Requirements to Qualify for a Payday Loan

Payday loans have the most lenient requirements among all possible credit options now available at the market.

These short-term loans have really very few requirements to qualify. Unlike bank loans there are no queues to wait in and no endless paperwork. Neither does a customer have to have spotless credit record.

There are very few things that lenders ask for and they basically are:

  • ID proof is required;
  • A borrower has to be employed (the cases of unemployment are discussed with a lender personally);
  • A borrower has to be able to provide the proof of income for the last 3 months;
  • A borrower has to be at least 18 years old - customers below legal age are not approved;
  • A borrower should be the U.S. resident or citizen;
  • A borrower has to have an active checking account in order to get the money transaction.

These are the simplest things possible for a borrower to provide. The best part is that this information is usually processed within minutes and the approval is granted very fast.

Rejections are absolute rarity among payday lenders - there should be some very serious reason if a payday lender refuses a borrower with a loan. Money is transferred within 24 hours - which is also the fastest way to get cash

Getting back to the question of bad credit - payday loans are really appreciated by many borrowers due to the fact that good credit report and history record is not an obligatory requirement to be approved for a loan.

With so many people having problems with credit score and being unable to get access to regular loan products, payday loans do represent a solution.

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