Payday loans have become a convenient short term financial solution for many people during these strained financial times. You can usually gain access to a cash advance without a credit check, and have the money you need available quickly without putting down a deposit or upfront fee. A payday loan gives you the money you need now for the financial situation that simply can't wait for your next paycheck. Most people have encountered these situations at one time or another, whether it be a plumbing emergency or an urgent car repair. Although cash advances can be easy to qualify for, it should be remembered that they require repayment on your next pay date. Even though your credit won't affect your ability to receive a payday loan, there are other things that a cash advance company will use to determine your financial responsibility in order to qualify you for a payday loan.
You must be 18 years or older to be approved for a payday loan.When you accept a payday loan, you are required to sign a legally binding contract, and legally you must be 18 years of to do that. Although this may vary from state to state, in general a minor (under 18 years of age) is ineligible. You must be actively employed (or have a regular source of income) to qualify for a cash advance. You must have been employed for the company's required minimum amount of time. The employment period requirement varies from one payday loan company to the next, but in general you won't be eligible for a payday loan if you just recently started a new job. You must have an active checking account to qualify for a payday loan. Just like your employment history, most companies have a minimum requirement for how long you must have had an existing bank account. Many cash advance companies do not approve savings accounts. You must be able to provide a recent bank statement or recent pay stubs. The ability to provide documentation of your income is a common sense requirement for most payday loan companies. The bank statement also provides information on your pay cycle and how you managed your finances in the previous month. Excessive insufficient funds or overdrafts can be a reason for denying your request. You must have verifiable information on your application. The information you provide on your payday loan application will be verified, so it is important that you be truthful. Your social security number must be your own and the address and phone numbers you give must be valid. Falsifying information on your application is another reason for denial and it is usually considered fraud. The ability to repay your requested loan amount is a big requirement when you apply for a cash advance. Be leery of any company that is actually willing to give you more money than you are able to comfortably repay. Remember, most payday loans are intended to be repaid on your next pay date. Only a predatory lender will encourage you to borrow more than you requested and can afford to pay back in two weeks.
It is easy to be approved for a payday loan, but it should never be "too easy" to borrow money. To speed up the cash advance solution, you should choose a reliable lender and only apply for the amount you need and are capable of repaying. A trustworthy payday loan company will offer low rates, no hidden fees, and only approve you for an amount that you can repay on your next pay date.
