THE LOAN PROCESS The basic loan process involves a lender providing a short-ter…
THE LOAN PROCESS The basic loan process involves a lender providing a short-term unsecured loan to be repaid at the borrower's next payday. Typically, some verification of employment or income is involved (via pay stubs and bank statements), although according to one source, some payday lenders do not verify income or run credit checks[ and companies and francising have their own underwriting criteria. In the traditional retail model, borrowers visit a payday lending store .
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