In most cases, payday loan application requirements are not nearly as intense as the application requirements for other loans. The whole idea of a payday loan is to provide you with money when you need it quickly, and lenders realize that people who need them are living from paycheck to paycheck at the moment. They do not expect you to meet the same criteria as if you were applying for a mortgage, a car loan or a regular personal loan.
While payday loan application requirements differ from lender to lender, there are three common minimal criteria you will need to meet. The first, most basic requirement is being 18 or older—no payday loan companies will lend to minors.
Assuming you are an adult, the next common requirement is having a job. Some lenders will require proof of employment, such as a recent paystub, while others require no employment verification. Rates are generally more favorable if you are able to prove you are employed, so keep that in mind when looking for a lender. Some payday loan companies require a minimum monthly income, with $1,000 being about average, while others do not but will make the amount of money they will lend you contingent upon your monthly income.
However, this does not mean that you cannot qualify for a payday loan if you are not employed. Some lenders will also accept other reliable sources of income such as Social Security or disability payments. This information will generally be posted on the lender’s website, so if the first lender you look at can’t help you, shop around. In many cases, you will be required to provide proof of this income as well, but this requirement varies from state to state. The lender will most likely notify you of what proof is required during the application process.
The final item that is most common among payday loan application requirements is the need for a bank account. Most payday loans are direct deposited into your bank account for expediency, as the lenders know you need the cash right away. There are some lenders who advertise that they will loan to you without a bank account, but they are few and far between and not having a bank account will delay the process. In general, to get your money quickly and painlessly from a payday loan, it is best to having a checking or savings account.