Understanding Information Required By Online Payday Lenders

Published on June 16th, 2014

Most people are amazed when they apply for an online payday loan and find out they only have to provide a very limited amount of information. This is typically very different than any experience they may have had in the past with trying to get a traditional bank loan or even applying for a credit card. Online payday lenders really don’t need much information because they only have to do limited verification because of the nature of the payday loan.

Basically all online payday lenders will require the same specific information from people applying for loans. To understand why they need this type of information you do need to understand a bit about the online payday loan process.

The Basics

When you apply for a loan you will need to provide online payday lenders with your current personal information. This will include your legal first and last name, as well as your social security number and your driver’s license number. You will also have to provide your date of birth as you must be at least 18 years of age to enter into a contract and obtain a loan.

Additional information that must be on the form and accurate includes your address as well as a valid email and phone contact number. These last two facts are required to contact you if there is a problem with your application as well as to verify information or finalize the loan.

Financial and Employment Information

The next set of information required will include details about your bank account. You will need to have a valid checking account that is not in overdraft and that has been opened for a period of time prior to applying for the loan. This ensures the online payday lenders that they have a way to set-up an automatic repayment of the loan with your next paycheck.

Additionally you will also be required to provide your employment information. This must be completed in detail to include your monthly income, payroll type and the way that you are paid.

If you are military or a dependent of an active duty member of the military you will also need to provide that information as there are specific policies in place for those types of loans. The online payday lenders are aware of these regulations and they will ensure that the loan application is processed in accordance with how you check those boxes.

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