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A payday loan is a loan that a person applies for right online. A person need not write a postdated check to receive a payday loan the loan paperwork can be filled out online. The paperwork merely takes a few moments to complete and when he applicant is finished filling out the paperwork the applicant can receive the proceeds of the payday loan within an hour. If the application is filled out on the weekend, or at night the proceeds of the loan may not be available until the next business day.
Today there is a worldwide financial crisis. This has affected many people who were okay before. These people are finding themselves with the need to pay a bill for medical expenses, or an unexpected repair to the person's vehicle and the person does not know where the funds will come from to pay the bill. With this the payday loan banks come into play. A person who is faced with an unexpected expense, and needs funds to pay the mortgage as well or maybe the car payment the person would merely apply for a quick loan. When the person applies for the payday loan the loan company will ask the person many questions to determine the applicant's eligibility for the loan.
On an application for a short term loan a person is asked a number of questions. Some of the questions a person are asked are the amount of the applicant's monthly income, when the applicant is paid next, and whether or not the applicant has an active checking account. A loan applicant must have an active checking account. When the proceeds of a payday loan are deposited into the applicant's bank the proceeds are deposited into a checking account. When the payday loan is repaid the funds for the payment are withdrawn from the applicant's checking account.
However, the person need not write a postdated check to qualify. Short term loans applications will have a spot for the person's bank routing number, and a place for the applicant to submit information about the checking account number. The applicant needs to submit information about the applicant's employment so that the application may be processed. The amount of the loan that the applicant qualifies for is determined upon how much the applicant makes per month. The payday loan center makes withdrawals for payment on the applicants next payday.