Mar 9th 2015 at 11:59 PM

These are loans which are usually given to borrowers in small amounts. They take a period of about two weeks for lenders to clear the money they borrowed. Instead of presenting yourself to the offices of companies for these services, you can apply for the loans online. This is one of the advantages of payday loans. The following are steps or channels which one must follow in order to get payday loans online:-

Part One - Looking for the company and collecting relevant information

1. Payday loans must come as a last resort

Payday loans companies charge little high rates of interest. As a result of this therefore, borrowers must consider payday loans as a last option. When you do a thorough analysis and come to a conclusion that it is only a payday loan which can help you in your financial troubles, then follow the next step.

2. Search for a genuine and legitimate online company that deals with payday loans

There are many companies which claim to offer payday loans but they are just scams out to steal from people. To ascertain that the company is legitimate, do the following:

Go through the policies of the company of your interest and be very critical in everything that you read about the company. Scrutinize if there are hidden fees which they may be charging when they borrow you money as they are notorious of hiding some fees to attract unsuspecting borrowers. Be clear on all the charges that you will be faced with upon engaging the company.

Secondly, understand the interest rate that they will charge you when they give you a loan. Are the charges reasonable or they are not? Also scrutinize the charges that will be imposed on you if you do not clear your loan as agreed on.

Finally, find out if the application for the loan if it is fully listed. If it is not listed fully, this means that there are some things which are not clear hence need to find out other companies offering the same services with full application list.

3. Consider reviews in regard to the services offered in the company of your interest

Reviews or ratings of a company refer to the way people view the company that they have borrowed money from. If the company does not have any rating or review, it is a warning note that you should not engage with it. For those companies whose services may not be available on the websites, refer to state consumer affairs or any other body which may be home to the information that you are looking for. These sources may include; better business bureau.

4. Be aware of your limitations

After gathering all this information about the companies that offer payday loans, it is important to know your limits in terms of what you can afford. Know the amount of money that you want and how you will settle down the loan. Some companies will offer as much as one thousand five hundred US dollars but that does not mean that you will take the maximum. This is not free money be reminded hence careful considerations must be put in place on the way forward when it comes to clearing the loan.

5. Take what you need.

It is highly recommended that you take all that you need. After taking the money, come up with a draft plan on how you will want to repay the money taking into consideration the fees. Be careful not to extend beyond the agreed date as this will attract more interest.

Get the required supplies such as your bank information, contact information, evidence that you are above eighteen years, evidence of employment, employer’s contact information and your security number.

Part Two - Apply for your payday loan

1. Visit the company’s website

When you visit the company’s website, seek for application and see that everything is listed before starting the actual filling. Do not start the application process and leave it along the way.

2. Your state where you live

Different states may have different rates and policies in respect to payday loans. In some states, there are caps on what inhabitants can borrow while others have different regulations. Make sure that you check properly to ensure that you have filled the correct state.

3. Go through the fees that will apply when you get the loan

It is important to go through fees requirements and interest rates as some may not be clear in this area. Payday loan companies are required to be as transparent as possible when it comes to fees which they charge clients. Usually interest rates vary with the amount the clients are borrowing.

4. Fill the application form

Different payday loan companies require different information when applying for loans hence needs to have the correct information. In most cases the following information must be required by the companies: contact information, employment information, bank account details, name and date of birth.

5. Approval

After doing all what you are required and submitting your application to the payday loan company, you wait for approval. Go through your emails as this is where most of the companies will send any information to. Companies are different and take different number of days to approve or reject applications made to them. Some may take up to three days whereas others may take less.

6. Get your cash or have it deposited into your bank account

After approval, you may go yourself and pick the cash or instruct the company to deposit the money in your bank account. Allowing the companies access your bank account implies that they will always take their money when due dates come.

Part Three - Loan repayment

1. Pay the loan in the next payday.

When the due date comes, the company will always go to your bank account and withdraw the money as agreed. It is important you have enough money in the account to enable the lending company take what belongs to them as you will be charged more for having less in your bank account.

2. Extend you loan

It is possible that you may have no money to repay your loan when scheduled dates arrive. Consider renewing your loan if you do not have money to clear your loan. This will help you from paying increased fees due to non-compliance. This allows some companies to only charge you interest rather than the whole money that you borrowed.

3. Feedback

After you clear with the company, it is important that you give a review about the company or you rate the company. As the reviews helped you in making a decision on the company to get pay day loan from, it will also be beneficial unto others looking for information. Rate the company appropriately.


There are many Payday Loan Institutions like Paydayloan 123 which work for their customers and provide them good and reliable services.



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