Payday Loan Online Bad Credit

Many people don’t like to get payday loans or cash advances because they don’t like going to the businesses that make such loans.

Nobody likes standing in line in a dingy storefront in a bad neighborhood to get a payday loan. Thanks to the internet, nobody needs to go to a fast cash outlet, pawnshop or other store to get a payday loan. It is now easier and quicker to apply for and get a payday loan online than by going to a storefront lender.

All most people will need to do to get a payday loan or cash advance online is fill out a simple application. The application will be reviewed online and the loan will be granted. This process is faster and more convenient than traditional payday loans.

Requirements for online payday loans

The main requirement lenders want for an online payday loan is verification of income. This is usually done by faxing a document to your employer that the employer will sign. The document is then faxed back to the lender so the decision can be made. If you don’t have a job or can’t get the employer to sign the document, the lender will may accept other documentation of income such as bank statements.

The lender will also want you to provide your address, your phone number, the phone numbers of friends or relatives and drivers’ license and Social Security numbers. The lender needs the drivers’ license and Social Security numbers to verify your identity. The lender wants the phone numbers to call you in case you don’t pay the loan off.

Bank account information required

Most online payday lenders will require applicants to have a bank account usually a checking account. The lender requires a bank account because they will electronically deposit the funds lent directly into the bank account. Using this process the lender can send you the funds very quickly usually within 24 hours of approval.

The banking information the lender will want is the routing and account numbers. This information can be found in the lower left hand corner of your checks and deposit slips.

Most online payday lenders will take the funds needed to repay the loan directly from your bank account electronically. They will usually require you to sign an agreement that you’ll have those funds in the account on a specific day so they can do this.

Online payday loans without a bank account

People who don’t have bank accounts may still be able to get online payday loans. Online lenders might be willing to wire money to a person using Western Union or Money Gram. When the money is wired, the applicant will pick it up at a store or bank that offers Western Union or Money Gram services.

Another alternative is a preloaded credit card; a preloaded credit card is a Visa or MasterCard. Funds are loaded directly onto the card electronically. The cardholder then uses the card like a credit card at retail stores and can use it to pay bills electronically online. One drawback to such a preloaded card is that a person will have to pay a fee to get cash from ATMs and stores.