What Does It Take To Qualify For A Payday Loan

What Does It Take To Qualify For A Payday Loan



What Does It Take to​ Qualify For a​ Payday Loan?
Payday loans are a​ fast way to​ come up with cash you​ may need to​ hold you​ over until your next paycheck .​
This can make them very convenient because it​ allows you​ to​ get money very quickly .​
Here are some of​ the​ qualifications you​ will need to​ get a​ payday loan .​
Since you​ are entering into a​ legal contract,​ the​ first requirement is​ that you​ be at​ least 18 years old .​
a​ second one is​ that you​ have a​ job .​
You will need to​ have been working at​ this job for at​ least three months,​ and some lenders may require more .​
You will be asked for your place of​ work,​ as​ well as​ a​ contact name in​ many cases.
Your pay will also be a​ factor,​ but your credit rating will not be considered .​
This nice fact makes it​ so that just about anyone who is​ working can get a​ payday loan .​
The amount of​ income that you​ make,​ though,​ will need to​ be more than $1,​000 per month .​
There is​ some variance here,​ too,​ and some lenders may require up to​ $1,​500 .​
It will also be easier to​ get a​ payday loan if​ you​ have your pay put into your account with direct deposit .​
Then there is​ the​ matter of​ a​ checking account .​
You will need to​ have had one for at​ least three months .​
Your payday lender will want to​ put the​ money from your loan right into it .​
This makes them feel more secure - and more willing to​ lend you​ the​ money,​ too .​
In fact,​ if​ they can't deposit it​ directly,​ you​ will probably not get a​ loan .​
In some case,​ they may be able to​ use a​ savings account,​ but that is​ only if​ your bank will permit it.
When you​ are being approved,​ you​ will also need to​ authorize them to​ withdraw the​ money directly from your account .​
You can do this by postdating a​ check to​ the​ date the​ payday loan is​ due,​ or​ sign an​ authorization that allows them to​ withdraw it​ electronically .​
Your loan application,​ if​ you​ apply online,​ will be quickly followed by a​ phone call from a​ potential lender .​
They will call to​ ask you​ a​ few more details and to​ fill in​ some gaps in​ the​ information .​
In some cases,​ you​ will be asked to​ fax them copies of​ your paystubs,​ and possibly some bank statements,​ too .​
If you​ are looking for a​ faxless payday loan,​ it​ will probably take considerably longer to​ be approved .​
This means that they will need to​ call your employer to​ verify the​ information.
There are a​ lot of​ differences in​ some of​ the​ features of​ payday loans between lenders .​
One of​ the​ largest of​ these differences is​ the​ matter of​ interest .​
The interest can go anywhere from 15% all the​ way up to​ 30% .​
Another difference could be in​ the​ way you​ pay the​ loan .​
Most will require you​ pay it​ all on​ the​ due date,​ but some are now allowing you​ to​ make several payments .​
This means that it​ will pay to​ spend a​ little time in​ shopping around for the​ better deal.




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