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.

In The News:


pen paper and inkwell


cat break through


Refinancing Your Auto Loan

Refinancing your loan is one of the best kept secrets... Read More

Small Business Loans Can Help You Write Your Success Story

Scene one: you are sitting on your office desk surrounded... Read More

Five Things To Check Out When You Apply For a Payday Loan

Are you thinking of going in for a payday loan... Read More

No Credit Check Payday Cash Advance Loan - Benefits to Using a Payday Loan

No Credit Check Payday Cash Advance Loan - Benefits to... Read More

What is Credit Scoring?

Have you ever wondered what is credit scoring? Credit scoring... Read More

Used Car Loans - 3 Tips For Financing Your Used Vehicle Online

Financing the purchase of a used vehicle can be done... Read More

Why Bank Overdrafts May Be a Bad Deal For You

Many banks actively encourage their clients with low balances to... Read More

What are Personal Loans?

As the term implies, Personal loans are simply loans for... Read More

Why Student Loans are Better Than Credit Cards

You need some more money for college expenses this semester.... Read More

Quick Cash Advance Payday Loan - Get it Free or Cheap

If you are looking at getting a payday loan or... Read More

How to Find a Good UK Secured Homeowner Loan

If you're looking for a UK secured homeowner loan, you... Read More

Wedding Loans Because Wedding May Be Made In Heaven But They Are Certainly Not Made For Free

Wedding loans because wedding may be made in heaven but... Read More

Benefits of an Unsecured Loan

Listed below are some of the benefits of an unsecured... Read More

Title Loans - Get More of the Title to Your Vehicle

Title loans have the same features as a secured loan,... Read More

Finding the Right Bad Credit Loan UK

If you live in the United Kingdom and find yourself... Read More

Why Choose a Bad Credit Personal Loan?

Listed below are some of the reasons for choosing a... Read More

A Look at Common Types of Loans

People sometimes wonder about common types of loans, especially with... Read More

Finding an Auto Loan with Bad Credit

Finding an auto loan online is easy regardless of you... Read More

A Look at the Origins of Online Lending

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

Information About Adverse Credit Homeowner Loans

While looking for adverse credit homeowner loans it can seem... Read More

Bridging the Gap ? through Bridging Loans

You were on your regular walk with your wife, and... Read More

What is a Home Improvement Loan?

A UK Home Improvement Loan Can Give You The Home... Read More

A Guide to the Bad Credit Personal Loan

Here is a useful guide to the bad credit personal... Read More

Do You Qualify for a Loan?

Like most people, you will probably wait until submitting a... Read More

Overnight Cash Can Be Yours

It's possible to receive up to 500 dollars cash overnight... Read More

What is an Unsecured Loan?

An unsecured loan is a personal loan where the lender... Read More

Instant Cash Advance Loans - Take Advantage of The Convenience of The Payday Loans Available Online

Cash advance loans not only provide you with instant cash,... Read More

Seven Tips For Credit-Enhancing Your Business Loan

What are the avenues available to businesses with weak credit... Read More

What is a Home Owner Loan?

A UK Home Owner Loan Can Unlock Your Capital To... Read More

Bad Credit Business Loans ? to Exchange Bad Credit for Monetary Benefaction

You want to raise a business on your own or... Read More

No Credit Check Personal Loans - If You Need Fast Cash, A PayDay Loan Online Is a Very Quick Process

Online payday loans can get you fast cash through a... Read More

What is a Secured Loan?

A secured loan is simply a loan that uses your... Read More

What Is A Second Mortgage?

A second mortgage is a loan that is secured by... Read More