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Home::Loans

Payday Loan Qualifications - What To Expect

Author : 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 canÂ’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 lendersÂ’ terms to be sure you can qualify.



Qualify For Loan Amounts



To receive quick cash, you will also have to abide by your stateÂ’s lending laws. The maximum you can borrow is between $500 and $1000 based on your stateÂ’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


Article Source: http://www.articledashboard.com





Carrie Reeder is the owner of www.abcloanguide.com, an informational website about various types of loans.





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