Payday Loan Qualifications

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 age. Sorry kids, your parent can't even co-sign for you. By having an established checking account, most lenders accept that as proof that you are of legal age.

Other Personal Information

Besides checking your age, cash advance lenders will request personal contact information including name, address, and phone number. Most online lenders process your application online, but others will call you to verify your information.

Additional Information

While most payday lenders will be satisfied with basic information, some may require additional terms. For example, some lenders will not approve loans to temp or freelance workers. They may also not approve a cash advance if you already have a payday loan with another lender. It is best to compare lenders' terms to be sure you can qualify.

Qualify For Loan Amounts

To receive quick cash, you will also have to abide by your state's lending laws. The maximum you can borrow is between $500 and $1000 based on your state's laws and your income. Repayment schedules are also subject to state laws.

To view our list of recommended cash advance companies online, please visit this page: Recommended Payday Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

Latest News


Washington Post

UAW strike would kill auto loans
Detroit Free Press, United States - 41 minutes ago
The US Treasury Department could declare General Motors Corp. and Chrysler LLC in default of their $17.4 billion in loans and demand the money back, ...
UAW strike would put automakers in default of federal loans DetNews.com
Autoworkers union begins talks on concessions The Associated Press
As condition of loan, UAW can't strike against GM Detroit Free Press
The Associated Press - Detroit Free Press
all 482 news articles

WSAV-TV

Consumer Borrowing in US Falls Record $7.9 Billion
Bloomberg - 11 hours ago
Non-revolving debt, including auto loans, dropped $5.2 billion for the month. Fed policy makers last month cut the benchmark interest rate target to as low ...
Consumer borrowing falls by $7.94B in November The Associated Press
Consumers borrow less than expected CNNMoney.com
US ECON: November Consumer Credit Falls By Record $7.94 Bln Forbes
The Consumerist - Xinhua
all 211 news articles

AFP

Citigroup, Senators Agree on Bankruptcy Role to Trim Loan Rates
Bloomberg - 3 hours ago
The revised bill Citigroup endorsed would give judges the ability to adjust principle payments or interest rates on existing loans, and could extend the ...
Citi Reaches Deal With Lawmakers on Home Loans New York Times
Citi reaches deal with lawmakers on home loans The Associated Press
Citi Will Support Bill to Rework Bad Loans TheStreet.com
AFP - Wall Street Journal
all 539 news articles

Javno.hr

Loan Delinquencies Hit Record High Last Year
Washington Post, United States - Jan 7, 2009
By Nancy Trejos Delinquencies on auto loans and home equity lines of credit reached their highest levels on record during the third quarter of 2008, ...
Late loan payments hit record high in Q3 USA Today
US consumer loan late payments at 28-year high Reuters
Home-equity delinquencies at record level Newsday
Minneapolis Star Tribune - WalletPop
all 64 news articles

Sallie Mae Raises $1.5 Billion for Private Loans
Washington Post, United States - 10 hours ago
Reston-based Sallie Mae has secured $1.5 billion worth of financing from investment bank Goldman Sachs for a batch of private student loans, a sign that ...
Sallie Mae shares falter despite financing BusinessWeek
Lump of Coal from Sallie Mae AACRAO Transcript
Sallie Mae Closes $1.5 Billion Financing WELT ONLINE
MarketWatch - RTT News
all 25 news articles

PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans
Bloomberg - Jan 7, 2009
Known as PennyMac and led by Stanford Kurland, the firm is paying an average of 30 cents to 50 cents on the dollar for the loans and the FDIC is sharing ...
FDIC Unnationalizes Some Debt Forbes
BlackRock, Highfields-backed firm to share gains and losses with FDIC MarketWatch
PennyMac Completes Purchase of $558 Million in Mortgage Loans from ... Associated Content
The Associated Press - PR Newswire (press release)
all 80 news articles

Reuters

Banks Pare Fed Loans After Increase for Year-End Cash
Bloomberg - 11 hours ago
Outstanding loans to banks through the Term Auction Facility dropped to $384 billion from $450.2 billion, the Fed release showed. ...
Fed Says M1 and M2 Rise, Loans to Banks and CP Loans Fall CEP News
Banks borrow more, investment firms less from Fed The Associated Press
Will asset-backed securities return? Pottstown Mercury
The Olympian - Sun newspapers
all 779 news articles

Boston Globe

Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies
Bloomberg - 3 hours ago
Fed policy makers have expanded the central bank’s total assets by $1.25 trillion to $2.14 trillion over the past year by increasing loans to banks and ...
Rosengren sees path to recovery Boston Globe
US FED: Rosengren Supports Expanded FHA Mortgage Lending Forbes
Hub’s Fed chief: Deep recession confounds forecasts Boston Herald
Reuters - RTT News
all 50 news articles

Legislative analyst doubts loans will fly
San Francisco Chronicle,  USA - 1 hour ago
Finding investors in a credit market that's in turmoil and a potential legal challenge on whether the state can take out short-term loans to balance the ...
Report: Schwarzenegger's heavy borrowing proposal is risky San Jose Mercury News
Analyst has worries over Schwarzenegger plan to close budget gap San Francisco Chronicle
all 20 news articles

Chemistry World

Lyondell Can Borrow $2 Billion in Largest US Loan
Bloomberg - Jan 7, 2009
US Bankruptcy Judge Robert Gerber in Manhattan approved the loan at half-past midnight, after lenders spent five hours negotiating to resolve objections to ...
Judge OKs LyondellBasell loans after Ch. 11 filing Forbes
Bankruptcy loans approved for LyondellBasell Chemistry World
Lyondell gets over $2 bln in bankruptcy financing guardian.co.uk
Euroweek.com - Reuters
all 452 news articles

Resources