Payday loans are a convenient loan source because there are a variety of payday loan companies competing to offer you ‘fast access to the cash you need’. You can easily gain access to a payday loan without a credit check, and have money you need available quickly without putting down a deposit or upfront fee.
The payday loan is something that gives you money you need now, but you still have to pay for it later. Payday loans are easy to qualify for, but they are a loan.
Even though your credit won’t affect your ability to receive a payday loan, there are other things that a payday loan company will use to determine your financial responsibility in order to qualify you for a payday loan.
1.)You must be 18 years or older to be approved for a payday loan. When you accept a payday loan, you are required to sign a legally binding contract, and legally you must be 18 to do this. Although this could vary from state to state, in general a minor (under 18 years of age) is ineligible to receive a payday loan.
2.)You must be employed (or have a regular source of income) to qualify for a payday loan.
3.)You must have been employed for a minimum amount of time for approval of a payday loan. The amount of time required varies from one payday loan company to the next, but in general you won’t be eligible for a payday loan if you just started a new job.
4.)You must have a checking account to qualify for a payday loan. Just as with the employment history, most payday loan companies have a minimum requirement for how long you must have had an existing bank account.
5.)The ability to provide documentation is a common sense requirement for a payday loan. Documentation needed usually includes proof of identity, proof of income, and a bank statement.
6.)The ability to repay your payday loan is the biggest requirement of all when you apply for a payday loan. If a company is actually willing to give you money that you are not able to repay, you should avoid that company. Only a predatory payday loan company will approve you for a payday loan you can’t afford.
7.)Your spending history has an effect on your payday loan application. If your bank statement shows numerous insufficient funds or overdrafts, this could very easily disqualify you. Payday loan companies want to see that you are a financially responsible person.
It is easy to be approved for a payday loan, but it should never be “too easy” to borrow money. To speed up the payday loan solution, you should choose a reliable payday loan company and only apply for an amount that you are capable of repaying. A trustworthy payday loan company will only approve you for an amount that you can borrow, so you should never apply to borrow more money than you can repay.
