Basic Requirements

Payday loans have 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 is pretty strict in the majority of cases. Among the main things that a person should have is good or perfect 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 shortlist of things that are generally not a problem for a borrower to provide. All lenders have their own policies and terms that can differ; however, approval for payday loans is given in case the following requirements are met:

  • An applicant should be a citizen of the US.
  • An applicant should provide proof of age and identity.
  • An applicant should be of age – minimum of 18 years.
  • An applicant should provide a verifiable physical address (phone or utility bill).
  • An applicant should provide 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 of 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.

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