For the past decade, getting a personal loan from a traditional loan has become practically impossible. Due to the credit crunch and increased underwriting standards, most people will no longer qualify for an unsecured personal loan. Unfortunately, many people still struggle to pay some monthly bills and cover financial emergencies. For these people, a great option would be to take out a payday loan from Colt Payday Loans. The process of getting a loan is quite easy and simple to understand once you learn how the system works.
The first step of qualifying for a personal payday loan from Colt Payday Loans is to meet the basic requirements. While most banks have a difficult underwriting process that includes checking your credit score, Colt Payday Loans makes it much easier to qualify for a great loan. In order to qualify for a loan, all you will need to do is provide verification of your identity, provide information regarding your checking account, and provide a recent paystub from your job. If you are able to provide all of this information, you will automatically qualify for a loan through Colt Payday Loans. Once the information is provided, you can start the process of applying for the loan instantly.
After you have provided the information you needed to give, you can start the application process. The application process is done easily online and will ask basic personal information questions as well as ask how much of a loan you are looking for. The entire application process will take no more than ten minutes to complete. After the application is submitted, you will normally receive a loan approval message instantly. If it is decided that you qualify for a smaller loan than what was initially requested, you will have the option of accepting the smaller loan or applying again.
After you have received notice of acceptance, you will have the option of accepting or not taking the loan. If you do choose to take the loan, the loan proceeds will be deposited into your checking account within just a few hours of your acceptance. The loan proceeds will automatically be netted against any fees or origination charges that come with the loan.
Another advantage of the loan that makes it easy to use is that it is easy to repay. You will have a clearly defined repayment date and time. At the time that the loan is due to be repaid, the loan payment will be withdrawn automatically from your same checking account. This process can make it easy to pay back the loan as agreed and will allow you to avoid paying higher interest or late fees.