Who Qualifies For Payday Loans?

Payday loans have a very easy process and are accessible to many people. Due to it being very easy to apply to and not having a lot of terms and conditions the process goes by much smoother and is easily accessible to many consumers. Payday loans are now accessible online as well so anyone and everyone can be able to send their documents through, search the website for whatever Information that is needed and apply for the payday loan in their own convenience the entire process step by step is also present on payday loan lenders online websites making it more easier to understand and also all the required documents can be uploaded online making it easier to apply for. Here is what it takes to quality for payday loans:

  • Age

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

  • Government I.D

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

  • Income

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

  • Proof Of Residence

Proof of where the consumer is staying is a requirement when applying for a payday loan a tenancy contract must be attached with the rest of the documents.

  • Debt

Payday loan lenders do not check credit score so even if a consumer has bad credit score the chances are the loan can still be provided but if the consumer is going in 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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