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What Basic Requirements Do You Need To Meet When Applying For Payday Loan?

Posted by on Jan 23, 2016

What Basic Requirements Do You Need To Meet When Applying For Payday Loan?

It is widely known that this kind of loan is designed for short amount of time and has high interest rates. People who are in a need of cash or who are in troublesome situation before their next paycheck resort to this kind of solution. If you decide to get payday loan, here are the requirement you will need to fulfill in order to get one.

Most of the lenders won’t require from you to be employed, but you must have some sort of a steady income during a month. In this way the companies want to secure themselves that you will be able to repay borrowed money.

In order to apply for this kind of a loan, you must be the resident of the state in which you are applying. That means you can’t be the resident of Texas and apply in New York.

You must fulfill legal age limit and the lender will seek from you to be at least 18 years old. Anyone that is under that border won’t be taken into a consideration.

You credit history must be clear, which means you can’t be in any bankruptcy case or you have any intention to voluntary file for bankruptcy. In this case you won’t be able to apply for payday loan, because the lender won’t have conditions to refund its means.

If you want to apply for this loan, you can’t be the member of Navy, Army, Marine Corps, Air Force or Cost Guard, that is on regular service.

How to apply online?

If you want to apply online, then you have to be able to provide social security number or individual taxpayer identification number. Through these number the lender will check your credit history and determine whether you are suitable for this type of a loan.

Some of the companies will send you verification code through your mobile device, this is only for the situations when you are applying online. Advice would be to keep you mobile close, because the code you get, will have to be entered on site of the lender.

On the other hand, if you are applying in-store, the company will only require from you to bring a valid photo ID, that government has issued. In this case you will not need social security number.

Also regarding an application in in -store, you will have to bring a proof of your income and a proof of your bank checking account. Debit cards will be also accepted in these cases. But for the first hand information it would be wide to contact your local department. Because these detail vary from state to state.

You will be also required to have bank account one moths old, anything under that won’t be accepted.

As you can see, every legitimate lender will ask from you to fulfill these conditions. If these conditions aren’t on requirement list then it would be wise to give up that lender and search for something more appropriate and trustworthy, because you will be subject of a scam.