How It Works

Have you found yourself in a position where you have unexpected expenses or some other difficult financial situation? If you don’t have the option to tap into your savings or ask a friend or family member, a payday loan could be an essential help.

Loans may be a tricky topic, and we are here to help you understand this procedure. If you have some questions about how these loans work and how to get them, read on.

Steps to take before applying for Payday Loans

Payday loans are popular because they generally are simple to get and provide fast funding. Unfortunately, this ease of access has caused some negative stigma around payday loans, especially when borrowers don’t do proper research first. To make sure this type of loan is a good fit, you should always do the following before applying:

Choose the right type of loan – Although instant payday loans are a very specific type of financial product, some companies offer products called “payday loans” that don’t truly fit the definition. For example, some companies may ask you to provide collateral to secure the loan, which puts your personal property at risk. Know the specifics of your loan before applying.
Consider your other options – Payday loans aren’t a good fit for every borrower. If you need a short-term influx of cash to solve a financial crunch, you might also consider options like getting a second job, using credit cards, or borrowing from a friend or family member.
Check the lender’s requirements – Each lender has different requirements for proof of income, credit scores, loan amounts, and repayment terms. Before applying with a lender, be sure its requirements can meet your loan needs.
Understand your state laws – Each state’s Attorney General has the authority to place limitations and regulations on payday lending or outlaw it entirely. These laws work to prevent predatory lending practices that take advantage of low-income families, and payday lenders must abide by them. Educate yourself on these laws and verify that your lender complies with any applicable state statutes.

Basic Requirements for Getting an Online Loan

Instant payday loans are regulated at the state level, so lenders must follow the guidelines of the states in which they operate. For this reason, requirements to get a payday loan will vary from lender to lender and state to state. In general, however, lenders require several basic things to qualify for a loan:

Age – In order to be legally bound by the payday loan contract, the borrower must be at least 18 years of age.
Active checking account (Credit Score) – Many payday lenders don’t deal in cash or issue checks for your initial loan proceeds – they will want to direct deposit your funds into your active checking account. Many lenders also require your loan repayments to be auto drafted from the same account.
Proof of income – Income requirements will vary by location, but lenders want to see documents proof that you can repay the loan when it’s due. While this doesn’t need to be income from a traditional job, it does need to be recurring, consistent income.
Address, phone number and an email – If you fail to make your payments on time, your lender will want to know how to contact you. You’ll need to provide a stable home address, contact phone number, and email address. Many lenders will also ask for contact information for references as well.

How to Get a Payday Loan Online at Cash Corner Loans?

Once you have decided that an instant payday loan is the best solution to your financial problem, you can often complete the application process immediately and receive funding the next day. To get a payday loan, take the following steps:

Fill out the Loan Application Form – Many reputable payday lenders offer a simple loan application that can be completed online at your convenience. Have your income documentation and identifying information ready to make the application process as seamless as possible.
Receive and Compare Offers – There are many payday lenders, and you aren’t obligated to accept a loan even if you are approved. When shopping with a loan matching service like Cash Corner Loans, you may receive multiple offers from different banks. Compare these offers based on interest rates, loan amounts, and repayment terms and select the offer that best meets your needs.
Sign the Agreement – Once you have selected the best offer, you’ll need to submit any final documentation, provide your bank account information, and sign the loan agreements. Often this can be done online through a secure web portal without the need for going into a physical office.
Get Your Money – Most lenders will direct deposit your funds into your bank account within 24 hours. As part of your application process, ask your lender for an estimated timetable. Some lenders have same-day depositing, while others may take 2-3 business days, depending on their policies.

We’ll help you find the right lender that will make a positive difference in your financial situation. Get started today with Cash Corner Loans and receive cash in only one business day!