Published on March 10, 2014
Requirements for Payday Loans
Payday Loans do have requirements Payday lenders are doing business. Before lending money, they also need to see few things and decide whether the application would be one of the 97 (out of 100) loans to be sanctioned or one of the 3 to be rejected. But they are not like banks who would demand some huge security from you. Let us have a look at the simple requirements that you should have to secure loans.
Have a steady income Even unemployed people can apply for payday loans. However, they must have an alternate source of income with which they can repay the payday loan. Even unemployed people survive on alternate income sources. Hence, they should utilize loan properly and make timely repayment.
Show a verifiable source of income When asked, you must be able to show a verifiable source of recurring income payments. This is done so that the lender can ensure you will be able to repay the loan you are applying for. In some states, lenders are not allowed by laws to lend borrowers more than what borrowers earn. Hence, lenders need to know how much his borrower earns, on the basis of which, he would sanction or reject the loan.
You must have a savings account You must have a checking or savings account that has been open for at least one month before applying for a payday advance. Having an account is also necessary because sometimes, you and your lender can be in different cities and the you may have to apply the loan online. If your loan application is accepted, lender will wire the money into your account. Savings account needs to be at least one month old in order to prevent fraud.
Some lenders don‘t entertain unemployed borrowers Some lenders lend money to unemployed people but some lenders don‘t. If you are dealing with a lender who does not have a policy to lend money to unemployed people, then you need to have a job in order to secure a payday loan.
Only 18 And Above are allowed You must be at least 18 years old in order to be able to apply for payday loan. Only adults can understand how important it is to repay the loan.
American citizenship a must Last but not least, you must be an American citizen in order to secure a payday loan. No lender would want a foreigner to take a loan and flee to his home country without repaying the loan.
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To get approved for a payday loan there are very few requirements. Applicants need a checking account, a job, and email and Internet access.