How do cash advance loans or online payday loans work? Most online payday loans work by first having you fill out a pre-approval form. Most of the time (90%) your credit is not checked. Most payday loans don't look at your credit history, so you can still apply even if you have bad credit. If you don't want your credit pulled, check their FAQs page. Usually, that will tell you if your credit will be pulled or not.
After you fill out the first application, you should hear back about whether or not you have been pre-approved. There are different answers, but most online payday loan companies will answer you right away. By clicking on the link below, you can see a list of the payday loan companies we recommend and find out which ones can approve you in 30 seconds.
If you have already been approved, they will usually ask for proof of your income. Some online payday loan companies will ask you to fax them a pay stub and/or a bank statement. They may want to check that your phone number and email address are real. There are also "faxless" companies that can help you get a loan without you having to send any proof by fax. Most of the time, this is done by phone.
Once you have gone through the company's quick verification process, you will usually get a direct deposit into your bank account the next business day. Most companies that offer online payday loans will put the money into your account within 24 hours.
Make sure that when you get a payday loan, you use it for as little time as possible and for as little money as you can get away with. This will help you pay as little as possible in fees.
