How to apply for a payday loan online

In need of extra funds before your next payday? Applying for a payday loan online is a fast and safe solution for making ends meet. This article will cover how to apply for an online loan quickly and safely and give you insight into the qualifications and documentation needed.

Payday Loans Vs. Personal Loans

Getting approved for a personal loan can require large amounts of documentation, a healthy credit score, and sometimes even proof of assets. With such a high bar for approval, finding help in times of need can feel discouraging. Online payday loans have a much easier approval process. You don't need a pristine credit score to be approved for short term loans. In fact, when it comes to payday loans online, the websites do not do a traditional credit check, since it can temporarily decrease your credit score. They do what is called a soft credit inquiry where your credit score is not tampered with as far as nationwide CRAs are concerned. You are eligible for a safe and good loan even if you have poor or no credit score.

You should opt for licensed online payday loan sites, which means you are protected by your state and country laws. Your information is protected from being sold to third-party lenders and spammers so you need not worry about your privacy. The applications for online loans don’t take more than a couple of minutes, so you can get rid of your anxiety in no time.

Qualifications that payday loan websites will ask for

• You need to have a valid phone number and email address
• You will need to provide current information including your physical address
• Have an active bank account that accepts E-transfers
• Proof of recurring income
• Must be at least 18 years of age
• You'll need to reside in a state where payday loans are allowed by law and where the loan website you are using is active
• You must not be an active member of the military

Your safety

Depending on the site and whether it has SSL encryption, your information is liable to stay private. A quick and easy way to figure if a website is safe is to check for the padlock in the address bar or the ‘https’ in the beginning of the URL. That is how you know if your information will be safe and whether or not you should trust the site.