• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Boy Sets Fire

Lifestyle Blog

  • Home
  • About
  • Blog
  • Humor
  • Lifestyle
  • Money
  • Marketing
  • Business
  • Travel
  • Contact

How Do You Qualify for a Payday Loan? The Requirements Explained

August 4, 2020 / by Andrew / Leave a Comment

Most loans require credit checks, making it difficult to get a loan if you have bad credit.

Did you know, though, that approximately one-third of all Americans have a credit score that is less than 601? Yes, a lot of people have, what lenders would consider bad credit.

If you have a low score and need to borrow some money, you could consider applying for a payday loan. Before you do this, you might want to find out, “how do you qualify for a payday loan?”

Learning the answer to this question can help you decide if this is the right option for your financial needs. Here is an explanation of the eligibility requirements needed for payday loans.

You Must be 18 or Older

When applying for payday loans, you should realize that age matters. Payday loan lenders will not approve loans for people under the age of 18. You must be an adult to qualify for one.

Additionally, you’ll need to provide a state-issued ID to the lender. This ID can help you prove your age, and it also enables you to prove your identity.

Therefore, if you are at least 18 years old and have a valid state-issued ID, you meet this requirement.

You Must Have a Source of Income

If you are wondering how to get a payday loan, you should know that you need a source of income. If you borrow money, the lender needs to ensure that you can repay it.

Therefore, lenders want to see that you have some income source you can use to repay the money you borrow.

You can use pay stubs as a way of proving you have a job. If you are self-employed, you might not have pay stubs. Instead, you can use your bank statements or 1099s and tax returns.

You Need a Checking Account

The next requirement for a payday advance is a checking account. You must have a checking account to be eligible for a payday loan.

Lenders use your checking account for two main things. First, they use it to deposit the proceeds from the loan. After applying and getting approved, the lender will deposit the money within a short time.

The second thing a lender uses it for is for repayment of the debt. When your payday loan due date comes, they will electronically take the payment from your account.

You Need Proof of Residency

The final thing you need when applying for a payday loan is proof of residency. Your state ID card might show your address, but you might need additional proof of where you live.

You can discover more about the requirements of payday loans by researching lenders and their eligibility requirements.

How Do You Qualify for a Payday Loan? Ways to Learn More

Do you understand the answer to, “how do you qualify for a payday loan?” If so, you probably know if you should apply for one or not.

To read more on topics like this, check out the Money category

Filed Under: Money

Previous Post: « 5 Car Seat Safety Tips All Parents Need to Know
Next Post: The Essential Guide to Unsecured vs Secured Credit Cards »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

About Us

Hey guys it’s Andrew! I am a writer, a blogger, and a curious human being full of ideas. I remember as a teenager going to my local store to grab a freshly published magazine about the ins and outs of the online business world. Read More…

Facebook

Boy Sets Fire

Lets Connect

  • Facebook
  • Google+
  • Instagram
  • Twitter

Newsletter

5 Benefits of Installing Commercial Solar Panel

For many business owners moving to solar power has proven a hard nut to crack. The skepticism is mainly attributable to large corporations such as Target and Google, who tried to implement it and then found them not feasible. However, some business owners are adding on solar power and have benefited from it. Whether a […]

7 Tips for Enhancing Curb Appeal With Home Fences

For almost 100 years now, people in this country have been putting white picket fences up in front of their homes. They’ve done it because these fences have become synonymous with the suburbs and the American Dream. If you’d like to put a white picket fence up in front of your home, you’re more than […]

How to Determine Taxes Owed on Investment Assets

According to one study, in 2018, the average American paid about $15,000 in taxes. But what happens if you have real estate investments? Or other taxable assets? Thankfully, we break down how to figure out what you owe on your investment assets and how to try and save yourself some money, so keep reading to […]

How to Develop a Lasting Family Legacy

Did you know that almost 70 percent of adults in the United States do not have any kind of will after they pass away? Thinking about your financial or family legacies can be difficult, but it is a good idea to start your plan while you still have time and resources. Building a family legacy […]

Buying vs Building a Home: Which Option Is Right for You

Are you thinking of becoming a homeowner? Or are you already a homeowner looking to get a second home? You’ve got two options: build one from scratch or buy one that’s already built. Which option should you choose? If you’re in the buying vs building conundrum, you’re not alone. Every day, millions of people have […]

Footer

Lets Connect

  • Facebook
  • Google+
  • Instagram
  • Twitter

Recent Posts

  • 5 Benefits of Installing Commercial Solar Panel
  • 7 Tips for Enhancing Curb Appeal With Home Fences
  • How to Determine Taxes Owed on Investment Assets
  • How to Develop a Lasting Family Legacy
  • Buying vs Building a Home: Which Option Is Right for You

About Us

Hey guys it’s Andrew! I am a writer, a blogger, and a curious human being full of ideas. I remember as a teenager going to my local store to grab a freshly published magazine about the ins and outs of the online business world. Read More…

Facebook

Boy Sets Fire

Copyright© 2021 · boy sets fire