The first step is the application. The application is a fairly simple application that asks a variety of questions and personal information. They will ask for your name, address, phone number and other basic information.

Your employment information is the next thing they will want. If you are getting a cash advance or payday loan from a local lender at a physical location they mat require a check stub or several of them. They may also want contact information to your employer so that the information can be verified. If you are dealing with an online lender, they will just want a phone number and address of your employer to verify your status.

The next step is your banking information. If it is a local loan place they will just want a check made out to them for the full amount of the loan plus the interest that is due at the end of the loan term.

If it is an online lender they will want the bank name, routing number, account number and bank address and who owns the account. If you are dealing with an online lender all of the monies will be transferred through ACH which is the same system that is used for direct deposit of payroll. The next part of the process is for the lender to verify all of the information that you supplied.

They will verify your employment including how long you have been with the company, when you get paid and if you have direct deposit. Direct deposit is not required to get a loan, but it helps.

Once the loan is approved you will get a check from the local lender and an online lender will deposit the funds via ach to your bank account. This may take anywhere from instant to 72 hours for you to get your funds. If you get a check from a local lender, you can go to their bank and cash it or deposit it in your account. The online version will take a few hours to a few days.

Once the loan is matured and needs to be paid back, the process goes like this. For a local lender you gave them a check that they will deposit on their due date to receive their funds plus interest. If it is one, they will debit your bank account to get their funds plus interest back.