online loan application

The Basics to Know About Online Payday Loans

Are you looking to get a payday loan and want to brush up on the basics of what they are and how to get one? If so, you’ve come to the right place. Find out the need-to-know basics of online payday loans so you can feel confident in your decision to apply for one.

What You Need to Know About Online Payday Loans

There are a few things you need to know about online payday loans. To get a better understanding of what online payday loans are, how to apply for online payday loans, and what you need to apply, just take a look below.

Income Is Needed

One of the must-knows of payday loans is that it requires that applicants show proof of income. If you don’t have a source of income, you will not be able to apply for this type of loan.

This is because how much you qualify for in payday loan amount is determined by your most recent paystub. You usually qualify for a percentage of your income to ensure that you are capable of paying the loan back.

Payday loans are also meant to be paid back when your next payday arrives. Showing proof of income is necessary for lenders to determine whether this obligation can be met.

Online Payday Loan: A Simple Application Process

Another online payday loan basic to familiarize yourself with is the application process. The main thing you need to know is just how easy and fast it is to apply.

The application process can be done in a few steps. Below is a step-by-step guide on how to apply.

Step-By-Step Payday Loan Application Guide

  1. You will first want to reach out to your lender and express your interest in obtaining a payday loan. You can do this by calling their store or by submitting an online form to have a representative contact you at their earliest convenience.
  2. While speaking to a loan representative, they will inform you of the required documents. They will also go over how the application process works if you do not already know. You will also be provided an opportunity to bring up any questions or concerns you may have.
  3. Once you have the required items gathered, bring them to your payday loan provider’s facility for verification. When the loan representative goes over the documents, they will inform you if you qualify and how much you qualify for.
  4. If you qualify for a payday loan, you can then finish up the application process and sign the necessary paperwork.
  5. Lastly, when all is complete you can receive the funds of your loan the same day as you apply or by the following business day!

woman received cash from payday loan

Basic Requirements for an Online Payday Loan

Now that you know the basics of how to apply for a payday loan, you may be asking what the required documents are. Your payday loan provider will confirm your understanding of what is needed. Thankfully, the list is short and simple. You will need:

  • Valid identification- To apply for a payday loan you need to be 18 years or older. You will need to show your lender a valid driver’s license or government-issued I.D. to prove you are of age to apply.
  • Your most recent paystub- As mentioned above, proof of income is necessary.  An acceptable form of income proof is your most recent paystub.
  • A blank check from an active checking account in your name- Your lender will require this for repayment. You won’t have to make any additional trips or calls to meet the terms of your loan agreement as a result.

Find A Trusted Online Payday Loan Provider

Don’t go with just any online payday loan provider. Find a reputable lender who can deliver on customer service and get you the funds you need when you need them. That’s why Carolina Payday Loans, Inc. has such an exceptional rating among customers.

Carolina Payday Loans, Inc.

With Carolina Payday Loans, Inc. you can tick off the following boxes when it comes to what they can deliver for their customers.

  • Fast Approval
  • Up to $550 in the loan amount
  • Same day cash
  • No credit check
  • 4.9-Star customer service rating

In as little as 30 minutes, Carolina Payday Loans, Inc. can assist you with the application process and find out if you are approved! They accept all forms of credit and are more than willing to answer any questions you may have. With their quick cash online form, you can begin your inquiry without leaving the comfort of your home.

Apply For A Payday Loan Today

Applying for online payday loans has never been so easy. Know that you are in good hands and fill out an online form with Carolina Payday Loans, Inc. to speak to a representative today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.