What is a Payday Line of Credit?

You think you’re looking for a personal loan – but this is even better. A payday line of credit gives you preapproved access to a specific amount of cash, from which you can draw when you need it without the hassle of applying for credit every time your budget falls a little short. It works like this – let’s say your budget is short just a couple hundred dollars this month. Simply request the funds and they’ll be in your bank account as soon as the next day.

Application and Approval are Fast and Easy

A payday line of credit application is as easy as 1-2-3! All you need is your basic information – name, address, phone number, driver’s license number, things like that – and info about your employment and income. Finally, providing your bank account number allows the funds to be deposited directly into your bank account when you need them – no check to wait for or deposit. Best of all you can apply for a payday line of credit at literally any time of the day or night – lenders are available 24/7 to approve and process the requests.

24/7? How Does that Work?

The internet never closes, and neither does the payday line of credit loan application! Thankfully the lenders don’t either – someone is always available from the various lending partners to make sure that your application can be approved as quickly as possible. In just about 90 seconds from when you click “submit” you’ll receive an offer right in your browser – which you can sign electronically, so there’s nothing to print, fax, upload or mail.

Repayment is Just as Easy as Applying

Once you withdraw funds from a payday line of credit, naturally it needs to be repaid – it’s a loan after all. So here’s how easy that is. The borrowed amount will be paid via direct draft from the same bank account it was deposited to, on your next payday. Need more time? Just contact the lender and arrange an extension. Need more cash the following week – or the week before? Just request additional funds – they’ve already been approved!

Don’t Make These Mistakes on Your Application!

Want quick, easy approval? Here are a few things you don’t want to do when you apply!

• Make sure you qualify for a payday line of credit! The requirements are simple but non-negotiable: to be approved a person needs to be at least 18 and a US citizen, have a job earning at least $1000 per month, and a bank account that can send and receive electronic payments.

• Is your driver’s license valid? An expired or otherwise invalid license will cause an application to be declined.

• Double check your bank account number! An incorrect number can derail an application’s funding.

• Are your pay dates, employer’s name and phone number, and other data free of errors? Proofread!

What is a Payday Line of Credit?By Eric Knapp - 12/26/16