Payday loans have got many advantages and one of them is the short list of requirements for potential borrowers.
In the process of getting a regular loan a person has to go through a lot of hassle and paperwork but for the most part, he or she should meet the requirements of a bank and the latter are pretty strict in the majority of cases. Among the main things that a person should have is a good or prefect credit history. This comes as a stumbling block for quite a great number of borrowers as it is pretty hard to keep your credit score perfect in the present day conditions.
Actually, it is much easier to get the approval for a payday loan than for other loan types. The payday loan requirements are minimal.
They include a short list of things that are generally not a problem for a borrower to provide. All lenders have got their own policies and terms that can differ; however, approval for a payday loans is given in case the following requirements are met:
- An applicant should be a citizen of the US.
- An applicant should provide the proof of age and identity.
- An applicant should be of age – minimum 18 years.
- An applicant should provide verifiable physical address (phone or utility bill).
- An applicant should provide the proof of income that is no lower than $1000 per month.
- An applicant should have a valid checking or savings account in a bank.
Payday loans can be applied by any borrowers regardless the state of their credit history. No collateral or co-signers are necessary to get approval for a payday loan. HOWEVER, it should be taken into consideration that payday lenders can perform credit checks at their own will; and the credit decision might be influenced by the state of a borrower’s credit score in question.