From Application to Bank Transfer - The Payday Loan Process Explained

The payday loan application process is not only quick, but also amazingly simple. In most cases, there are two easy ways for you to complete this process. One involves utilising the Internet for the entire process. The other involves utilising the Internet then manually signing and returning the application. Both methods work quite well and which one you use depends on how quickly you need the money. Below are the steps that are taken in the payday loan process.

Online Payday Loan Application Process

Step One - Direct your Web browser to the online application form and fill out all of the requested information. Generally, the form consists of personal information such as your name, gender, date of birth and national insurance. Contact information, employment information, financial and bank information are also required.

Step Two - Once your information is accepted, you will be pre-approved. At this point, you'll need to electronically accept the Consumer Credit Agreement.

Step Three - After you have accepted the agreement, your money will be transferred directly into your chequeing account. This can be done within hours of the receipt of your credit agreement.

If you manually sign and return the application, the process has a few more steps, but it is almost as fast. Following are the steps you'll take when applying for a loan and manually returning the application.

Manual Payday Loan Application and Receipt Process

Step One - Just like with the online process, you'll need to follow the link to the online application form. You can then fill out the required personal, contact, employment, financial and bank information.

Step Two - Once you have prepared the payday loan application, you'll need to print it off and sign the provisional credit agreement. Once signed, the form is ready to be submitted via fax or post. You will need to include the following information:

· Your last two months of bank statements 

· Your last payslip 

· A utility bill or some other form of proof of your address 

· Good quality copies of both sides of your debit card 

· A driving license, passport or both sides of a credit card showing proof of signature.

Step Three - Once your documents have been received, an approvals team will review them. After your application has been approved, you will be notified by text message. If, for any reason, your loan amount changes, you will be notified and a revised agreement will be sent to you for your signature and return. There may be some instances where you may be required to provide cheques in order for your loan to be secured.

Step Four - Once the signed credit agreement and cheques (if required) have been received, the lending company will transfer your money directly to your account via electronic transfer or same day payment.

Securing a payday loan is just that simple. Very little personal information is necessary and the simple process only requires a few steps. Once you have compared the payday loan rates and everything has been completed, you'll have the money you need and deserve. If you're short on money or have a need for emergency funds, apply for a payday loan today.