With a payday advance loan if you are qualified, you will agree to pay the loan back on your next paydate. On that date, you will have to pay the amount of the advance, plus the fee they charge you. With payday advance locations, they will hold a physical check for you. With online lenders, everything is done electronically so no physical check is required.
If for some reason you cannot pay on your due date, call them, they may be able to set up something for you like an extension on your due date. But not calling them will cause the payment to go through as scheduled. It’s always better to avoid the possibility of a returned payment, especially if this has happened more than once.
Being prepared will cut down on the time it takes to complete the process. It will also help to have everything they need to make a determination or your eligibility for approval. Most companies require a bank statement and at least a a current pay stub.
You’ll usually need to supply at least a month’s worth of pay stubs, which is generally your last two unless you only get paid once a month. If you’re paid monthly, you should in that case supply a couple months. They will use these stubs to figure out how much your monthly net income is which will determine how much money you can afford to pay back. The list of references will be kept in their file, but in most cases never used unless you go into default on your loan.
Finally after they have looked over all the things you’ve supplied they can tell you whether you are approved or not. They will also let you know the maximum amount you are approved to get on your payday advance loan. This will normally not be a large amount the first time you get a loan. But if you make sure that you pay the loan back as soon as you get paid, this maximum amount will increase after a while. The same process is available for those online places that are out there. They will in that case deposit the money into your account for you.
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