I Applied For An Online Payday Loan. Here’s What Happened Next Payday lenders made about $49 billion in high-interest loans last year. More than a third of those loans were made online. I wondered what happens when you apply for such a loan, so I decided to find out. In the course of reporting a story earlier this year, I logged on to a site called and filled out an application. I asked for $500 and, to be safe, I made up an address, a name (Mary) and a Social Security number. The site asked for more sensitive stuff – a bank account number and a routing number – and I made that up, too. “Congratulations. Tremont Lending has been selected as your lender and you have been pre-approved for a loan up to $750.” If I wanted to borrow $750 for a week, I would have had to pay $225 in interest. The site said that was an annual percentage rate of more than 1,300 percent. But within minutes, my phone rang (I had entered my real phone number). It was a guy from Tremont Lending, in South Dakota. I told him I was a reporter, that I didn’t really want a loan, and I figured that would be the end of it. But then, I started to get more calls. “Hi, e is Ethan, Ethan Foster, and I’m calling from InstaLoan. And this call is regarding the loan application which you put online. It has been successfully approved by our company as a personal loan.” “This message is intended for Mary Kettler. […]

Requirements for Getting Approved for a Loan The thing is, the Department of Veterans Affairs doesn’t confirm the loan but makes specific requirements that appliers must follow to obtain the VA guarantee. One of those requirements strictly limits the amount you can loan based upon a formula called your ‘debt to income ratio’ or just ‘debt ratio.’ This parameter is a percent-denominated value which is calculated by dividing exact debt obligations by your monthly income. An unsecure loan is a loan agreement that does not include any collateral on the part of the borrower, against which the lender grants the requested money. Large loans and mortgages are rarely granted without collateral, which can be either property (movable or immovable) or the borrower’s assets. A payday loan (or also called a payday cash advance) is a small short-term loan given to the borrower until the established payday arrives. […]