Instant Approval Payday Loans Online – All You Need Is A Valid Checking Account

May 1, 2010 by
Filed under: Home Improvement 

Under the original paradigm, when an individual needed to take a fast cash loans, he or she would go to a lender’s physical location and fill out an application. Part of the application process involved showing the lender a series of pay stubs as evidence that the borrower was employed, received a stable paycheck, and would be able to repay the loan. He would then write a check to the lender for the amount to be borrowed and collect the needed cash. The application was relatively streamlined, but there was some tediousness and extra time

As technological advances have been made, lenders are now able to accept and process these applications completely online and make instant decisions. Once the application is processed, if the borrower has a valid checking account, the loan can be completed immediately. The way that this works is that at the time that the loan is to be made, the lender sets up an electronic transfer by which the loan can be repaid. The borrower authorizes this payment. With an electronic transfer, the lender is able to submit the loan repayment to the lender’s bank at the time the loan is made because the loan term is very short. This payment is in the banking system immediately which affords the lender a significant degree of protection. The complete mechanism for the flow of funds is set before any money changes hands.

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