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Generally online payday loans require the consumer to type out an online application form providing personal information, employment information, current banking and financial information, and references too.

The usual requirements that need to be meet are as follows:

* Being employed for at least 3 consecutive months.
* Having a valid checking account open for at least 3 months.
* Earning at least $1,000 per month in income.


An advantage of the online cash advance payday loans to most consumers is the difference they are offered to people with no credit rating, poor credit or bankruptcies asnd they can be done anonymously to the public and in the comfort of one’s home hence making them simple and hassle free.

Unlike normal lenders or banks is they do not require credit bureau reports . Instead, most online payday loans lenders use consumer information services provided by Tele-Track. These services do not check your credit history hence poor credit ratings are not shown. Tele-Track simply verifies the applicant’s personal, employment, banking and lending information.

Once the application form is completed, the details are sent to the online cash advance loans lender for review and approval. If the applicant is approved, he or she will be notified (typically via email) that they are approved. The payday lender calculates the amount of the payday loan to be lent, usually between $100 and $1500.

The approved applicant is required to print and sign a copy of the online payday loans lender’s contract with the loan amount, fees and terms specified. Lenders may have other requirements and mandate that paycheck stubs, bank statements, and a personal check also be faxed to the lender.

Once the fax is received by the lender, the lender will verify the information is correct and process the loan. Most online payday loans lenders will electronically deposit the loan amount in the applicant’s checking account overnight.

On the last day of the terms the lender will electronically withdraw the loan plus any fees that were confirmed earlier. For example, if the payday loan was for $200, and the loan fees were $20 for each $100 borrowed, then the amount electronically withdrawn would be $240 at the next term. Some lenders have roll over terms which can be extended to the next payday too.