The popularity of microloans is growing every day, especially with regard to online lending. Getting loans online is a simple and convenient procedure, especially if you need money right away. Today, there are a lot of companies issuing small loans, and each of them uses different mechanisms for processing applications, as well as different options for issuing funds.
Application for a Loan through the Internet
Among all microfinance companies that provide loans, the most popular service option is online. This type of design requires a computer or other electronic device with the ability to access the Web, as well as a bank card. The process is very simple: you go to the site, fill out a short form and get money on the specified card of any bank.
The payday loan application includes the following information:
- Full Name;
- contact details: address of residence, telephone;
- passport data: series, number, identification code;
- credit card number for crediting funds;
- employment information;
- availability of credit history, information on delays in the payment of loans, etc.
Information is filled as quickly as possible, the filling process takes no more than ten minutes, and this is only the first time. In the following procedures, it will be enough to log into your personal account and send a request for a new loan. At this time, you will have your credit history, with accurate information about the status of the previous loan. If you have changed your contact number, passport or any other document, the data is updated in the same personal account at any time.
If you have not received money in your account within a few days, contact the institution where the loan was issued, enclosing a statement from your account. Usually this is enough for the funds to arrive on the card in the next few hours.
Do not be afraid that you will have to pay interest for days of delay. According to the law, they are charged from the moment the loan is received on the client’s account. If the institution is trying to charge you extra interest, this is a reason to go to court.
Be Careful: Interest-Free Loan Is a Myth
A payday loan is a sum of money that a lender gives under certain conditions and at a certain percentage online. In this case, your main duty is to fully repay the loan, as well as the interest for a loan that has been accumulated for its use, within the agreed period.
Interest-free loans are a myth because you have to pay for using someone else’s money, but the interest rate can be different. Very often, to attract the attention of customers, all kinds of lenders talk about an interest-free online loan. Such a concept exists, but most often it is promotional offers or bonuses for regular customers. So, don’t be tempted by such offers and choose a reputable payday lender after reading reviews.