What Do I Need to Get an Online Payday Loan?

Online payday loans are an easy way to get the money you need for an urgent financial matter. Unlike traditional loans, you can almost always get a payday loan online without having to put money down or having the company run your credit report.  These types of loans are designed as a short term solution for those who need quick cash, so the funds are usually transferred to you a lot faster than a traditional loan.  But what do you need to get an online payday loan?

1. You need to apply online, so you need to use a computer that has Internet access. If you don’t have a computer at home you can use a friends, or you can usually find one at your local library, or at a place like Fedex Kinkos.  The online application process is pretty easy (it doesn’t generally take people more than 5-10 minutes), so you don’t have to worry about being on the computer too long.

2. You need to be at least 18 years old and a U.S. citizen. Most companies will not loan to minors, so only adults should apply.  In addition, U.S. citizenship is generally required as well. Some companies will loan to customers who are in the U.S. legally and have a green card or a work visa. This rule is in place because the laws that govern payday loans are in the U.S., so you’ve got to be able to be held accountable to them.  It also makes it easier to transfer funds if they are only in U.S. dollars because of currency exchange rates.

3. You’ve got to have a minimum monthly net income of $1,000. This is a basic requirement for most online payday loan companies.  The minimum income requirement is in place to ensure that a customer makes enough money to qualify for an online payday loan and will be able to pay the funds back without creating severe financial hardship.

4. You can’t have delinquent payday loans with other lenders or bounced checks. Most companies will want to make sure you’re good for your word about paying back your online payday loan.  Since they don’t pull your credit report, they usually pull a Teletrack report (which provides your payday loan history) and a TeleCheck report (which reveals any bad checks that have been reported). 

5. You need to have payroll direct deposit to your checking account. Since online payday loans are processed electronically, direct deposit is required for a couple of reasons.  1) To ensure that you can receive the funds that you are requesting.  Some bank accounts (certain savings and pre-paid card accounts) don’t allow ACH credits/debits to be processed to them. 2) To ensure that the funds are available for repayment on the agreed upon date.  Since the due date is usually on your next pay date and the electronic payment posts first thing in the morning, you won’t have time to go to the bank to deposit your paycheck.  Payroll direct deposit ensures the funds are available for timely repayment and so that you don’t incur any bank fees for returned debits.

6. Your application information must be valid and verifiable. This is an important requirement for everyone concerned.  Online payday loans are considered “faceless” transactions. This means the company does not actually see the person they are lending to.  This opens the company up to fraudulent applications and others to potential identity theft.  By verifying the identity of the applicant and verifying their information (phone numbers, employment, etc.) then the company reduces their fraud risk and reduces your identity theft risk as well.

7. You must provide a copy of your recent bank statement and/or pay stubs. This goes hand in hand with the above requirement for valid, verifiable information.  The review of these  required documents reduces fraud and identity theft as well. By reviewing your documents, the company can make sure the bank account is in your name and that the account belongs to you.  Many companies allow you to fax or email your documents. While some companies no longer require you send in any documentation. Be sure to research any company that does not require you to send in any documents - they could be one of those companies that are just trying to scam you out of your bank account information.

No matter what type of situation you may find yourself in, if you need cash quick and you don’t have it until your next pay day consider an online payday loan. It’s fast and easy, and most of the time you’ll receive funds directly in your bank account the next morning.

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