In Wisconsin, consumers could face a financial crisis that requires them to seek fast financing. Unfortunately, consumers who have bad credit won’t have access to traditional financing options. Traditional lenders won’t provide them with the right options due to less than stellar credit ratings. A local lender provides payday loans that are helpful for these consumers.
Starting the Application
The application is available online and won’t take that long to complete. The consumer is redirected to a more secured page when starting the application. They’ll enter their personal information in addition to info about their income, employment, and bank account. Select application options may require the consumer to upload documents such as a current bank statement.
The Verification Process
The lender verifies all information provided by the consumer when processing the application. The income is evaluated to determine what loan value is available to the consumer. The bank account cannot have any records of overdrafts within the last few months. The lender also determines if the applicant has a job before extending a loan to them. Once the income and employment are verified, the lender moves to the next step.
Identifying the Right Loan Value
Payday loans are based on the value of the consumer’s highest wages shown on a paystub. The consumer isn’t allowed to borrow any money that exceeds the value. The lender adds finance fees and interest to the loan and determines the right value for the consumer. The consumer has the option to accept or refuse the loan value.
Paying the Loan Back
The payday loan is paid via an automatic draft on its maturity date. However, the consumer has the option to pay the interest only and renew the loan. The renewal process helps consumers who cannot pay the loan back on their next payday.
In Wisconsin, consumers who have pressing financial concerns apply for a payday loan. The loans are available on the same day and are based on the consumer’s wages. The loans are repaid on the next pay period or renewed by the consumer. Lenders offer the loans when consumers have bad credit and cannot obtain a traditional loan. Consumers who need to apply for a loan contact Blue Trust Loans now.