Requirements to Get a Payday Loan

What happens if your car conks out on the expressway and you discover you need a new battery. Or, what if you’re getting a bout of the flu and end up having to go to the doctor’s office and get some prescriptions?

And what if all this happens between paydays?

When you’re short on cash and just need a little to tide you over until the next payday, a payday loan is an option to consider.

With a payday loan the cash is available within 24 hours, there are very few requirements needed to get the loan, the application is easy to complete and the overall loan process itself is quick.

Payday Loan Requirements

Applying for a payday loan will probably be the easiest process you ever go through when you have to borrow money.

You don’t need a credit check. You don’t need proof of income. Following are the five basic requirements needed to secure a payday loan:

• You must be a citizen of the United States
• You must have a job or be receiving regular benefits of some kind  like social security or a  pension
• You must have a valid checking or savings account (some lenders require the account to have been active for at least three months)
• You must have a steady income (at least $1,000 per month)
• You have to be at least 18 years old

If you meet these requirements and want a payday loan, the next step is to complete the application.

Payday Loan Application Information

Whether you apply on line, on the phone or in person, you’ll need to supply the following minimal information. So, you might want to have it at the ready to save time during the application process:

You income details including:

• Your income source (be it a job or regular benefits of some kind)
• The name of your employer or the name of your benefit source
• How you receive your money (direct deposit or paper check)
• Your work phone number
• The date of your last payday
• The date of your next payday
• The frequency with which you get paid
• Your average paycheck amount
• How many months you’ve been at your job or been receiving benefits

Personal Information including:

• Name
• Address information
• A working email
• All of your phone numbers
• Date of birth
• Social security number
• Driver’s license number and state

Your bank account information:

• Your account type (checking or savings)
• Your account number
• The account routing number
• Bank name and length of time you’ve been at that bank
• The loan amount you’re requesting

After you’ve formally applied for the loan, then you wait for approval. Approval usually comes very quickly.

Once you receive approval, you’ll get the money fast. It will be either deposited in your bank account or will be given to you in cash if you apply in person.