Who Qualifies For Payday Loans?

Payday loans have a very easy application process and are accessible to many people. Due to it being very easy to apply for and not having a lot of terms and conditions. Payday loans are now accessible online as well, so anyone and everyone can send their documents through and apply for a payday loan at their own convenience. People can also search the lender’s website for whatever information they need in preparation for a loan, though they could also read articles like this Dollars Direct review to get the important loan information. Though despite all this ease and convenience there are some requirements you need to pass in order to qualify for a payday loan. Here is what it takes to qualify:

  • You are old enough

The minimum age requirement to be able to apply for a payday loan is 18 years old.

  • Government I.D

Every consumer who wants to apply for payday loan must have a valid government issued I.D for identify verification purposes.

  • Income

To be eligible for a Payday loan the consumer should be having a valid proof of monthly Income. Lenders usually prefers a 3-month bank statement to be attached along with other documents to see whether the consumer will be able to pay the loan back. The income must be verifiable and the bank account must be active as well.

  • Proof Of Residence

Proof of where the consumer is staying is a requirement when applying for a payday loan. This could be a recent utility bill or a tenancy contract.

  • Debt

Payday loan lenders do not check credit score so even if a consumer has a bad credit score the chances are the loan can still be provided but if the consumer is going into debt in the recent months leading up to current then it’s unlikely for a payday loan approval or if the amount that is requested by the consumer Is too high and the income is too less then the payday loan can be denied or another option would be that the amount would be lesser than what was requested, making it more suitable with the income of the consumer.

  • Not having a Payday loan already

If a consumer does not have a payday loan from another lender or the same lender already then the chances of getting a approval are more likely. If a consumer has a payday loan from another lender or the same lender then it would not be possible to request for a new loan unless the income of the consumer Is very high and is able to afford to pay back the loan that would be taken from the lender.

This too is an option but with its risks involved. You should draw comparisons before concluding according to your circumstances.

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