There is no shortage of lenders
offering payday loans in the US and in the UK, and with developments on the
internet over recent years, there are many lenders who offer a fully online
service that can be extremely fast and simple. The best can have money in your
bank within one hour of you submitting an online application form.
Not all payday loans can be obtained
this quickly and there are several things to look out for to help you find the
fastest and most straightforward lenders. It is always best to go for direct
payday lenders as this is a more streamlined process than dealing with a third
party broker who then pass your details onto various lenders. You should also
try to find a company that do not carry out a credit check, as this is another
step that can be missed out and speed up the process.
Payday lenders often do not do
credit checks, which is why they are an affective form of borrowing money for
people who have bad credit. They do not need to check your credit rating because
there are other factors which are more important for them to know about in
terms of assessing the risk of lending to you. As payday loans are for small
amounts and short periods of time, all they need to know is that you have a
source of income which will put enough money in the bank by the repayment date
to cover the loan.
It used to be the case that you had
to fax through various documents before you could be approved, but this is
easier to avoid with the increase in companies that operate wholly online. You
need to start by selecting companies that do not ask for faxing of documents as
part of their process, but there are still some circumstances when even these
might ask you for documentary evidence. You can reduce the likelihood of this
happening by making sure you complete the application form fully and accurately
in the first place. The more you can give them up front, the less likely they
are to need anything else.
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