When we talk about payday loan, there is least number of payday loan requirements you need to full fill. These loans have been especially designed to make it a hassle free process for an individual to borrow loan at its earliest. This distinguishes payday loan from other types of loans, where lenders or banks consume huge amount of time to approve your loan amount.
What Is Required?
- In order to become eligible for payday loan, the most important requirement is to have a payday. This means you need to be in a regular job and must not be self-employed or a freelancer.
- The second requirement is to have a minimum monthly pay to apply for payday loans. Generally, it is $1000, however, it can change according to the policies of the lenders.
- You need to have an active bank account, which has been in operation for at least 3 months.
What Is Not Required?
- You don’t require having a good credit score to becoming eligible for payday loans, as even a bad credit scorer can apply for these loans.
- You are not required to fax any documents to the mender, with whom you are applying for payday loan.
- You also don’t require collateral, as payday loans are unsecured loans. Thus, the lender doesn’t consider, whether you have a home or not.
- Finally, you don’t require having a fixed bank balance, as the lender is not interested in how much money is possessed by your account.