When you're experiencing difficult
financial times or an unexpected expense, a payday loan can be a convenient
short-term financial solution to your problems. A payday loan gives you quick
access to the funds you need for those situations where you just cannot wait
until your next pay date. These types of situations happen to all of us, and
range from things like an emergency medical visit to an unexpected car repair.
When you don't have the money you need, and your friends and family aren't in a
position to help you, a payday loan can be real lifesaver.
In most cases, getting a payday loan
is an easy and convenient process. You can obtain one without the hassle of
putting down a deposit, collateral, up-front fees, or even running a credit check.
In addition, you can fill out the application online from your home computer.
Here are the most common payday loan
application requirements and qualifying criteria for payday lenders:
1. You must be a U.S. citizen. The majority of U.S. based lenders are only licensed to
offer their services to U.S. citizens. Some lenders may have authorization to
loan to residents outside of the U.S. but it is important that you verify this
before proceeding under that assumption.
2. You must be of legal age. Payday loans are governed by contractual agreements that
can only be entered into between adults, so you must be at least 18 years of
age. Though this sometimes varies among the different states, most minors are
not eligible for this type of loan.
3. You must have a regular, reliable
source of income. For most people, this means that
you must be actively employed on a job for the minimum amount of time. This
means you cannot be on the probationary period with a new employer and you
cannot be a temporary status employee (i.e. a "temp"). Some lenders
will allow you to qualify for a loan if you are receiving pension or retirement
benefits. However, in most cases, government aid, such as Temporary Assistance
for Needy Families (TANF) and unemployment benefits, will disqualify you.
4. You must have a valid checking
account. Most payday lenders will not
approve your payday loan application if you have a savings account or prepaid
debit card account. In addition, you will almost always be required to have
your checking account open and active for at least 30-days. A valid, verifiable
checking account is needed for electronic transfer of your loan money and the
repayment of your loan balance on your due date.
5. You must provide any supporting
documents that are requested to supplement your payday loan application. In most cases, you will be asked to provide your last
months bank statement or a 30-day printout of all your checking account
transactions. Some lenders may ask for your most recent pay stub instead of or
in addition to your bank statement. These items are generally required to
verify your monthly net income amount so that the appropriate loan amount can
be determined.
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