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Applying for a Payday Loan Online

Written By Unknown on Tuesday, April 23, 2013 | 10:34 PM

For those moments when you find yourself needing just a little bit more money to help you make it through to your next paycheque, you might want to consider applying for a payday loan online.

By choosing to use an internet lender instead of a physical one, you can apply for your payday loan online and receive your money without having to leave the comfort of your own home. Read on to see how applying for a payday loan online works so that you can decide if one of these loans might assist you with your current financial needs.

Online Lending

When you begin looking for a payday loan online, you may find that it is quite a bit different from some of the more traditional types of loans. In addition to the fact that payday loans generally don't charge interest and instead feature a service charge to make money for the lender, the amount of time that you have to repay the loan is quite short; the loan is generally due within two weeks of being issued. Many lenders who issue this type of loan require that the borrower fax relevant financial information to their office so that they can verify the borrower's income, though in some situations there may be paperless loan options available as well.

Direct Deposit

Once an individual has been approved for a payday loan online, the money that they borrow is generally deposited directly into their chequeing or other bank account within a few days; many lenders who specialize in these loans are even able to process the loan and deposit the money overnight. Of course, depending upon the specific lender who issues your payday loan online you may be able to choose other options for receiving your money as well. Direct deposit is simply the most common form of transfer used by these lenders.

Loan Repayment

If you apply for a payday loan online, then you will likely be required to enter the routing number and account number for your chequeing account with the loan application. This information is used so that the lender can issue you the money that you borrow directly and in a very short period of time. Once the loan comes due a few weeks later, however, this same information is commonly used to automatically withdraw the amount that you owe so as to repay your loan along with the service charge that you have to pay. Make sure that you have the money in your account to cover this withdrawal, since there will be additional fees as well as collection charges that might have to be paid if your payment doesn't clear.

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