Loans can be tricky. Most of us would picture following a complicated process and providing an endless number of documents before the loan provider decides to give us a green flag. But luckily, that’s not the case with payday loans. Payday loans are a service where you get a small amount of money when you’re in desperate need of instant cash. It’s pretty simple, which is why it’s also getting a lot more popular these days.
We do agree the interest rates on payday loans are higher than standard loans. However, for how convenient and easy it is to acquire payday loans from Captain Cash, it’s not that big of a deal. In fact, payday loans can be acquired online without having to go to the bank. Online payday loans Canada make this possible by processing your request online through the website. If you wonder what it takes to qualify for a payday loan, here are five easy steps to qualify for payday loans online.
You’d Have To Fill A Form
The very step of qualifying for a payday loan is filling a form and submitting it online. While many banks also take forms offline at their respective branches, people these days prefer online services as it’s more convenient and easier to do. Plus, people also find other service providers that operate a lot more useful than going to the bank. This form would comprise of the basic details of a person and is quite easy to fill. However, it’s always mandatory to fill the form and leave no details unfilled.
You Must Have an Active Bank Account
When you apply for a payday loan, you need to have a bank account to make transactions. Whether the service provider transfers instant cash to your account or you transfer cash with interest to their account, providing the details of your bank account is as mandatory as filling the form for requesting a payday loan. It actually makes sense since, for the transaction and instant cash to take place, you can’t complete the process without having a bank account that is active.
You Need To Provide a Valid Photo ID
This again is one of the mandatory steps that you need to take in order to acquire a payday loan. When you provide your ID proof with a photo, it adds credibility and validates the transaction. Whether you go to a bank or fill an online form requesting for a payday loan, every payday loan provider would ask for your photo ID.
Related: How Do Online Payday Loans Work?
You Need To Provide Bank Statement
While there are many payday loan providers that process loans without asking for bank statement, many would ask for a bank statement to see if you make a decent amount of money that would allow you to pay back the loan amount along with interest on time. Payday loans work like that. Once you get your paycheck for the following month, you’re supposed to pay the money back since it’s only a small amount. Many payday loan services would ask for bank statement of two months which gives them enough proof that you can pay back the loan amount well on time.
You Won’t Have To Worry About Credit Scores
When seeking loans, one of the biggest issues that people with bad credit scores face is having the loan declined by the provider. There’s a reason why payday loans are also called bad credit loans or payday loans no credit check. Payday loan providers don’t generally check credit scores because it’s only a small amount of money that you would get from a payday loan and there’s no apparent need for good credit scores. This, in fact, is one big reason why people with bad credit scores find payday loans really helpful. Payday loans are the last solution for loan seekers. Despite the interest rates being high, the very fact that the credit scores aren’t checked validates high-interest rates.
Once you provide all the mandatory documents, fill the form, and sign the document, it only takes around 24 hours for the service provider to process your request and credit your account with instant cash. People use payday loans for many reasons- from big to small and serious to not-so-serious. While you can meet urgent medical expenses or pay off bills, you can also plan a weekend trip in the month end.
Whatever the reason is, if you need a small amount of money without the loan provider checking your credit scores, you can always consider a payday loan. And once you get your salary, you can pay it back at your convenience.
Also Read: Viral Payday Loan Myths
