A payday loan is a small amount of loan with a high rate of interest. This loan is given in an agreement that the amount will be paid off when the person who borrowed the money receives his/her next salary. It is also known as cash advance or payday advance. A person applies for this loan generally when he/she needs a small sum of money. You need to fill out an application form with all the vital information then receive the lending decision. But there is some important requirement for getting a payday loan.
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Requirements for payday loan
Here are some of the important requirements for getting approval for payday loans.
- The applicant must be of the minimum age required under the local laws. It is 18 years (but may vary too).
- You also have to have a proper and valid ID issued by the government which has all your essential information like photo, name, and address.
- Next requirement is the proof of a steady income. It can be a lot of things which you need to produce while applying for the loan.
- You also must have an open and active checking bank account.
- The applicant also must have a working phone number which is valid.
Other Information Needed
Besides all the important documents (mentioned above), you will need to provide some other information too.
- It will need your personal information like your full name, contact number, residential address, social security number as well as a valid ID number. Information about your income is essential and this includes income type, information about
- Information about your income is essential and this includes income type, information about the employer (if any), the frequency of your pay and income amount.
- Banking information is also required for the same day payday loan which includes your checking account number as well as routing number
- If you have a card then they will need card information too if you choose the repay the payday loan by your card and not by cash
Get Your Loan
You can receive your payday loan once you apply for it. You have to fill the application along with the above-mentioned documents and the vital information. Once you submit the application, the lender will review it thoroughly. After reviewing your documents and information provided by you, the lender will take a decision based on that. If you are eligible for the loan then the loan will be sanctioned and you will receive the cash immediately. You have to pay it back along with the interest on the next payday.