Pre-Approved Payday Loans – Fast Cash Wire

Pre-approved payday loans are short-term loans that do not require submission of numerous documents. Also, lenders of these loans do not necessitate several days to process loan applications. The only thing that lenders of these loans require is a completed loan application form. After submitting an application form, a borrower will receive a notification stating whether his or her loan has been approved or denied.

If a loan application form is submitted to a lender, the lender will conduct basic evaluation, such as address verification and verification of the borrower’s income. Some lenders, though, will ask for more personal details like phone number and email address for more thorough verification. Other lenders, however, will provide a borrower with the loan even without evaluation or verification of his or her personal information. Such lenders just verify the borrower’s income level directly from his or her employer.

Once the lender is done with its verification process and a borrower has been granted an approved payday loan, the lender will transfer the loan amount to the borrower’s bank account. The borrower will be able to receive this amount within the day as the shortest. Some lenders take a little more time than the usual 24 hours.

Borrowers should be aware, though, that approved payday loans should be repaid on its repayment schedule, which is usually two weeks after the loan approval. Not repaying the loan on time will cause the interest rate to accumulate, so there is a much larger amount to be repaid compared to the original amount borrowed. They should also remember that in these type of loans, the processing fee varies depending on the amount borrowed.

Different types of pre-approved payday loans are pre-approved home loans, pre-approved car loans, and the likes. Most of these loans have the same loan application process and repayment scheme.

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