Understanding The Requirements Of Online Payday Lenders

Published on March 28th, 2014

One of the best things about a payday loan is that it is designed to be for a small amount of money, as little as $100 to up to $1000, that you borrow until your next pay period. This small amount of money over a short borrowing time means that online payday lenders don’t have to check your credit score or ask for collateral, but to get the loan you do have to meet some simple requirements.

The first aspect of getting a loan is that you have to be at least 18 years of age. You cannot apply for a loan if you are under the age of 18, and, since there is no co-signer, you cannot simply add an adult onto the loan. In addition you will need to meet the following requirements of online payday lenders.

Income and Employment

In lieu of collateral and a credit check, online payday lenders rely on your current employment as your proof that you can repay the loan. You will need to have at least 90 days of work history and you will need to provide contact information for your current employer. This will include a supervisors name and the information about the company.

In addition you will need to have a monthly income of at least $1000. However, how much money you are eligible to borrow will be based on that income amount. The higher your income the more you will borrow as the online payday lenders make the logical assumption that you can afford more of your next pay check to repay the loan.

Good Contact Information

You will need a valid email as well as a physical address and a working phone number. If you don’t have an email account you can create a free account before applying to online payday lenders through Google, Yahoo or Hotmail to name just a few.

All your bank information will also need to be provided. This includes your bank number, routing number and your bank account number. You will have to have a checking account that is not in overdraft and that is not showing a negative balance.

The requirements of online payday lenders should be clearly provided on the website. Check to make sure it is a secure site before providing any personal information and only use a reputable online lender website.

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