Fast Payday Loan Facts

Take a moment to learn some important facts about fast payday loans before you borrow. We'll describe the borrowing process and explain how qualification works.

Step-by-Step Guide to the Borrowing Process

The borrowing process for fast payday loans is radically simpler and more efficient than that of other loans. In fact, the whole process only requires a few basic steps. Here is a step-by-step guide to how quick payday loans work:

1. Get a referral from us. We are here to refer you to the right lender in our network. Our referrals are free, so you have nothing to lose. Filling out our sign-up form is the only thing we require.
2. Evaluate your lender. Once you receive your referral, you will usually be sent to the website of the lender. On the site, you can evaluate the lender and decide if you want to borrow fast payday loans from that company.
3. Start the application process with your lender. Many lenders now offer online applications for fast payday loans, so you can initiate the process electronically (varies by lender).
4. Find out your approval status. Your lender will notify you of their approval decision after you submit your application. If you're approved, a representative of the lender will usually contact you via phone to iron out the details (varies by lender).
5. The lender wires the funds to your bank account. Fast payday loans are generally transferred electronically into the borrower's bank account by the next working day (varies by lender).
6. Repay fast payday loans on the due date. The repayment process is automatic with most lenders, so you don't have to bother writing and mailing a check on the due date (varies by lender).

Qualification Explained

One of the nice things about fast payday loans is that borrowers can qualify relatively easily, which makes payday loans infinitely more accessible than other kinds of loans. Every lender will have slightly different qualification requirements, so it's always best to ask your lender about their requirements. Generally, payday lenders require borrowers to have a job, meet a certain income level, maintain an active bank account, have U.S. citizenship, and be at least 18 years old (varies by lender). Other lenders might require that you've been employed at your current job for a certain period of time or that you've had your bank account for a minimum amount of time. Again, the qualifying process will always vary by lender, so ask for specifics before you apply.