When emergency situations arise, it is nice to know there are options available for quick cash loans. Payday loans are a great option in this kind of situation. Traditionally, those wanting to obtain a quick cash loan would have to gather the necessary documents for proof of income, banking information, and residency and take time off work to physically walk into a loan company branch in order to apply. Now, cash loans are easier than ever to obtain by applying online.
Cash loans online have made the process of applying and obtaining a quick loan much more convenient and efficient. Proof of residency and banking information still needs to be verified, but now this can be done partially online and partially by phone. The steps involved are easy.
1. Log onto a cash loans lender website and create an account. This typically entails entering name, address, phone number, and email address, and then setting up a password for the account.
3. The next step is to enter banking information and indicate for how much the loan will be. This is done over a secure server, putting customer’s minds at ease with regards to potential theft of information.
3. The next page will typically ask for employment information, including name, address, and phone number of the company for which the individual works. The customer will then be asked how much they are paid, how often, and the date of their last pay date. This is so the loan company can set up the appropriate due date for when the loan should be paid back and all is necessary for these cash loans.
4. Once this information is submitted, the website will approve or reject the loan, usually within a few seconds. As long as the customer does not ask for more than they can conceivably pay back within a reasonable amount of time, the loan is almost always approved. Even those with bad credit can expect to be approved.
5. Once the loan has been approved, it is time for the customer to electronically sign their loan documents.
6. If this is the first time the customer has requested an online loan through this particular company, typically a conference call will be conducted between the individual, a representative of the loan company, and an employee who works at the individual’s bank. This is normally a very painless process and only exists for the purpose of verifying the customer’s banking information and deposit information, which is how proof of income is verified.
After The Application
Once all these steps are completed, the customer can expect the cash to be deposited into their bank account within one to two business days, depending on the bank and loan company, but this is not the end of the story. The customer still needs to pay back the loan and most loan companies will allow a customer to renew their loan either partially or in full.
Cash Loans Renewal
Typically, several emails will be sent to the customer reminding them their loan is coming due. A day or two before the loan is due, if the customer knows they will not be able to pay the loan back, they can opt to renew the loan by only paying the interest accrued thus far. The customer need only log back onto the loan website, sign in, and opt to renew the loan. It is helpful to pay as much as possible on the principle so as to reduce the amount of interest owed the next time the loan comes due. Different short term lending companies vary on how many times a single loan can be renewed. It is typically six times before the loan must be paid in full and, if the cash is still needed, the customer must reapply for a new loan.
Cash in advance loans online are a fast, easy way to obtain that much needed help when emergencies arise. The addition of the online application and approval process has streamlined the process to where an individual can have cash on it’s way to their bank account in as little as ten minutes without ever having to step foot inside the building. With the ease and convenience of online cash loans, one can expect more and more individuals in need of some quick cash will be logging on to take advantage of this opportunity.