How to apply for a payday loan in 6 steps:
Step 1: Start with an online loan quote
You can start your application online by getting a loan quote. We’ll ask a few simple questions for you (this will only take a few minutes). Then, you can find out how much money you could qualify for and maybe your payments might be. You will also receive an email confirmation with details about your loan quote.
Do not worry – there’s no obligation to take out the loan. And, since we use a “soft” credit check during your loan quote, it will not impact your credit score. Mavi Lonter representative are available through Live Chat for business hours (Eastern Standard Time) to help answer any questions.
Step 2: Speak with a Lending Specialist over the phone
If you’re happy with your loan quote, a Lending Specialist will be in touch with you to discuss your loan options. If you choose to proceed, you will be invited to complete your in-branch application. There are over 235+ Mavi Lonter branches coast to coast, so there’s one.
Online loans are available in select locations. If you’re eligible, you’ll have the option to continue online or in branch. When you choose to continue online, you will need to know more about the application process and answer any questions you have.
Step 3: Decide if you want a secured or an unsecured loan
Are you a homeowner? You’ll have the option of choosing to secure your loan with the value of your home. By doing this, you can borrow more money. There is a little bit more paperwork required for a secured loan, so the application will take a bit longer. If you need a quick access to money, do not own a home, an unsecured loan is still a great option. You can borrow up to $ 20,000 with an unsecured loan, and could have your money the same day you apply.
Still need help deciding which type of loan is right for you? Read this article for a more in-depth look at the difference between a secured and unsecured loan.
Step 4: Collect the documents needed to finalize your loan application
In order to finalize your loan application, we will need a few documents to verify some details. You may have most of these documents readily available:
- Primary ID and secondary ID
- Proof of income
- Housing or mortgage information
Check out our infographic for some examples of the above documents. Having all the proper documentation before your visit will make the application process easier.
Step 5: Finalize the application in-branch and deposit your money
Once you’ve got everything you need, you’re ready to finalize your application in branch. Your Lending Specialist can help you customize your loan. You’ll discuss the following:
- Payment options: At Mavi Lonter, you can choose biweekly, semi-monthly or monthly payments. Read this article about our payments options to find out which one is best for you.
- Automated payments: We recommend setting up automated payments due to your payment. You can set up an automated payment for your day. Another tip? Align automated payments with your payday.
- Loan term: A loan to pay more, but you’ll pay more. On the other hand, you will pay less interest over time.
- Loan insurance: Loan insurance can help cover some or all of your loan payments in the event of an unexpected job loss, disability or illness. Learn more about Mavi Lonter’ loan insurance options to find out if it’s right for you.
After you and your Lending Specialist finalize the loan details, your Lending Specialist will give you a new loan.
Step 6: Stay in touch
After you get your loan, stay in touch with your Lending Specialist. If you are interested in your Lending Specialist, please contact your Lending Specialist and your credit rating. Read this article to learn more about managing late or missed payments.
More: Want to get loan management tips delivered straight to your inbox? Ask your Lending Specialist to sign up for our customer newsletter. And since you’re already here, it’s time for your blog – it’s packed with loan tips, budgeting tips and other helpful financial resources.
Lastly, do not forget to register for Online Account Management. View your loan balance, make payments and edit your account details anywhere, anytime.
Now you have a better understanding of what to expect during the application process, you’re ready to get started.