| When you're experiencing difficult financial times or | | | | account open and active for at least 30-days. A |
| an unexpected expense, a payday loan can be a | | | | valid, verifiable checking account is needed for |
| convenient short-term financial solution to your | | | | electronic transfer of your loan money and the |
| problems. A payday loan gives you quick access | | | | repayment of your loan balance on your due date. |
| to the funds you need for those situations where | | | | 5. You must provide any supporting documents |
| you just cannot wait until your next pay date. | | | | that are requested to supplement your payday |
| These types of situations happen to all of us, and | | | | loan application. In most cases, you will be asked |
| range from things like an emergency medical visit | | | | to provide your last months bank statement or a |
| to an unexpected car repair. When you don't | | | | 30-day printout of all your checking account |
| have the money you need, and your friends and | | | | transactions. Some lenders may ask for your |
| family aren't in a position to help you, a payday | | | | most recent pay stub instead of or in addition to |
| loan can be real lifesaver. | | | | your bank statement. These items are generally |
| In most cases, getting a payday loan is an easy | | | | required to verify your monthly net income |
| and convenient process. You can obtain one | | | | amount so that the appropriate loan amount can |
| without the hassle of putting down a deposit, | | | | be determined. |
| collateral, up-front fees, or even running a credit | | | | 6. Most online lenders also require that you have |
| check. In addition, you can fill out the application | | | | payroll direct deposit. This means that your |
| online from your home computer. | | | | paychecks are electronically deposited into your |
| Here are the most common payday loan | | | | checking account on your pay dates instead of |
| application requirements and qualifying criteria for | | | | you having to physically deposit a check. Because |
| payday lenders: | | | | online lenders process their payments |
| 1. You must be a U.S. citizen. The majority of U.S. | | | | electronically, this makes the repayment process |
| based lenders are only licensed to offer their | | | | easy and convenient. |
| services to U.S. citizens. Some lenders may have | | | | 7. Your payday loan application information must |
| authorization to loan to residents outside of the | | | | be verifiable. Most lenders have an online system |
| U.S. but it is important that you verify this before | | | | that will allow them to confirm the validity of your |
| proceeding under that assumption. | | | | application information and your identity in |
| 2. You must be of legal age. Payday loans are | | | | real-time. However, they may have certain |
| governed by contractual agreements that can | | | | procedures that require additional manual checks |
| only be entered into between adults, so you must | | | | as well, such as verification that you are actively |
| be at least 18 years of age. Though this | | | | employed on the date of your application. |
| sometimes varies among the different states, | | | | Getting a payday loan is generally fast, easy, and |
| most minors are not eligible for this type of loan. | | | | convenient. To ensure that you don't encounter |
| 3. You must have a regular, reliable source of | | | | any problems with the payday loan process, you |
| income. For most people, this means that you | | | | should choose a reliable lender and only borrow |
| must be actively employed on a job for the | | | | the amount that you need and are capable of |
| minimum amount of time. This means you cannot | | | | paying back. Despite the ease of securing these |
| be on the probationary period with a new | | | | types of loans, it's important to remember that |
| employer and you cannot be a temporary status | | | | they are short-term financing solutions for urgent |
| employee (i.e. a "temp"). Some lenders will allow | | | | money issues. They are not intended to be used |
| you to qualify for a loan if you are receiving | | | | for long-term or more serious financial problems |
| pension or retirement benefits. However, in most | | | | and should be used responsibly. Most payday |
| cases, government aid, such as Temporary | | | | lenders will require that you repay your loan on |
| Assistance for Needy Families (TANF) and | | | | your next pay date, which means you will need |
| unemployment benefits, will disqualify you. | | | | to plan for that by either cutting back on your |
| 4. You must have a valid checking account. Most | | | | spending for a couple of weeks or accounting for |
| payday lenders will not approve your payday loan | | | | a little less money in your bank account come |
| application if you have a savings account or | | | | your pay date. Either way, prompt repayment |
| prepaid debit card account. In addition, you will | | | | and planning is the best way to avoid getting into |
| almost always be required to have your checking | | | | trouble with payday loans. |