How It’s Work

Payday Loan Requirements

When you are facing a rough spot in your financial history and you need a moderate amount of money to pull you through, a service called payday loan will work as a piggy-bank for you – the one that is lent to you by a licensed organization for a stipulated fee (the amount of the latter is determined by the legislature of state the loan is issued in). The nomenclature itself suggests the nature of such loans: they are referred to as “payday” to reflect the brevity of the term they are issued for – supposedly, until your next pay slip falls through.

 

Short-term loans are subject to State Legislature regulations. Before applying for a loan, we recommend that you check the legislature that applies to these financial tools in your state. There can be a significant difference in APR (annual interest) on loans based on whether or not the state they are issued in imposes prohibitions that regulate the maximal loan cost. This results in APR being set at 390% in some states and doubled up to 780% in others.

 

This type of credit stands out from other similar financial products due to a number of reasons. Let’s have a look at what features make this urgent crediting unique:

 

  1. Individuals can qualify for a loan even with a subpar credit history
  2. A loan is issued under 60 minutes
  3. An average loan is issued for a period of 14 days
  4. Loans are issued in the amount between $100 and $1,000
  5. Borrowers pay a fee between $15 and $30 per every $100 of the loan

What type of evidence does an individual have to present in order to receive a loan? Can everyone receive them? In principle, this kind of financial tool is available to everyone aged 18 and older, with the exception of certain populations.

 

The requirements you must meet to receive a payday loan are as follows:

 

  1. Being 18 or older
  2. A valid ID
  3. A working checking account in a bank (provide banking account information, including routing numbers and INN)
  4. Your current mobile phone number
  5. Pay slips or other documents that prove stable income (note that some lending companies will require other information, such as employer details, income amount before and after taxes, frequency of income influxes, etc.)
  6. Valid email address
  7. A filled payday loan application form (the application should contain the information about borrower: their full name, ID data, contact information – address and phone number, bank details and social security number.

 

If you meet these requirements, you will most likely be considered a good candidate for a loan. The following groups of borrowers are considered not eligible by loan regulations:

A payday loan application will sometimes be rejected even if a borrower is able to present the evidence of meeting the requirements described above in case their current bank account is compromised with a debt that is more than average. This happens fairly infrequent though, since lenders are interested in attracting new customers. They rely not so much on the borrower’s repaying potential as on their ability to collect the loan and the fees.

 

Applying for a payday loan

A borrower can apply for a loan directly at brick-and-mortar payday loan stores (the money you can receive there is often called “PLS payday loans”). PLS loans online is another, arguably, more convenient form of money lending.  At an actual store, you will receive cash advance USA citizens are most commonly interested in, since they find this form preferable. In case of online lending, direct deposit to an open bank account is another option. You can receive cash if there are lending company’s offices where you live.

 

Alongside with filing your application, you will be offered either to write a check that the lender will cash after the loan period is over, or to authorize the lender for drawing the debt plus the fee amount directly from your account.

 

Your application will be considered during 1 hour, and you will receive the decision by SMS text. If it is positive, you will receive money to your account, or cash at the lender’s office of your city, if any.

 

Benefits of Using Our Service

Hopefully, the information above helped you to understand the mechanism of PLS loans and their role in helping individuals recover from temporary financial scrutiny. Now let us consider the advantages of letting us facilitate your loan:

 

Should you have any questions unanswered, we suggest that you check out other sections of our website or contact us for further information. Remember that there is no need to subject yourself to hardships given the availability of financial tools specifically developed to help you cover hard times with maximal comfort and at minimal cost.

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