Monday, August 14, 2006

Payday Loan Qualifications

Because of the simple nature, payday loan has a little bit different qualifications compared to other loans. Your bad credit rating won´t affect too much to your borrowing power. In some companies, your bad credit rating does not even affect the qualification of your loan. So, what kind of qualifications that you must pay attention to when you need to apply for a payday loan?

Established Regular Income
Most payday loan companies require you to have a job for at least 2 months. Monthly check from social security or pension fund is also acceptable. Payday loan companies will normally ask your minimum income to be $800 - $1,200 minimum before you are qualified for the loan.

Established Checking Account
Payday loan companies require you to have a checking account. The checking account is used to clarify your financial situation. Your money, if your payday loan is approved, will also be transferred to this checking account. Some companies require your checking account must be at least 4 months old to qualify for a loan.

Minimum Age
The minimum age to apply for a payday loan is 18 years old. Kids below that age can not even have their parents to co-sign with them. Since one of the qualifications to open a checking account is to be at least 18 years old, an established checking account reported to the payday loan companies is also used to clarify that you are 18 years old.

Personal Information
Personal information such as name, address, and phone numbers are required in order to apply for a payday loan.

Additional Information
Some payday loan companies require more information. For instance, if you are a temporary or a freelance worker, you are not qualified for a payday loan in some companies. Some payday loan companies do not allow you to have another payday loan with another company. To be sure with this kind of qualification, you should confirm with the company directly.

Loan Amounts
Loan amounts and the repayment schedules are regulated differently state by state. It is best for you to check with your state laws.

The general information provided by is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
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Anonymous payday loan said...

The charges on a payday loan can add up, if someone doesn's pay on time. Other than that, payday loans are a good option for someone that doesn't want to get caught up with credit cards debts. They can also help in a tight situation, its quick, and most places are open longer hours than banks.

6:01 PM  

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