Payday Loan Qualifications What To Expect

Payday Loan Qualifications - What to​ Expect
Payday loan qualifications are different from other types of​ short-term loans .​
By establishing that you​ have a​ monthly income and meet other minimum requirements,​ you​ can receive a​ loan even if​ you​ have poor credit .​
Established Regular Income
One of​ the​ prime requirements for a​ payday loan is​ that you​ have a​ source of​ regular monthly income .​
Most payday loan companies will ask for at​ least two months of​ employment history .​
However,​ you​ can also apply for a​ cash advance if​ you​ receive a​ monthly check from social security or​ a​ pension .​
Depending on​ lenders,​ you​ will also need to​ have a​ minimum income between $800 and $1200 .​
Some lenders will request a​ copy of​ your bank statement or​ paycheck stubs to​ verify financial information .​
Faxless applications do not require copies of​ these forms .​
Open Checking Account
To apply for an​ online cash advance you​ must have an​ open checking account .​
Some lenders require the​ account to​ have been established for at​ least four months .​
They also may check that there are no outstanding checks on​ the​ account .​
Minimum Age Requirement
Payday loan lenders require borrowers to​ be at​ least 18 years of​ age .​
Sorry kids,​ your parent can’t even co-sign for you​ .​
By having an​ established checking account,​ most lenders accept that as​ proof that you​ are of​ legal age.
Other Personal Information
Besides checking your age,​ cash advance lenders will request personal contact information including name,​ address,​ and phone number .​
Most online lenders process your application online,​ but others will call you​ to​ verify your information.
Additional Information
While most payday lenders will be satisfied with basic information,​ some may require additional terms .​
For example,​ some lenders will not approve loans to​ temp or​ freelance workers .​
They may also not approve a​ cash advance if​ you​ already have a​ payday loan with another lender .​
It is​ best to​ compare lenders’ terms to​ be sure you​ can qualify .​
Qualify For Loan Amounts
To receive quick cash,​ you​ will also have to​ abide by your state’s lending laws .​
The maximum you​ can borrow is​ between $500 and $1000 based on​ your state’s laws and your income .​
Repayment schedules are also subject to​ state laws .​
To view our list of​ recommended cash advance companies online,​ please visit this page:

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