Learn what you need for a payday loan, including all the basic payday loan requirements, and the information and documents needed for this loan.
Unexpected expenses can happen to us all. We do our best to budget, but sometimes sudden expenses still come up. It can be difficult when your payday is a week or two away, and you need money from that paycheck now.
When you need money fast, a short-term loan like a payday loan can be a helpful option to get you quick funds from your next paycheck sooner rather than later. If you need a payday loan immediately, then you’ll want to know all the things you need to get a payday loan so you are prepared if you decide to apply.
Keep reading to learn more about what you need to get a payday loan or cash advance, the requirements you need to meet to get a loan online or in person, how to get this loan, and what to do if you need financial help immediately.
What Do You Need for a Payday Loan?
If you want to get this loan, then you first need to ask yourself, what do I need to get a payday loan? To get this type of loan, you need to meet a few basic payday loan qualifications and requirements.
There are basic payday loan qualifications like being at least 18 years old or older, but other things you might need will depend on the lender. For example, you might need to fill out new customer paperwork, be a resident of the state where you are applying, provide identification, provide an email address, provide a phone number, provide proof of income, have an active bank account, and give your bank account routing number for direct deposit.
Payday Loan Requirements
The first step to understanding what you need to get a payday loan is understanding the payday loan requirements applicants need to have to qualify and borrow money. Some of these requirements will depend on the specific lender you choose or which state you live in, as well.
For example, some payday lenders won’t approve your application if you are a member of the military or if you’re a dependent of someone in the military. Lenders might also not approve your application if you already have a loan out with someone else or if your total debt is over a certain limit.
Here are some basic payday loan requirements:
- Be at least 18 years old or older.
- Be a resident of the state where you are applying online.
- Provide a valid form of government-issued identification like a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Provide a valid and active personal email address.
- Provide a valid and active personal phone number.
- Provide proof of income like a bank statement or paycheck stubs.
Requirements to Apply Online
We went over some general basic requirements, but what if you’re applying online? You might need to meet a few other online requirements in order to apply for this type of loan online.
- Provide proof of an active personal bank account.
- Bank account routing number.
Online payday loans will need a valid and secure way to transfer money into your account online. So you may need to provide information like proof of an active bank account and routing information for direct deposit.
Requirements to Apply In-Person
If you apply for a personal loan in person, at a store location, then you might come across some of the same requirements we’ve already outlined. But because you are applying in a store and not online, you might also be required to fill out new customer paperwork.
- New customer paperwork
How to Get a Payday Loan
The process for how to get a payday loan is simple and easy. To get a payday loan, all you need to do is find the lender you want to use, submit an application, and the lender will review your application. If the lender decides to approve your application, then you’ll sign a loan agreement and get the money you need!
Step 1: Research Lenders
Before you apply, take some time to research payday loan lenders near you. This is an important step so you can be sure you’re working with a trustworthy, licensed lender, and to make sure you’re getting the best rates around.
Step 2: Check Eligibility Requirements
This type of loan comes with basic requirements, but many lenders will also have their own eligibility requirements for borrowers. Check with your lender of choice to make sure you meet their qualifications and are eligible for their loan product. This way, you’ll be even more prepared for the application process, making your whole experience quicker and easier.
Step 3: Fill out an application
Fill out an application online or at a store location. You may need several documents with you like, proof of identification, proof of income, proof of employment, or proof of address.
Proof of Identification: A government-issued ID, like a driver's license, a state ID, or a passport.
Proof of Income: Something to show your income, like a recent paystub, bank statement, or other documentation showing your income.
Proof of Employment: Something to show your employment, like a recent paystub, bank statement, or offer letter from your employer.
Proof of Address: Something with your name and address to verify where you live, like a utility bill, lease agreement, or other mail verifying your place of residence.
Step 4: Review and Sign Loan Agreement
The lender will review your application and decide whether you will get approved or not. If approved, you'll sign the loan agreement and funds will be deposited into your bank account the following business day. The only thing left now is for you to repay the loan with your scheduled payment(s) until the loan is repaid.
Overall, the payday loan process works very simply and is generally very quick so you can get the money you need fast.
I Need a Payday Loan Immediately
When you’re in a tight financial situation or emergency, you might be at the point where you’re thinking, I need a payday loan immediately. If you need funding as soon as possible, then there are a few things you can do.
First, you want to find a lender that can offer a fast application and approval process.
Then, you want to make sure you apply with all of the correct information so that your application can be processed as quickly as possible.
If all goes smoothly, a fast lender can get you funds as soon as that same day! Check City offers fast payday loans to help you when you need money now.
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