People who are not comfortable applying for a payday loan online can opt for applying payday loan by phone. It’s also a great option for people who are not very Internet savvy.
There are three ways to actually apply for a payday loan:
1) Apply online through a payday lender website,
2) Walk to a near by payday loan shop and apply by filling a form there, and/or
3) Apply for a payday loan by phone.
Good news is that almost every payday loan website offers loans by phone. You can search the internet for payday loans by phone – visit a few websites and apply your loan by phone. Its that simple.
What happens when you call a payday loan company?
Most payday loan companies have phone operators working 24/7. The reason is quite simple – payday loans are emergency cash loans and people apply as soon as they feel the need. This could be in the weekend or 1 AM in the night. However if nobody picks up the phone – you can always apply payday loan online. Do not worry over your data being stolen, payday companies store your data confidentially and you are likely to find many payday loan websites offering secured loan applications. (A secured application cannot be hacked and is secured through the Hypertext Transfer Protocol Secure (HTTPS) website.)
What will the operator ask you if you apply by phone?
Since you are not applying online they may ask among other things your name, address, job description, designation, pay you receive, your total job experience etc. They may even ask you to fax your pay-stub, your last 6 months bank statement, and a void check.
If you follow and do exactly what they say and if all criteria are met (like your take home pay should be at least $1000 a month, stable job for the last 6 months etc) you should be approved for the loan on the same day and the cash should be deposited into your bank account the very next day if the banks are open.
You need not worry about the repayment as its done automatically on your next payday. The cash will be withdrawn from the same bank account you got the cash deposited. If there is no money in your account – you can always ask for a rollover. A rollover is financing another loan to pay the previous loan.
Tip: Don’t ever go for a rollover. Payday loan are high fees loans. Try to pay them back as soon as possible.
Who pays for the phone call?
Unfortunately not many payday loan companies can offer a toll-free number. Payday loan companies don’t make as much money as people think. But if you find one you are lucky. However now-a-days how much does a phone call costs? Don’t worry too much for the phone charges while applying for a payday loan by phone.
Who qualifies for a payday loan if applying by phone?
It does not matter if you are applying by phone or online. If you meet the minimum qualifications for the loan you will get the loan. It doesn’t matter to a payday loan company whether you have applied online or by phone, they are more bothered about the payback of the loan that includes the fee which is their profit.
Also please remember that all states have their own payday loan laws. If you are resident of a US state where payday loan is prohibited or illegal, you will not be approved for the loan.
However we recommend that you apply payday loan online instead by phone because you will get a lot more time filling the application form and getting all the information required correctly. If you apply by phone you are actually talking to someone you don’t know and moreover you may not be able to give all information correctly on the phone or it may not be heard correctly by the operator. Giving wrong info could get your loan application rejected.