Do I Qualify for a Payday Loan?
When you need extra cash to get through the week, look no further than online payday loans. Receive money directly in your bank account as soon as tomorrow, to take care of the things you need to. Once you have decided to take out an advance, you may be asking, ‘Do I Qualify for a Payday Loan?’. Let’s find out!
Do I Qualify for a Payday Loan?
While every state has its own regulations, there are a few common factors to qualify for a payday advance. If you need money now, wait no further and see if you qualify today by applying online. It’s easy and takes minutes to finish!
Payday loan regulations are very specific for who can qualify for these advances. You must be of a legal age to manage finances, have a checking account, and a verifiable income. Payday loans are meant to be quick, short-term loans used to get out of emergency situations. The rates on these loans are higher than other loans because of these different requirements; barriers to entry are less than a bank or car loan, for example. As the conditions for qualification are significantly less than many other loans, the interest rates are usually significantly higher than other financial loans.
Let’s take a look at the most basic requirements to apply for a payday check loan in the United States!
You Must Be 18 Years of Age and Have an ID
The first requirement to qualification is that the borrower must be at least 18 years of age, and have valid identification.
Borrowers must be at least 18 years old to legally manage finances without sign-offs from parents or guardians. This provides the payday loan industry with a hard cut-off of anyone who is under 18 applying for a loan. This is to protect children and minors from improper contracts and sign-offs when they are too young to properly handle such decisions. This is a legal qualification in the United States.
Additionally, the borrower must provide a valid ID or proof of identification. The most straight-forward way is to be prepared with a driver’s license or state ID card. Some cash advance lenders will let you provide alternate forms of identification including passports or a mix of other, otherwise valid, IDs.
When applying for a payday loan, be sure to have your ID ready and with you! Even online!
Have a Valid Checking Account
Any borrower must have a checking account to qualify for a payday loan. No pre-paid accounts can be used, the account must be a valid checking account at a bank or credit union to be applicable for an advance.
A checking account is necessary because the lenders, after you sign a form, will setup an automatic withdrawal for your agreed upon date. By confirming you have a checking account, they can process the withdrawal directly from your account on payday. If you are applying in-person, you will typically write a post-dated check for the lender.
If you are applying for a payday loan online or in-person, be sure to have your checking account number on-hand and ready! Most companies will ask you to provide screenshots or proof of bank account balance to prove this.
Have Consistent Income and Proof, in the Form of Pay Stubs
To qualify, you must have steady, verifiable income. This means that if you only work under-the-table or otherwise cannot prove your current employment, you will not be able to qualify for a payday loan. Income must be taxable, consistent income and you must provide proof of this to your bank.
Most payday lenders will ask you for a month of pay stubs to prove your current employment. This is to be sure you currently have a job and are in a position to pay back this loan in a guaranteed way.
The lender will also ask you what day you get paid, or how often you are paid, to help align your loan with your pay date, to ensure you can pay the loan and interest fee on-time.
Some lenders will have requirements for how long you must work at a job before you can qualify, some just require that you have a verifiable job. When applying for a payday loan online, keep this in mind!
Can I Take a Payday Loan Out in My State?
Not every state allows payday loans, in fact, many have banned the practice of payday loans entirely. Payday lenders should not be providing loans to you if you are in a state where payday loans are prohibited.
Payday Loans are Prohibited in the Following States:
Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and the District of Columbia
If you are in any of these states, lenders should not be providing you with any form of payday advance and unfortunately, you will not qualify for these loans in this case.
Payday Loans are Available in the Following States:
Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
If you live in any of the above states, there will be no problem providing you with a payday cash advance, online or in-person!
Finding Regulations and Qualifications in Your State
If you want to know more about state’s payday loan regulations and borrower qualifications, you can find this information on the NCSL, the National Conference of State Legislatures, web page here.
This page identifies maximum loan amounts, regulated terms, and caps and limits on fees. Take a look at this page if you want to know more, otherwise when you apply the limits will be imposed based on the information you enter.
So Do I Qualify for a Payday Advance?
If you have looked over this article and are still undecided, or unconvinced, look no further! You can go ahead and apply right on our homepage and we will let you know if you qualify and for how much!
We go to great lengths to ensure all applicable laws and regulations are followed and do not let unqualified customers borrow or exceed regulated standards. Apply now!