Payday loan companies are among the fastest growing sectors today. They offer a fast and convenient way to borrow money. They are very popular because they require less paperwork than the traditional banks. They are able to offer loans to persons who could not qualify for a traditional loan at a commercial bank. Standard best practices are still applied. The Pay Day Loan Companies qualification process is based on one main criteria their ability to verify your identity.

Proof of Identity:

All Payday Loan companies will accept any government or state issued identification such as those provided for employees of the state, government workers, soldiers and police or your driver’s license as proof of your identity.

Payslip:

Another requirement is your 2 or 3 current months pay slips. This will show that you are employed. It will also confirm your salary and take home pay. This provides the payday loan company with the opportunity to verify your name and social security number, thereby confirming the information provided on your application.

Verification of employment:

Your application form will ask for the details of your current employment, the name and address of your employer as well as their phone number. Telephone numbers provided are checked for their validity. Verification of your employment is done by the Payday loan company. A telephone call to your employer confirms your employment your salary and serves as a character reference of sorts.

Verification of banking Information:

The third and final process when applying for a payday loan is to verify the banking information provided. They will require at least two current bank statements. This will provide proof of the existence of your account and demonstrate how you control your finances. They are looking for regular deposits and no returned checks. The information provided will have to be verified by your bank.

There is no reason to be afraid of applying for a payday loan. The company has gone above and beyond existing standards to ensure that their operations are transparent and fair. The simple identity verification process is designed to protect both the lender and the borrower.

Payday loans are also available online. The steps are simple and easy to follow. You will be asked to complete an application form with your name address, telephone number and social security number. Be prepared to give details of your employment as well as your banking information. You will be required to upload a copy of your government or state issued identification such as your driver’s license.

If you choose to submit your application online, your application will be reviewed by a payday agent and will be processed within 25 to 30 minutes. You may cancel an application at any time during the processing of your request. Payday agents are always standing by. They are available to address any concerns or queries and to provide clarification if needed. If you are in agreement with their proposed terms and conditions and you have met all their requirements your loan can be approved. Loans are dispersed within 24hrs of approval and ready for collection. You may then discuss your loan repayment schedule.

Payday Loan Company is responsible for all the information used on their system including your name, address, date of birth, driver’s license number, social security number and banking information. They have to ensure the safety and security of your personal information. In order to safeguard this information they utilize a number of security measures including data encryption software. This protects you and Payday Loan Company from unwanted intrusions by hackers and Identity thieves.