This is the basic question for anyone who wants to take out a payday loan. Fortunately, there is nothing complicated about it and everyone can handle it. Taking out a payday loan takes a few very simple steps:

1. Choosing a company where the payday loan is to be taken out. In fact, it is sometimes the most difficult and time-consuming step. This is due to the fact that there are many similar offers and the customer does not know which one to choose, which wastes time on more detailed research of each payday loan.<br>

2. After choosing a company, you need to register or first select the amount and repayment period using the sliders, and then register. Here, the approximate amount to be repaid should be provided along with all costs. Unfortunately, especially in payday loans in installments, it has little to do with reality and is usually not so attractive. After getting to know the final offer, there is often disappointment, or even rubbing your eyes, why is it so expensive. It is best not to be guided by a representative example, because the only purpose of this is to encourage you to register and familiarize yourself with the final offer, which should not even be expected to be so attractive, this is a disadvantage of payday loans, but not all of them.

There are payday loans that show exactly how much the costs will be on the sliders before registration, and nothing will surprise the client when submitting the application. Such payday loans that make it clear from the very beginning are valued more, but unfortunately sometimes such an offer can scare you away, and the client can count on the fact that it may be cheaper somewhere else, after all, where there was only a representative example, he did not get to know the final offer, or maybe it will be better?

After registration, it was time for the next step, i.e. filling out the application.

3. Filling out the application is completing the data that the company asks for. These are most often personal data, e-mail and home addresses, bank account number, phone number, financial data. When it comes to financial data, not every payday loan asks for them, others only need to enter monthly income, and there are some that are quite detailed in this segment. They ask about income, place of work, type of contract, length of service, years worked for the current employer, employer’s data including phone number, number of dependents, other financial obligations, monthly expenses, marital status, number of children and others such as whether you have a car. For a payday loan, this is certainly tiring.

It rarely happens, because after all, it is a payday loan that is supposed to be fast, but there are some that may request proof of income, e.g. by sending a PDF file with a salary from a certain period, e.g. the last 3 months.

After filling out a shorter or longer application, you can move on to the next, 4th step.

4. Verification of customer data. Payday loans must check whether the data from the bank account matches the data provided in the application. Such verification can be instantaneous if the company uses, for example, Kontomatik, but also much longer if you have to make a traditional transfer of 1 grosz or 1 złoty to a bank account. If the customer does not have an account in one of the banks preferred by the payday loan, you can forget about the payday loan in 15 minutes, it will take up to several hours. This is already being phased out, but some payday loans still use additional telephone verification, where they ask for the data from the application.

After passing the verification, it is time for the penultimate step no. 5

5. This step does not depend on the borrower in any way. He or she must wait for the lender’s decision, which usually does not take long after positive verification, often a few minutes, sometimes longer, of course.

You can expect 3 decisions:

A positive decision, which closes the case and you can proceed to the last step of the 6th step in taking out a payday loan.

A positive decision, but different from what the client expected. As a result of verification of the application and creditworthiness, the payday loan may provide an amount lower than the requested amount, and in the case of payday loans in installments, the repayment period may also be shorter. Then the client can accept such an offer, or try another company and go through the whole process from the beginning, this is an individual decision. A negative decision. Here the client has no choice and if he wants additional cash, he has to go to another company. It is worth reading which ones are famous for the so-called „they will give a loan to anyone” and try there.

When this step has been successfully completed, there is nothing left to do but move on to the next one.

6. Here too, nothing depends on the client, because the only thing they do is wait for the cash. If the company uses instant transfers or has a bank where the client is, the transfer will arrive very quickly, and if not, they will have to wait.

At this point, you can add the 7th most important step for the client, which is the timely repayment of the obligation. In full if it was a payday loan, e.g. for 30 days, or partially if it is a payday loan in installments. Failure to do so can lead to unpleasant financial consequences such as interest, which is not small, and also psychological, because it is not pleasant to be constantly harassed by debt collection calls. Ultimately, if the client does not repay, the case may end up with a bailiff, and nobody wants that. This is what taking out a payday loan looks like, it is nothing complicated or long. Just a few simple and quick steps.