Applying online for an instant payday loan involve going to the online lender's website, logging onto the website (depending on the lender) and then filling up the online application form on the website. During the application process, applicants are usually asked to provide their Social Security number, driver's license or photo ID and proof of income. While payday loans may appear to be helpful when finances are short in between paychecks, borrowers should be wary, as online payday loan scams abound, according to the Federal Trade Commission (FTC).
In 2013, the Federal Trade Commission sued several online payday lenders for violating federal laws. The lenders used underhanded tactics to defraud borrowers up to three times more than the loan amount and even used harassment, according to an article on the FTC website.
The following shows one way of applying payday loans online.
- Shop wisely
- Visit the website
- Apply for a loan
Look for established and reputable online lenders by reading reviews and checking out consumer advocacy websites.
Visit the lender's website and read the terms of the loan carefully. Check the requirements and qualifications needed to qualify for a loan.
After making sure to have all the requirements ready and meeting all of the qualifications, apply for the loan via the online application form on the website. Once approved, the money will be deposited in the applicant's bank account electronically within 24 hours.