Applying for a Payday Loan the Easy Way

February 27, 2015 by  
Filed under Loan Funding, Quick Loans

Before they receive their salaries, employees are presented with an option of applying for their payday loans as per their needs. However, there are some workplaces which do not allow their employees to use the loan depending on the nature of the company, as well as the worker’s position. For those employees whose work places do allow pay day loans, here is a quick guide on how you can get yours, the easy way.

Discuss with the Chief-in-Charge
Discuss why you need a loan and the policies with an official at the payday office. Remember that different companies have different policies, and each policy caters to a different aspect of the loan. There are two things you must be certain of, or which you must clarify during the discussion: hidden charges or additional fees, and the due date of the loan.

Fill the Application Carefully
Do not just fill the application without reading through it carefully. Look for fine prints which indicate any hidden charges, rules, or any issues you could have missed. Start filling in the information once you have reviewed the application. The information will depend on the company and their requirements, where some companies tend to include your previous work details and history as references.

Talk to the Person in Charge Once Again
Just before you submit the payday loan application, talk about the fees, the costs, and once again ask about the final date of the loan. There may be fees associated with the loan- many companies do charge their employees, and this once again depends on the company which you work for. For example, if you took a loan for $500, there may be an additional service charge of around $125. Such additional charges are a depending factor.

Fill the Check
Once the application is submitted, you will be asked to write a check for the amount you initially applied for through the application. Let us assume you applied for $500 as a loan. You will make the check of $500 plus the service fee, which, for example, is $50. So now the total amount on the check will be of $550.

Receive the Money
Once your application is processed, you will receive the amount you had filed for. The amount will be transferred into your account, however, the maximum amount of loans which you are allowed to hold in your account depends on your bank, as well as the local regulations of your city or state.