Data Analysis in Short-Term Lending Industry

Thinking about getting a payday loan but not sure how it all works? You’re in the same boat as many other people, but we’re here to give you the information and advice you need before you decide to proceed with an application.

Payday loans

First of all, it’s important to understand what a payday loan is. Much like the name suggests, it’s a loan to help you out with unexpected emergency expenses until your next payday. You can borrow money at any point of the month to help you through until your employer pays you.

How can we help?

You can get your application reviewed by numerous direct lenders all in one go. This makes it easier than ever to apply for emergency loans from websites like ElcLoans.

The first step when applying is to submit your personal information so that we can forward it to the lenders.

payday loan

You will be asked for your name, address, bank details and information about your income. You will also need to confirm your date of birth so that the lenders know you are at least 18 years of age.

During the application process, you will also need to choose how much money you want to borrow. There is no guarantee that you’ll be approved for this amount, or approved for a payday loan at all, but you won’t know until you submit the application form and see for yourself.

You should always borrow an amount of money that you know you’ll be able to pay back on your next payday – don’t borrow more than you need simply because you can.

One of the great things about applying online is that you can do everything from home without any need to wait around at the bank or speak face to face to a lender. We aim to make everything as easy as possible for you at our end, which is the application process and match you to a lender.

What happens next?

Once you’ve applied, the data you have submitted is pre-processed, securely encrypted using the latest online security features and then passed on to multiple direct and indirect lenders. In other words, we will assess your data first before sending it on to any of the lenders we work with. We will also ensure that your data is safe and secure so nobody can steal it.

After submitting your information, you’ll get an on-screen notification to let you know if you’ve been matched to any lenders. You will be redirected to the lender’s page, where you will be asked to submit further applications directly to them.

This will be much the same as the application form which you completed on our website, and you will need to give your date of birth, details about your job and income and further bank details.

You might also be asked to upload some supporting documents to prove your age, address, income or bank account details. You might be able to submit an application with no faxing if you already have the documents uploaded on your computer or smartphone.

The lender will weigh up the risks of loaning money to you, based on your previous history, income, and age, among other factors. There is no guarantee of no credit check during the process, but payday lenders are more relaxed when it comes to bad credit, and having a poor credit score might not necessarily disqualify you.


After analyzing and assessing all the information and documents which you have provided, you will be told whether or not there is an offer of a loan for you.

You will see on the screen how much the lender is prepared to loan, and this might not be the full amount you have applied for. If you want to go ahead and borrow the money, you will be able to view the terms and conditions online.

At this point, you can leave the site at any time and change your mind, and the loan won’t be processed any further. However, once you digitally sign the loan agreement, the lender will start processing it, which means it will start its direct deposit journey into your bank account.

Depending on the lender and how smoothly your application process goes, you could receive the money in as soon as one business day. Your loan agreement will specify the date by which you must repay the money, so ensure that you have funds available for when the repayment comes out of your account.