Payday Loan Requirements

Requirements and Restrictions

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

Online lending requirements are different with each top company service. Use these online guidelines and best practices as an outline when determining what you need to qualify.

  • A qualified borrower must be employed or have monthly income from retirement or other similar benefits.
  • A qualified borrower will need to show a monthly income of over $800

  • Applicants will need to show the ability to repay their loan. Some states have requirements for just this issue.
  • Most lenders require a borrower to be at least 18 years of age. Some borrowers will even set a higher age limit in states where that’s allowed.
  • All borrowers will need to have an active checking or savings account. Most companies will deny you if you use a prepaid checking account.
  • You will need to provide the lender with a valid phone number where the can reach you.
  • Borrowers will need to confirm that they are not active military.
  • Most lenders will not approve an applicant for a payday loan if they are in an active bankruptcy.

These are a few of the main requirements of each lender. Check with your customer service rep and determine exactly what's required before applying for the best payday loan services. Most applicants will need to establish a long term payment history to be approved for larger amounts.

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