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Online Payday Loan Instant Approval

One reason why online payday loans are so popular is that lenders can offer instant approval on an online payday loan. Lenders are able to offer online payday loan instant approval because of the way a payday loan works.

A payday loan is a cash or hard money loan which is based upon the amount of income a person will have available in the near future. Traditionally these loans were designed to be paid off on the borrower’s next payday hence the term payday loan. Since the loan is based on income the lender doesn’t need to run a credit check.

The lender makes up for the risk of not running a credit check by charging a high interest rate on the loan. This is why payday loans can be very expensive and why the amount of money lent is often very limited.

How Online Payday Loan Instant Approval Works

The way online payday loan instant approval works is very simple. A borrower simply fills out a form with basic information which is sent to the lender’s office. A person at the lender’s office looks over the information and approves or denies the loan almost immediately.

The advantage to this is that a person can know almost immediately whether the loan has been approved or denied. Another great advantage is that a person can get emergency money to pay bills or cover checks in their account almost instantly.

Another advantage is that a person doesn’t have to go to a payday lending location. This can enable people in rural areas where such lenders don’t operate to take advantage of payday loans.

How to Use Payday Loan Instant Approval

Using payday loan instant approval can speed up the payday lending process if a person is prepared. There are a few simple steps that a person can take to make the process faster and easier.

The main step that can be taken to speed up the process is to have income verification available in a form that can be e-mailed directly to the lender. Most payday lenders will want proof of income in the form of a pay stub or bank statement. It should be possible to locate these documents online and save them on your computer in a form that can be e-mailed.

If these documents are on paper you can scan them onto your computer and save them as a PDF file. A PFD file can be easily e-mailed right to the lender. The lender can open the file, look at the documents and approve the loan.

Another way to save time is to have information that the lender is likely to ask for such as your Social Security number and driver’s license available when you apply. The lender will also ask for banking information which is found on the bottom of checks and deposit forms.

Have your check book handy because the lender will need the name of your bank, your bank’s routing number and your checking account number. This information is usually found on the bottom of your checks.

When to Use Instant Approval Payday Loan Online

Once the loan has been approved the lender should be able to send the money to your account electronically. The process is fast and simple but it should be done sparingly.

Payday loans are very expensive and the interest and fees attached to them can quickly eat up all of your additional income. Use online payday loan instant approval only when you need emergency funds you can’t get from other sources.