Payday Loan Qualifications - What to Expect

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: Recommended Payday Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

What is a Cash Advance Loan?

A cash advance loan is a short-term loan secured by... Read More

Finance Your Home Business: Six Ways Under Your Nose

There are lots of ways to get additional capital to... Read More

Cash Advance Payday Loans

The ads are on the radio, television, the Internet, even... Read More

Is a Microloan Right for You?

If you've been tossing around an idea for a small... Read More

Secured Personal Loans: Constructive Structuring for Financial Success

Credit relationships in a social system form an intricate web... Read More

Debt Consolidation Tips

Here are some useful Debt Consolidation tips. Debt consolidation is... Read More

A Beginners Guide to Low Interest Debt Consolidation Loans

Looking for low interest debt consolidation loans can sometimes seem... Read More

First Time Buyer Mortgage ?Key to your First Home

Living in a rented apartment since long. Ever thought of... Read More

Why Starve Your Needs When Payday Loans are there to Gratify Them

The long awaited paycheque is finally here. However, the reverie... Read More

A Look at the Origins of Online Lending

You might find yourself wondering about the origins of online... Read More