Get the most important facts about first time payday loans here. We'll explain everything you need to know before you take out your first payday loan.
Before you can get first time payday loans, you will need to apply and get approved by your lender. Most of our lenders allow you to apply online for free (varies by lender). The application will ask you for some basic contact, employment, and bank account information and will take only a couple of minutes to fill out. Some of our lenders will then provide you with an instant approval decision, so you will know if you qualify for first time payday loans (varies by lender). Once you're approved, you will be contacted, usually within a few hours, by your lender (varies by lender).
Your lender will contact you to review and verify the information contained in your application. At this stage, some lenders may require you to fax in supporting documentation to supplement your application. Such documentation might include a driver's license, bank account information, pay stubs, etc. However, some of our lenders offer a no-fax option with first time payday loans, so you do not have to fax in any documents if you select this option. As soon as the application process is finalized, your loan will be automatically deposited into your checking or savings account. Many lenders deposit the money overnight, so you can have it by the next business day (varies by lender). Once first time payday loans are deposited into your account, you have immediate access to your funds to cover your urgent expenses ASAP.
Though many lenders set the due dates of first time payday loans for your next payday, this practice will vary by lender. For your loan's due date, check your consumer loan agreement. On the due date, your lender will automatically withdraw the amount of the loan plus a reasonable finance charge from your bank account. Some of our lenders also offer flexible repayment options that allow you to extend the loan for more time if you need it. On the loan's due date, many lenders allow you to pay just the finance charge and then roll the loan over for additional repayment time. Of course, this extension means you will incur another finance charge. The terms of repayment will vary from lender to lender, so make sure you know the repayment conditions for first time payday loans before you take out the loan.