Payday loans, also called cash advance loans, are a convenient way to get cash quickly when you need it. One of the best things about payday loans is that credit checks are not needed. Although there are a few requirements for getting a loan, most people can meet them.
For you to get a payday loan, you need to be at least 18 years old.
A borrower also has to be a resident of the state in which he gets the loan. This is important because some states prohibit payday loans.
Lenders have different income requirements. For most lenders, a borrower needs a regular monthly income of at least $1,000.
A few lenders may allow an income of $800 a month. The higher your income, the more money you can borrow. Many lenders allow you to borrow up to $1,500. You have to prove your income for the last two or three months by showing paystubs.
You need to have a checking or a savings account to get a loan. You have to provide this information when you fill out the loan application. Once approved for a loan, the lender gives you the money. When the loan period is up, usually two months later, you have to pay back the amount of the loan, the interest and the fees. Some lenders automatically withdraw this money from your bank account.
Phone and Contact Requirement
Anyone who borrows money has to have a phone number in his own name. You also have to provide your full legal name and address.
If you need quick cash, a payday loan may be the solution. You can go to a payday loan center in your neighborhood or use an online payday loan service. By meeting the requirements, you can get the money you want.