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so popular among many

Payday loans, so popular among many to add temporary shortages in their budget, are now getting way easier to get than ever before. Originally we were holding only granted by local check cashing places and funds advance lenders.

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A borrower needed to visit a lender in person and make an application in order to get considered for any payday loan. Some documentation was required to be shown as an element of application process to add recent paystubs and bank statements. Upon approval, a postdated check was presented to the lender to include the original amount of the loan and all of the interest charges and origination fees. Upon delivery of the check by the lender, an agreed sum of cash was handed to the borrower. Even though the whole process was pretty straightforward, it did incorporate some legwork and time.

Why a lender would approve my application without verifying my income, one could ask. Well the reply is pretty simple: lenders depend on banks to perform background checks on their behalf. This may surprise many, but banks do perform background record checks on the applicants for checking accounts, to incorporate a credit check and a banking history check. Whilst the qualification criteria for opening a checking account is rather basic, being less stringent in comparison with opening a charge card account or even a loan, there are specific standards a person should meet to be able to have a banking account opened. A customer should not have bounced checks before that were given to collections in addition to any extensive overdrafts along with other banks.

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