What do I need to qualify for a payday loan?
Qualifications vary depending on your specific lender but the basics generally include the following:
- At least 18 years old (though it’s easier to get approved if you’re at least 20)
- Social security number
- Email address and/or phone number
- Proof of income such as recent pay stubs or bank statements showing regular deposits of $1500 or more each month
- Checking account
Rules are subject to regulations of the state in which you live. You can also try a personal loan, longer repayment time, and loans from $500.
What if I have bad or no credit rating?
Even if you have bad or little credit, you can often still qualify for a payday loan. Specific requirements vary by lender, but as long as you can verify your income and meet the other basic standards, you have a strong chance of being approved.
How and when do I repay the loan?
When you receive your funds, lenders either require a check dated in advance for the due date or access to your checking account to withdraw the funds themselves.
Traditionally, payday loans come due on the date of your next paycheck, which is usually two weeks from when you receive the funds. However, most states now allow for payday loans to last between 30 and 60 days.
Can I pay back my loan before the due date?
Yes, most lenders allow for early repayment without a penalty; however, it’s always smart to check with your lenders on their specific rules.
What do I do if I miss a payment?
Let your lender know that you don’t have the money to repay the loan. This way, you’ll avoid any overdraft fees from your account when they attempt to pull the funds. Then, ask your lender about repaying the loan with an installment plan.