Other short-term loans have different requirements than payday loans. Even if you have bad credit, you can get a loan if you can prove you have a monthly income and meet other minimum requirements.
Set up a regular source of income
One of the most important things you need to get a payday loan is a steady source of income. Most places that give out payday loans will want to see that you've been working for at least two months. But if you get a monthly check from Social Security or a pension, you can also apply for a cash advance.
Depending on the lender, you will also need to make at least $800 to $1200 a month. Some lenders will ask for a copy of your bank statement or pay stubs to check your finances. Applications that don't need to be faxed don't need copies of these forms.
Start a bank account
You need an open checking account to apply for an online cash advance. Some lenders want the account to be open for at least four months before they will give you money. They may also look to see if there are any checks still out on the account.
Minimum Age Requirement
People who want to get a payday loan have to be at least 18 years old. Your parent can't even co-sign for you, sorry kids. Most lenders will take the fact that you have a bank account as proof that you are old enough to borrow money.
Information About You
Cash advance lenders will ask for your name, address, and phone number, as well as your age, to get in touch with you. Most online lenders will process your application online, but some will call you to confirm your information.
Additional Information
Most payday lenders will be happy with just the basics, but some may want to know more. For instance, some lenders won't give loans to people who work as temps or freelancers. They might also say no if you already have a payday loan with another company. To make sure you can get a loan, it's best to compare the terms of different lenders.
You Can Get Loan Amounts
You will also have to follow the lending laws in your state if you want to get cash quickly. Depending on the laws in your state and how much money you make, the most you can borrow is between $500 and $1,000. State laws also affect when and how much you have to pay back.
