interested in getting a faxless payday loan can apply for one online after filling out an application addressing questions pertaining to citizenship, residence, age, employment and income and the acknowledgment that one has an active bank account in good standing.
Credit checking procedures are not part of the faxless payday loan approval process. Even if an individual does not have credit or does not have good credit, it is possible to be approved for a faxless payday loan as long as the individual is a citizen of the United States or Canada. It is necessary to apply for a loan from a lender within the country that an individual resides in.