6 Guidelines on How to Apply for a Payday Loan Online

Now more than ever, applying for a payday loan online is quick, easy, and hassle-free. Unlike other loan programs, you probably won’t even be asked what you need the money for. Online lenders simply want to know that you’re planning responsibly and will be able to pay your loan back on time. If this is the case, then you could be just minutes away from getting the cash into your account from a payday loan.

Here is everything you need to know on how to apply for payday loan online:

1. 24/7 service loans

Online payday lenders typically have a standard application form available on their website that you can complete at any time of the day or night. Upon submission, you will usually be told within seconds whether or not you’ve been pre-approved. In some cases, you may be asked to provide a few other personal details.

If this is required, a representative will contact you by phone or by email. In the event that you run into any issues, there should be Customer Service team available to assist you.

2. How to apply for a payday loan

You must meet all the requirements to apply for payday loan online. Before you get excited about applying though, it is necessary to ensure that you meet the requirements to do so. The following are a list of basics for most payday loans:

• be a Canadian resident over the age of 18
• have an open bank account with a Canadian bank or credit union
• get paid by direct deposit
• have your own, valid email account
• be able to provide a home or cell phone number
• ability to get paid by direct deposit

3. Navigating the issue of employment

Although the name of a payday loan implies employment, you don’t actually need to have a job in order to be eligible. That being said, you do need to have some regular source of income to prove to the lenders that you’ll be able to pay the loan back at a future date. Acceptable forms of income include Canada Child Benefit, Disability Tax Credit, Old Age Security, private pensions, and Canadian Pension Plan.

4. Passing a credit check

In some cases, the lender will deem it necessary to conduct a credit check before approving the loan. This is unlikely to have any consequences for your credit score; it does depend on your credit history though. It is just one of the several criteria they look at so ultimately, you’ll stand the best chance of being approved for the payday loan if you provide full and accurate information on your online application.

5. Getting access to the loan

Once you’ve provided all the necessary information and any related documents, your loan application will be processed, and the funds sent your way upon approval. Working with reputable financial institutions and using the latest industry tools, most payday loan providers are able to get the money to you quite quickly. Once it is sent, you will receive a confirmation email so that you know it’s on its way and when you should expect to receive it.

Online payday loans are sent by direct deposit and email money transfer. This does mean that your loan will be subject to the regulations of the financial institution that you use, and therefore the timing could be impacted. The service provider is generally able to give customers a fairly accurate estimated delivery time for the cash advance.

6. What about privacy?

Anytime you share personal information on the internet, it is important to ensure that you’re doing so according to safe and regulated standards. Payday loan services are subject to the same rules as every other financial institution and are therefore required to keep all of your

contact information, employment information, and banking information confidential throughout the entire process.