Payday Loan Requirements

Requirements and Restrictions

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Q. What are the requirements involved with applying for a payday loan?

Whilst the specific requirements do vary from lender to lender, the general industry stardards for applying for a payday loan, requires that:

  • The applicant must have a job or a steady source of income from retirement, benefits, etc... (However, most lenders prefer you that you are employed rather than on benifits.)

  • Your monthly income must be over $1,000 per month.

  • You must be able to show a verifiable source of recurring income payments to ensure you will be able to repay your loan.

  • You must be at least 18 years old and a U.S. citizen and a resident of the state in which you apply for the loan, even for an online application.

  • You must have a checking or savings account that has been open for at least one (1) month before applying for a payday loan.

  • You must have a current available means of contact, ie phone and/or email.

  • You must state whether you are an active or duty member or reserve member of the Armed Forces.

  • You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.


For more detailed information contact our recommended payday lenders such as Ace Cash Express, CashNetUSA and TrustedPayday.com.

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