• 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

Best T-Shirt Subscription Boxes to Go For in 2021

Subscription boxes have gained popularity and now they are offering the best shopping experience full of excitement. The idea behind a subscription box is to purchase a monthly or quarterly themed subscription box that will arrive at your doorstep. Some people purchase subscription boxes just because of the elevated shopping experience, and others do it […]

Make Yourself Feel Great Both Inside and Out

Around the world, people are sheltering at home as governments ask us to stay inside, socially distance ourselves, and practice other safety precautions. As we do our part to minimize the spread of COVID-19, the sudden change in routines can leave us feeling discouraged and disconnected. If you’re feeling stressed out, you’re not alone. In […]

What is Retinol, and Should You Use It? The Top Myths about Retinol Answered

We all know what our skin needs: proper care and nutrition, and the proper products that can enhance our routine as well. Cleansing is vital, for example, and so is moisturising. You should also exfoliate, not with harsh scrubs, but with the right toners and cleansers. But here’s another thing you can do for better […]

How You Can Prepare For Your Long Distance Move

Long distance moves can be challenging to prepare for, which is why you’ll want to make sure you have a solid plan in place. If you keep this advice in mind, you’ll be able to avoid common problems and quickly settle into your new home. Start Planning Your Move Right Away One of the biggest […]

White Glove Logistics: A Challenging & Rewarding Career

If you have an interest in electronics and computing, it could be that white glove logistics is for you. In case you are not sure what the ‘white glove’ aspect means, this is a term used for working with hi-tech equipment. There are many industries that rely heavily on white glove logistics, including: Medical & […]

Footer

Lets Connect

  • Facebook
  • Google+
  • Instagram
  • Twitter

Recent Posts

  • Best T-Shirt Subscription Boxes to Go For in 2021
  • Make Yourself Feel Great Both Inside and Out
  • What is Retinol, and Should You Use It? The Top Myths about Retinol Answered
  • How You Can Prepare For Your Long Distance Move
  • White Glove Logistics: A Challenging & Rewarding Career

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