Payday Loans

Is it Hard to Apply for a Payday Loan?

There are many loans available to us and many differences between them. We all have different reasons for picking different types of loan but for some people it is how hard it is to apply for the loan that can be one of the more important factors. Some loans are better known that others and because payday loans are quite new and not that many people use them it means that you may not be familiar with how they work and whether they might be easy to apply for.

How the application process works

Often when you apply for a loan it can be a very laborious process. There could be lots of forms to fill out, lots of paperwork to provide and then a long wait to see whether you are approved. Then you might have to go through other checks as well. With a payday loan, things are very simple. You can apply online or over the telephone and so you will not need to fill out a form. You will not be asked that many questions and the whole process should be very quick. This can make the whole thing a lot easier compared with some other types of loans.

Availability

Applying for a payday loan is a lot easier because they are readily available. Sometimes it is quite hard to apply for a particular type of loan because they are quite scarce. Luckily, payday loans are relatively easy to come by. If you look online you will find a lot of lenders that are available to you. You may even find it a little daunting because there are so many. It could be wise to do some research to find out about the different lenders so that it is easier to pick between them. Asking friends family and colleagues could be handy, online reviews may also help although they could be biased and reading the lenders website could be helpful. You may have heard of a payday lender and be keen to try them, but do make sure that they are the best lender for you as there could be others that are more suitable even if you have not heard of them. You might like to compare them on price and also consider their reputation and customer service to decide whether you think that they will offer you good value for money.

Paperwork

You will probably have to supply a little bit of information but it should not be too difficult to do so. You will need to give details of your checking account so that a direct debit can be set up to arrange repayment of the loan when you next get paid. You may also have to provide evidence of when you pay day is or to show that you do get paid. It may also be necessary to provide some proof of address. This should not be too difficult and could be a lot easier than the information needed by some other lenders.

Credit check

Most loans will require a credit check. This will take time and slow down the application process and will also mean that some people will be turned down for a loan. This can be disappointing and sometimes even distressing, especially if you really need the money and feel that you have little chance of getting it. However, with a payday loan there is no credit check. This is because payday loans were designed to help those people that could not get a loan elsewhere due to having a poor credit score. Therefore, anyone can apply for a loan regardless of their credit score.

Time taken

A payday loan application can be processed very quickly. As long as you provide all of the information required, it may just take a few hours before the money that you need is in your bank account. This means that you will have your money much more quickly than you would with other loans. The lenders often have staff working 24 hours a day and even on weekends, which means that whenever you apply, you will get a very quick service. This may depend on the lender though and so it is worth checking before you apply in order to avoid disappointment.

So, it is not only very easy to apply for a payday loan, the process is simple too and it will not take very much time. You could have the money that you need very quickly and most people will be accepted for the loan so this can also take the stress out of applying. Obviously, it is wise to compare different lenders before you apply, both to see which might be the easiest but also to see how the costs compare and which might offer you the best value for money. Comparing payday lenders is important but also comparing different types of loans is useful to so that you can be sure that you are picking the right one for you.