Who Can Secure a Payday Loan?

One of the most attractive features of a payday loan is that almost anyone can qualify. Payday loans are especially helpful for people who don’t have a credit card or savings account and need quick access to cash. Unlike other personal loans, you don’t even need a credit check. However, there still are a few basic requirements and documentation you’ll need when applying for a cash advance.

By gathering all of your information before starting the application process, you’ll cut down on the time it takes to apply and receive your money as fast as possible.

Basic Requirements

  • Most states require borrowers to be at least 18 years old, so you need to provide a copy of your driver’s license for verification of your age. To be a bit more specific, approval rates is much higher if you’re 20 years or older.
  • You’ll also likely need an ID number, such as your social security number. When applying online, expect to provide a valid email address and phone number, though specific requirements depend on your lender.
  • When applying in person, you will just need a working phone number.
  • Income per month to be on the safe side should be at least $1500. Income under $1500 per month is also possible to secure a loan, but harder. This can vary between states a great deal, but works as a general rule.

Proof of Income
Because payday loans are built upon the idea that you repay the loan when you receive your next paycheck, you need to provide proof of employment or other income. Acceptable forms of documentation generally include recent pay stubs, bank statements showing deposits, a government benefits award letter, and business contracts if you’re self-employed.

Bank Account Information
Most lenders require access to your checking account in order to debit the loan amount on the due date. Make sure your checking account accommodates both deposits and withdrawals in order to avoid late fees. If applying in person, you can also submit a pre-dated check for the loan amount and fee. The lender will automatically cash the check on the loan’s due date.

If you are 18 or older, have a checking account, and a steady source of income, then you could very likely be approved for a payday loan. Glide through the application process by taking a few minutes to gather the appropriate documentation, and receive your funds in no time.

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