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A borrower applies for a payday loan by providing very basic information to the loan source. Typically the list looks like this: (i) The borrower's name, address, phone numbers, and email address; (ii) some yes/no questions like: do you receive at least $500 per month income? Do you have a checking or savings account?; and (iii) information to confirm the borrower's identity (to comply with the USA PATRIOT Act) such as date of birth and social security number. Lastly, the loan source will need the bank routing number and the account number for the account into which the money should be deposited. This is also the account the lender will use to debit the money from later. payday loan spiral One part of the payday lenders’ argument is true: people really do need money quickly due to a variety of circumstances (from health emergencies to surprise car breakdowns). However, the question is whether the terms of the transaction are reasonable.
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