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Payday Loans / How It Works?

How It Works?

Choose a payday loan organization

Check the websites of different online lenders. Carefully read the terms on the provision, use and repayment of a microloan on the MFI website. If you are satisfied with all the conditions of an MFI, you can leave an application online for further processing.

Fill out the application form

Before entering personal data, once again check the address of the MFI website and make sure that you are dealing with a legal organization. Leaking personal information is just as dangerous as losing documents. As a result, many companies keep clients' personal data as carefully as possible.

Enter the required amount and loan term

Make sure that the agreement does not include additional services that you do not need. Often, MFIs offer a life and health insurance policy, SMS notification of payments made and other paid services. It happens that the price of these services 1.5-2 times increases the cost of the personal loan.

On the application page, next to additional services, there should be fields, you can check the necessary options with checkmarks. Often these checkmarks are set in advance - then do not forget to remove them.

It happens that the site interface does not skip you to the next step if you refuse additional services.

Wait for the email regarding the processing of the application

MFIs usually decide to issue a loan within an hour. The result will come in emal that you indicated in the application. If the application is approved, the email will contain a confirmation code.

Enter the verification code in the special field on the website

If you are still not sure whether you need a payday personal online loan or if some terms do not suit you, then by law you have 5 working days to make a final decision. When you enter the code, it will confirm your agreement to sign a contract.

Track the time of money transfer

The date the funds is transferred by the MFI will be the date the loan agreement is signed. From this moment, interest begins to accrue. Moreover, the money transfer can take from several minutes to 3 business days from the moment of signing the contract.