Payday Loan Fees

All online payday loans have some minimal requirements you must meet in order to complete your application. The requirements usually follow the guidelines outlined below:

1. You must have a current job for at least the last 3 consecutive months.
2. You must have a take home of a minimum of $800.00 monthly after your taxes.
3. You must have a valid checking account that has been opened for at least 3 months.

All online payday loans sites require you to fill out an application either online or in person via phone, detailing your personal information, your occupational information, and your current banking information.

Certain lenders will require your current bank statement and paycheck stubs. Online payday loan lenders also take into account the number of insufficient check charges you may have incurred in the past 30 days, and the number of current outstanding online payday loans you may have.

When applying for online payday loans, it is very important to be honest and correct in providing your personal information and answering all questions less the application be declined.

One advantage of online payday loans to most people is that they are available to consumers with no credit history, poor credit history or even bankruptcies. Unlike traditional lenders, online payday loans lenders do not request credit bureau reports from the three major credit reporting agencies like Experian, TRW, or Equifax.

Most online payday loan lenders and banks that partner with online payday loan lenders use such consumer information services like those provided by Tele Track or Tele Chek. Those services do not check credit history as they simply verify the applicant’s banking history information, including the status of your checking account, the number of NSF’s checks you may have out and current outstanding online payday loans you may have.

Once completed, your application is forwarded on to the payday loans lender for review. If you have met the minimum requirements you will be notified (usually by email) that you are approved for a payday loan. The payday loan lender will determine the amount of the payday loan, usually between $100 and $1000. The amount of the approved payday loan depends on several things including: your monthly income, direct deposit, the length of time at your present residence and job, the availability of your bank statements and your paycheck stubs, the number of any outstanding NSF’s you may have and any other online payday loans you may have. Repeat customers with an online payday loans lender are more likely to get larger loan amounts than first time payday loan applicants. A good repayment history is to your benefit.

Once you are approved you will most likely be asked to print and sign a copy of the online payday loans lender’s contract with the payday loan amount, the payday loan fee and the terms specified by the payday loan lender. Some payday loan lenders might also require faxed copies of your paycheck stub, and/or bank statements, and a personal check.

When the fax is received your payday loan lender will verify that the information you have given is correct and process the loan. Most payday loans lenders will deposit the loan amount in the your checking account overnight, depending on the time of day the payday loan application was received and approved.

On the specified repay date, the online payday loans lender will usually electronically withdraw the loan amount plus specified payday loan fees. For example, if the payday loan was for $200, and the payday loan fees were $20 for each $100 you borrowed, then the amount electronically withdrawn to repay that payday loan would be $240.

Many online payday loan lenders offer customers the option of “extending” a loan, or rolling over the payday loan meaning the payday loan is extended to the next payday. The customer can contact the payday loan lender and request to extend the repayment date to the next payday. In most cases the payday loan fees charged will double, meaning a $200 payday loan “extended” would incur a total fee of around $40. Extending repayment dates is something that consumers should approach with care as the resulting fees accumulate quickly and get out of hand.
 

I M P O R T A N T !

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