What To Expect When Obtaining A Payday Loan

May 14, 2018

Miscellaneous

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In North Dakota, payday loans are a vital solution when unexpected expenses emerge. The financing products are available to consumers regardless of their credit score. A local payday lender provides access to the funds within one to two business days.

Completing an Application

The consumer starts by completing an application at their payday loan provider’s location or through their website. The application requires specific information about the consumer, their wages, and their employer. All information is verified before the loan is provided. Select providers require a photocopy of the consumer’s driver’s license for the application.

Uploading Bank Statements and Pay Stubs

Bank statements and paystubs are also required to secure a payday loan. The loan payments are deducted from the consumer’s checking account. The bank statement should show a history of steady deposits and zero overdrafts. The pay stubs are needed to prove the consumer’s income. The consumer receives a loan based on their highest wages earned.

Choosing the Right Loan Amount

The consumer adds their preferred loan amount to the application. However, the consumer’s wages must show they can repay the loan in full on their next payday. The highest value that is allowed for payday loans is the highest gross wages shown on their most recent pay stub. Select payday lenders won’t allow the consumer to go over a base value plus the interest that equates to the total value of their wages.

Paying Back the Loan

The consumers can pay back the loan in full by submitting an online or in-person payment themselves. The payday loan lender can deduct the value via automatic draft on the date the loan matures. If the consumer cannot repay the loan completely, payday lenders allow them to pay the interest and renew the loan until the next payday.

In North Dakota, payday loans offer fast cash for consumers who are in a bind. The funds are available as a direct deposit or in-person cash payment. The lenders offer easy repayment options for consumers. The loan products are available to borrowers with bad credit. Consumers who need to apply or learn more about the products are encouraged to contact Maxlend Loans directly.