Pre-approved payday loans are the loans that are sanctioned within a single day, and don't involve submission of a number of documents or lengthy approval process. The only thing that you have to do is to submit a completely filled application to the company, which is willing to provide you the loan. You will receive a mail or direct telephonic response, whether you are pre-approved for the loan or not. Though the responses vary from one loan company to the other, most of the payday loans companies will send you reply in a short span of time (almost instantly).
If you receive the such a loan from the company, they will normally carry out basic checks like address verification, and income verification. It is enough to submit a bank statement to some of the payday loan companies, while the other companies may seek common details like email address, and phone number for cross verification. There are some companies, which provide you the payday loan without carrying out any kind of verification. Such companies normally verify your income level from the employer directly.
Once all the steps in verification process are completed successfully, loan amount will be directly deposited into your bank account within 24hours. While most of the loan companies will credit the loan amount within a day, some of the companies may take a little longer.
A word of caution here would be to make sure that you are taking a low loan amount and that too for a short period, because, as the loan tenure increases, so do the interest rates you need to pay against the loan. The processing fees will also depend on the loan amount that you seek.
There are various types of personal pre-approved loans such as pre-approved auto loans, pre-approved home loans etc. The procedure and the formalities remain more or less the same for any kind of pre-approved payday loan approval.
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