For those of us wanting to obtain a payday loan there is an online application process to be completed. Payday loans are available online in a range of different formats and are known for their easy to follow and discreet application process. Payday loans can be useful to consumers when only a small amount of money is needed to be borrowed and an equally short period of repayment is required. Normally payday loans consider applications in the value of £50.00 to £300.00 but there are lenders who will consider applications which are up to £1000.00. The terms of repayment although generally deemed as short, are flexible with most lenders offering a selection of different repayment options for each loan amount applied for. Again typically the periods of repayment offered range from 1 to 6 months but for those consumers requiring a higher loan value there may be longer periods of repayment to choose from, stretching up to a 12 month repayment period.
In the vast majority of cases payday loans lenders will ask that the application process is fully completed via an online application form. Nowadays many lenders have developed decisioning capabilities which mean they do not always need to speak to the applicant in order to decide if a loan is suitable or not. This is not to say the checks completed by payday loans lenders are not comprehensive because they are and in actual fact these checks can help the lender make decisions without the need to speak to the applicant directly. In order for the checks required to be performed by the lender the application and the information it gathers is key. The design of the application is normally clear and easy to follow so as customers we can be confident in our choice of not only product but also provider. Behind the scenes of the application the lender will be using the information gathered to verify the applicant’s identity, credit worthiness, employment status and ability to afford the loan requested.
Lenders will in almost all cases ask that the applicant to supply a mobile number for verification as part of applying as well as an email address. The email address will not only be used to keep the customer up to date on the progress of the loan but also to provide important loan based documentation. In cases where applications are successful and this will only be in instances where the lender can be completely satisfied the loan is sensible and affordable, the requested funds will normally arrive in the agreed bank account the same day. Payday loans lenders do not prioritise ‘speed’ as a requirement in the application process but equally understand that the time to apply must be reflective of the overall product. Some lenders may require additional documentation as part of the application process and if this is requested it is unlikely that the application will progress until the requested information is supplied by the individual. However this does not mean in all cases this will be true.