Payday loan Requirements

Requirements for Payday Loan

   As payday loan is one of the easiest loans to obtain, the requirements for payday loan are lax. The requirements do vary from provider to provider, but the main requirements are more or less the same. The most important fact associated with payday loan is that good credit history is not a requirement. This is one reason why payday loans are so popular with people who have short term cash needs. Listed below are some of the common requirements.

  1. Should be employed or should have recurring source of income.
  2. Monthly income should be at least $1000.
  3. Should have a current and active checking account.
  4. Should be a US citizen and at least 18 years of age.

   Some companies have a few more requirements. One of the common one is access to fax machine. As this is a hassle, I would recommend first looking at no faxing payday loan providers. In addition to this, some of the other not so common requirements are:

  1. Should not have more than one payday loan outstanding
  2. Should not have bounced checks in the past few months.

   As can be seen from the above lists, the requirements are quite simple and straight forward. There is no collateral and no credit checks. Though payday loan requirements are simple, you should consider alternatives to payday loan, if you qualify for loans that have lower APR. Payday loan should only be used as a short term loan to fulfill emergency cash needs.



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