Cashbackloans • September 08, 2023
How do Payday Loans Work?
Payday loans are a convenient way to access extra funds when you need them most. They are short-term loans designed to cover those types of unexpected expenses that you can’t postpone until your next paycheck. When you apply for a payday loan, you’ll be asked to provide your next paycheck date and you can expect to pay the loan back in full on that date.
Payday loan lenders like Cashback Loans make borrowing money a lot easier than what you might be used to.
Getting your money starts with an application, either in-store or online. From there, our team will review your submission and transfer the funds, often all within the same day!
We’ve optimized the process as much as possible for your convenience. We strive to have money in your bank account on the same day when possible!
How Are Payday Loans Fulfilled?
One of Cashback Loans’ requirements for getting approved is having an active checking account, as we will deposit the funds directly into your account once we approve your application. If the bank doesn’t accept instant funding, your money will appear in your account the next business day.
When your loan is due, which is usually when you receive your next paycheck, you can either write a check to repay the loan amount or simply have your funds automatically withdrawn from your account, whichever you prefer.
Here’s How To Get a Payday Loan
This step should only take a minute or two to complete. You’ll fill out your personal details, bank account, and income on the simple online application form. Once you’ve filled out the application, just click to submit and the approval process is already underway. You can also apply in-store, but the online application wins for convenience.
Once you have submitted your application, our team will review your information and provide a decision. Approval can take less than 15-minutes meaning that, in most cases, you can have your money in your account on the same day you apply!
Once approved, you can go to any store location to receive cash instantly. Alternatively, you can choose to have the money directly deposited into your bank account. If your bank accepts instant transfers, you’ll receive the money in just a few minutes. If your bank doesn’t accept instant transfers, you’ll receive the funds on the next business day.
What are the Requirements?
To be approved, there are just a few simple requirements you’ll need to meet. Best of all, Cashback Loans does not check your credit during the application process, meaning approval is almost guaranteed if you meet the following criteria:
- An open and active checking account
- A steady source of income
- A Government-issued photo identification
- A valid phone number
- A valid email address
Ready To Apply?
Now that you know how payday loans work, all that it’s left is to start the online application, and we’ll handle the rest! Our professional representatives can help you through the application in a convenient location near you!
Cashback Loans is a trusted lender, and we have the over 20-year track record to prove our success! Partner with Cashback Loans for unplanned expenses and rapid-approval payday loans!