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.

---

User Guide to Payday Loan Terminologies

Are you approaching towards a payday loan cash advance? Is... Read More

Shopping for a Secured Personal Loan

If you find yourself looking for a loan, you'll likely... Read More

What is a Cash Advance Loan?

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

Unsecured Loans: The Lesser Known Sibling Of Secured Loans

What is man's greatest invention?Some of the latest gizmos would... Read More

Relax, Unwind, and Enjoy With American One Secured Personal Loans

Secured Personal Loans are those loans against which you don't... Read More

Federal Housing Administration (FHA)

FHA loan programs:FHA AccessFHA Cal GoldFHA Rural GoldFHA Mutal Mtg.... Read More

Giving Finances a Breather Through Loans for Unemployed

Martin graduated of the college with dreams of a highflying... 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

Why Choose a Personal Secured Loan?

Listed below are some of the many reasons why choosing... Read More

Buy Now And Really Pay Later!

With UK personal debt breaking through the £1 Trillion mark... Read More

PayDay Cash Advance Loans - The Benefits of Using the Payment Protection Plan

Payment protection plans are offered by payday companies to protect... Read More

Cash Loans: The Good, the Bad, and the Debt-Free

Happiness is what they're selling. Relief from the crushing weight... Read More

A Guide to the Bad Credit Personal Loan

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

Cant Wait For Payday? Try Check Advance

Check advance can come in really handy when you're waiting... Read More

A $500 Payday Loan Can Help In an Emergency

A $500 payday loan can be a real life saver... Read More

What is a Bridging Loan?

A bridging loan as the name implies is a loan... Read More

Fast Cash Advance Payday Loans - Convenient to Use Online

Online cash advance companies offer a convenient and speedy application... Read More

Bank Auto Loans ? Best Loans for Stretch Commuters?

People have to work to survive. The desire to maintain... Read More

Why Student Loans are Better Than Credit Cards

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

Military Loan and Military Loans

Military loans are made available to active servicemen and retirees... Read More

Become A Smarter Borrower

With a nation that has in the region of a... Read More

Cash Loans for Unemployed ? for an Instantaneous Response to Needs of the Unemployed

Unemployment is generally supplemented with several other vices like poverty... Read More

Useful Tips on Personal Loans

Here are some useful tips on Personal loans. You can... Read More

Is Getting A Personal Loan With Bad Credit Impossible? Think Again

A bad credit history is like having contracted an infectious... Read More

Cash Advance Payday Loans: A First Time Users Guide

If you considering using a Cash Advance Payday Loan service... Read More

Military Loans ? Serving Financial Need of Those who Serve the Country

Military loans are overcoming financial difficulties for army personnel who... Read More

Making Your Business Happen with a Commercial Lender

If your home business is starting to overflow from the... Read More

What?s All the Hype about Omni Military Loans?

The average person some time in their adult lives will... Read More

How to Finance a Small Business

Confused by how to finance a small business? One key... Read More

Filling Out The Loan Application

1. Property information. The application begins with a section on... Read More

Holiday Personal Loans ? When the Traveller Within You Wants to Break Free

If you are a traveller by heart then perhaps every... Read More

A Renter in Debt? Take Out a Bad Credit Personal Loan

On average, homeowner households earn 95% more than renting households... Read More

Cash Advance Payday Loans: Yes The Rates Are Higher!

Typically Cash Advance Payday Loans have no credit checks, and... Read More