Payday Loan Qualifications - What To Expect
Written by: Carrie Reeder
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.
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: http://www.abcloanguide.com/paydayloans.shtml
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.
The Quick Payday Loan - Taking A Look At The Loan Agreement
A payday loan will require you to sign a loan agreement, just
like with any type of loan. Before you sign though, you should
take the time to read through all the fine print. Not only will
you learn your rights, but there is also valuable...read more
The Keys to Obtaining and Refinancing Your College Loan
How many of you are biting your nails trying to figure out what
you should do to get your college paid for? You know you need a
loan... but what kind? What are the differences? Would it be a
good idea to refinance or consolidate any loans you...read more
Do I need Gap Protection for my Car Loan?
Do you realize how much you are at risk financially if you wreck
your car or it gets stolen? Your auto insurance policy might not
provide all the financial protection you need, if the value of
your car is less than the balance of your auto loan....read more
Return to Home