Did you know that 23 million Americans took out a payday loan last year?
We all fall on hard times now and then, and sometimes we simply need a little more cash to cover our bills. Taking out a payday loan could be the solution you need to get out of a financial pickle.
How are payday loans different from other types of loans? And what are the payday loan requirements you'll need to get approved?
Read on to learn the answers!
What Are Payday Loans?
There's a loan to suit every financial need, from a quick $100 to cover a bill to $100,000 loans to start a business.
As this article from Legal Bay explains, you can even get a cash advance loan ahead of a lawsuit settlement.
Payday loans are designed to provide quick financial relief when you need it most—right now. Depending on your state, you can request a loan as small as $100 or as much as $1,000.
By meeting a few simple payday loan requirements, you'll have cash in hand in just a few minutes.
Payday Loan Requirements: What You'll Need
Exact requirements vary by city and state, but here's a general idea of what you'll need to qualify for a payday loan.
1. Meet the Minimum Age Requirement
Even if you're a teen with an after-school job, chances are you won't be able to get a payday loan. Most states require the borrower to be at least 18 years old.
2. Valid ID
You'll need a government-issued ID that includes your photo, such as your driver's license or passport. A social security card or student ID is not acceptable.
3. Active Checking Account
Most lenders will want to see proof that you have a valid and active checking account. Some (but not all) might accept a savings account instead.
4. Proof of Income/Employment
As the name "payday" loan suggests, you'll need to repay the loan when you get your next paycheck. Bring along a recent paystub or other proof of employment so the lender knows you have money coming in.
5. Valid Phone Number
Whether you apply for a loan online or in person, you'll need to list a working phone number. That way the lender can reach you (or vice versa) if necessary.
6. Valid Email Address
If you're applying for a loan online, you'll have to supply your email address. This is where you'll receive the results of your loan application and repayment details.
7. Personal Check
If you plan to apply for a payday loan in person, be sure to bring a voided personal check. This is the easiest way to provide your bank details and verify that you have an active checking account.
Thinking of Taking Out a Payday Loan?
It's normal to feel stressed when money is tight. We've all been there—and it's not fun.
If you meet these basic payday loan requirements, you'll be able to get the cash you need when you need it.
Did you find this article helpful? Check out our other recent blog posts for more financial advice.