More than half of the U.S. population is considered “underserved.” This includes financial products. Payday loans are gaining popularity because of this. Many people are uncertain if they will be able to qualify for these loans. Payday loans come with the lowest restrictions of any loan. Here are the top factors you must have to be approved for a payday lender.
Are Payday Advances Restricted Where You Live?
Payday Loans are subject both to federal and state laws. Some states may have restrictions regarding loan amounts, usage limits, lengths of loans, etc. Your state may be one such. Although payday loans are legal across most states, there are exceptions. Your state website will provide information about state laws. Every state has a loan guideline for all types of loans.
Many states have similar regulations and restrictions regarding payday loans. The maximum loan size and fees allowed are two of the most popular limits.
Are Your Legally Adequate Age?
All states require that you are at least 18 years or older. For some states, you must be at least 19 years old to apply for a payday loan.
Do You Have a Job?
An online payday loan is possible only if you have a minimum income of $1,000. The income can come from other sources than a job. Most applicants have a job when they apply.
Do You Have a Permanent US Citizenship or Resident Status?
If you are a citizen of the state, you can get a payday loan. You will need to prove your identity to be eligible for a payday loan. This could be as easy as your driver’s license, but you will also need your social security numbers.
Are You a Creditworthy Person?
Payday loans can be used by those with poor credit scores. It is possible to get a payday loan online even if your credit score is not good. Payday loan providers do no hard checks nor pull traditional FICO scores. Instead, they will use data sources that are not adversely impacting your credit. Recall that your income is more important than your ability to get payday loans.
Do you have a checking account?
Payday lenders almost always require you to have to check accounts to loan money to you. When your loan is approved, the lender deposits your loan directly into your account. Many lenders also take your payment out in the same manner. Your lender will require you to have a telephone number and an email.
Before you borrow any money, ensure that you get in touch with a reliable lender. You can review the customer reviews of the lender as well as their disclosures. Reliable and trustworthy lenders are likely to have been around for a while. It is best to find another lender if they are not willing to share everything.
When taking out this type of loan, remember to only borrow what you need. Also, you must repay the money within the terms of the contract. Payday loans (i.e., Cash advances are expensive if not repaid on time.
