Loan Requirements

Identification – In order to prevent scams, one of the crucial prerequisites for a payday loan application is that you might be required to present a pair of form of identification. These could consist of your federal photo I.D, driving license, passport, power company bill or your most recent savings account statement.

Age – You’ll need to be no less than 18 years old. Default interest rates are usually significantly larger amongst younger people.

Citizenship – It is important that you are a U.S. citizen, thus you need a social security number. If you are from the UK, or Canada you will need appropriate documents, but also you will be required to make use of a different application form.

Postdated check – You’ll need to supply the lender with a postdated paycheck for a amount that is equal to the amount of money you’ve got obtained and then any fees that can accrue over the life of the loan. This amount will be defined by the lender. If you fail to payback the debt on the deadline day, your pay cheque is going to be banked.

Source of income – You will need to have a employment and could have to fulfill an elementary income requirement to receive acceptance. You might like to take a cash advance loan when you have no job, but you might be poorly placed to settle your debt. How could you repay the money as well as any interest that’s accumulated?

Savings account – You’ll want a checking account, complete with check book, in your own name. Your cash is going to be transferred to this bank account, therefore it forms an important part of the confirmation procedure.