A person who obtains a payday loan for the first time need not have butterflies in his stomach. Getting a payday loan is relatively simple and fast, especially if a person submits an application online. Completing an online application takes between two to six minutes, depending on how fast a person reads and types… Online payday loan companies require loan applicants to complete an online application form. Based on the information disclosed in the application form, the lender will determine whether the applicant is qualified for a payday loan or not. Most lenders collect information about potential clients from four sources:
1. The information provided by the application on the online form, such as years or months of employment and the monthly wage.
2. The data regarding the clients transactions with the lender such as the amounts previously loaned and payments made.
3. The record of the clients transactions with other companies or lenders, such as whether the client has applied for other payday loans or not.
4. The report from a consumer agency, but this report is not about the clients credit history.
Some people, however, are dubious...
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