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: http://www.abcloanguide.com/paydayloans.shtml
