Here's some information you need to know if you are considering applying for a payday loan. You will need to verify your identify. This is usually done with a driver's license or state-issued ID. A social security number or passport may be acceptable. You need to be at least 18 years old. You will need to have verifiable employment for at least 3 months and bring in at least $1000 a month from that job.
Fixed income, such as social security, is acceptable if the monthly allotment is at least $800. You will need to have proof of your income, such as paycheck stubs or social security award letters. Self-employment usually does not qualify, but may if you can provide a significant amount of income history for your business.
You will need to have an open bank account, probably a checking account, and be able to accept direct deposit. A copy of your most recent bank statement is usually required as proof. There will probably not be an actual credit check, but your loan history may be verified through a service such as Teletrack. This verifies the number of open payday loans, any history of default, and may show a history of passing bad checks.
Most payday loans can be refinanced a few times. This usually requires paying the interest and fees and a small percentage of the loan principal. A payday loan that is not refinanced will generally be processed through your bank as a regular check. Be sure the money is available on the day the payment is due.
Remeber These Few Tips That Will Let You Get Your Payday Loan Fast and Guaranteed
So, payday loan companies are looking for and will provide you loan if:
- You are not in the military.
- You have a bank account, and preferably checking account with direct deposit.
- You are employed for at least 6 months, and making at least $1200-$1500/month income.
- You are employed, not receiving benefits or self employed.
- You provide accurate banking information and other information on the form (payday loan companies have a way of confirming if it is invalid bank aba#/routing # or invalid social security numbers).
- You are not in default on another payday loan or not actively in the process of getting a payday loan with another lender .
- Some states have implemented payday lending laws, and to stay up to date just google "payday lending laws" to see an updated list of states.
- Some payday lenders do not work on the weekends, evenings and holidays, because they are not there, so we recommend to apply on business days.
- If your form will be inclomplete there is no chance, so take a few minutes to fill in all the fields.
While it's not a solution to long-term financial problems, a payday loan can help you make it through to the next payday should the unexpected occur.