How Payday Loan Applications Work
A consumer fills out an online form or faxes an application that requests personal information , bank account numbers, social security number, and signed paper work
Borrower faxes copies of a check, a recent bank statement, and signed paper work.
The payday lending company deposits the loan into the borrowers checking account
On the borrowers next payday the payday lending company electronically withdraws the loan payment or the finance charge form the borrowers checking account.