Qualifying for a Payday Loan
It is very easy to qualify for a payday loan. Unfortunately, many do not realize how simple it really is. It is widely believed that one must have stellar credit in order to receive this type of loan, similar to what is required to qualify for a traditional loan. In truth however, credit worthiness has very little to do with qualifying for a payday loan. In fact, there are only a few minimal qualifying requirements that one must meet in order to receive a payday advance to use for whatever they may need.
As with any loan, a potential borrower must be of legal age to apply and be approved for a payday advance. The only exception to this is if a parent or legal guardian is with the borrower. Identification will be checked and verified before the application process is complete, and approval will be denied to anyone not of legal age.
Another qualification with no wiggle room is employment. It is impossible to get an advance on a payday that will never come, so proof of employment is always required. Most often this is in the form of a recent pay stub, and on some occasions the lender may call the employer to verify continuing employment. Of course, lenders also need to know how much each pay check is so as to better determine the amount of funds for which the borrower qualifies.
It is rare that a credit check is even completed for this type of loan. However, on occasion lenders may run a credit report for various reasons. Most often the results have no effect on approval, but in the case that it does there are usually bad credit loans available as well. for the most part, the credit report only effects the interest rate.
Some payday advance providers require that borrowers have a bank account for various reasons. While direct deposit is an easy way to receive funds, direct debit is also an easy way for lenders to take repayment. Proof of a bank account typically takes the form of a voided check.
Pretty much anyone who is of legal age and has a job can get a payday loan of some type. These are the standard qualification requirements for a standard payday advance. However, there may be some variations among the different types of payday loans as to other qualifications. To find a payday advance that you qualify for and that fits your needs, shop around and see what is out there. It is virtually guaranteed that you will find what you are looking for.