What Types of Paperwork is Required for Telephone Payday Loans?

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by Gilly Brewster
(New York, USA)

Telephone Payday Loans….payday loan stores can be intimidating. Many customers easily become intimidated when thinking about walking in the doors to the payday loan store, and therefore try to search for other options that are available for customers that are seeking payday loans. Luckily, for customers that don’t live within the area of a payday loan store, or customers that are nervous about visiting the storefront, there are indeed options available, like a telephone payday loan.

Telephone payday loans allow the customer to contact the paydayadvance company via telephone using information that is used to verify the identity and complete the application for the payday loan. Customers using this service are not required to provide the traditional paperwork required for a store front payday loan like the employment verification, pay stub and bank statements, as they are using their credit score to determine the worthiness of the loan – rather than their status of employment.

Though the telephone payday loan uses the credit score to determine if the customer is eligible for the loan, the customer must still repay the loan within the pay period, like the traditional payday loans.
Using the information for the bank account including transit number, routing number and bank number the telephone payday loan company can deposit the funds into the account of the customer in as little as one hour after the loan has been approved.

Customers using telephone payday loans require no paperwork to get a payday loan and are approved for the loan on the basis of the credit score and identification details provided over the phone. Using these details, the customer is able to get the loan and have it deposited into the bank account and even make arrangements to repay the loan using the same method.

Updated: June 24, 2013 — 11:09 pm

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