Payday loan qualifications are different from other types of short-term loans. By establishing that you have a monthly income and meet other minimum requirements, you can receive a loan even if you have poor credit.
Established Regular Income
One of the prime requirements for a payday loan is that you have a source of regular monthly income. Most payday loan companies will ask for at least two months of employment history. However, you can also apply for a cash advance if you receive a monthly check from social security or a pension.
Depending on lenders, you will also need to have a minimum income between $800 and $1200. Some lenders will request a copy of your bank statement or paycheck stubs to verify financial information. Faxless applications do not require copies of these forms.
Open Checking Account
To apply for an online cash advance you must have an open checking account. Some lenders require the account to have been established for at least four months. They also may check that there are no outstanding checks on the account.
Minimum Age Requirement
Payday loan lenders require borrowers to be at least 18 years of...
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