How to apply for a payday loan
We’ll ask a few simple questions to find the right loan product for you (this will only take a few minutes). Then, you can find out how much money you could qualify for and what your payments might be. You’ll also receive a confirmation email with details about your loan quote.
Don’t worry – there’s no obligation to take out the loan. And, since we use a “soft” credit check during your loan quote, it won’t impact your credit score. Litemile representatives are available through Live Chat during business hours (Eastern Standard Time) to help answer any questions.
Speak with a Lending Specialist over the phone
If you’re happy with your payday loan quote, a Lending Specialist will be in touch over the phone to discuss your loan options. If you choose to proceed, you’ll be invited to complete your application in-branch. There are over 235+ Litemile branches coast to coast, so there’s likely one near you.
Online loans are available in select locations. If you’re eligible, you’ll have the option to either continue online or in branch. When you choose to continue online, a Lending Specialist will give you a call to walk you through the application process and answer any questions you have.
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, access lower interest rates and benefit from more affordable payments. There is a little bit more paperwork required for a secured loan, so the application will take a bit longer. If you need quicker access to money, or don’t 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.
Collect the documents needed to finalize your payday loan application
In order to finalize your loan application, we’ll need a few documents to verify some details. You likely have most of these documents readily available:
- Primary ID and secondary ID
- Proof of income
- Housing or mortgage information
Finalize the application in-branch and deposit your money
Once you have all the documents you need, you’re ready to finalize your application in branch. Your Lending Specialist can help customize your loan details to meet your needs. You’ll discuss the following:
- Payment options: At Litemile, 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 since you won’t have to worry about forgetting your payment deadline. You can set up automated payments to come out of your account on a day that’s convenient for you. Another tip? Align automated payments with your payday.
- Loan term: A longer loan term lends itself to more affordable payments, but you’ll pay more interest over the course of your loan. On the other hand, a shorter loan term will make your payments higher, but you’ll 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 Litemile’s loan insurance options to find out if it’s right for you.
Stay in touch
After you get your payday loan, stay in touch with your Lending Specialist. If you anticipate a late or missed payment, your Lending Specialist can offer tools and solutions to help you stay on track with your repayment schedule and to protect your credit rating. Read this article to learn more about managing late or missed payments.