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Payday Loan by Phone

One of the fastest and most popular ways to get a payday loan is by phone. There are a number of lenders that make payday loans by phone.

The way a payday loan by phone works is very simple. A person calls the lender’s 1-800 number and gives all the information over the phone to an employee who approves or denies the loan.

Payday loans by phone are fast and convenient. They eliminate much of the hassle and cost from the payday process and eliminate the need to deal with seedy payday lending outlets in bad neighborhoods.

Requirements for a Payday Loan by Phone 

To get most payday loans by phone initially you may need to sign a form and fax it in. This is necessary because the law requires a signature to approval most loans. In some cases it may also be possible to use an online electronic signature in lieu of a signed document.

Many payday lenders will also require income verification in the form of a bank statement or pay stub and confirmation of employment from your employer. Some lenders will ask that your employer sign a document and fax it in.

Payday Loan by Phone Banking Information

To get a payday loan by phone you will need a bank account. A bank account usually a checking account is required because most lenders deposit the money directly into your account electronically. This enables the lender to advance you money without going to a lending location.

The lender will need your bank account number and routing number. This information should be available on your checks.

The lender will take the loan repayment money out of your bank account along with the loan interest using the same method. You will have to have the money available in your account on the day that the lender takes it out.

Be Careful with Payday Loan by Phone

Once your information is available in a lender’s system it will be possible to get a payday loan with a simple phone call. This can be an excellent source of emergency funding for those with limited incomes.

Payday loans by phone should be used carefully because the high interest rates charged on such loans can cost a fortune. A person can end up paying hundreds of dollars in interest on a few such loans. The repayments for such loans can also quickly cause your bank account to become overdrawn.

This means that payday loans by phones should only be used in emergency situations when no other funds are available. Limiting your use of pay day loans by phone will help you save money.