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You know the story: due to medical bills or other unforeseen circumstances, you’re short on cash. Yet your car payment is due in two days, and your landlord says that if you can’t pay rent by the end of the week, you’re getting evicted.
The fact of that matter is that people are struggling.
A payday loan can be a quick and easy way to cover your bases. But what do you need to get a payday loan, anyway?
Keep reading for a brief but in-depth guide on what you’ll need before applying!
An Official Form of Identification
The simplest yet most important of the payday loan requirements is a valid form of government ID.
This can be:
- A driver’s license
- Birth certificate
- Social Security card
It’s not uncommon for businesses to require two forms of ID, so bring multiple if possible. Often, a piece of mail with your name and current address is perfectly sufficient.
It’s also worth noting that some lenders may require a Social Security number. However, this varies from company to company. Still, it’s a good idea to bring your SSN card with you in case you need it.
A Checking Account
The majority of lenders dole out compensation via direct deposit, not cash. As such, they’ll require proof that you have an open and active checking account.
An active debit card works in most circumstances. You may also need your bank’s routing number, so make sure to look it up online before applying.
The approval process is quick and easy. Still, payday lenders need to make sure they can get in touch with you to verify your identity and collect payment.
Therefore, you’re responsible for providing:
- A home address
- An email address
- A phone number
Most of this information should come from your ID. However, be sure to let your lender know if the address on your ID doesn’t match your current residence.
Otherwise, you’re liable for address fraud, a crime that could land you in jail.
Proof of Income
Payday loans are a great way to get on track and catch up on unpaid bills, or rent or mortgage payments. Still, you’ll need to prove to lenders that you have a means of paying them back.
Whether you’re applying online or in-person, you’ll have to bring some form of evidence that you have income, such as an old pay-stub or a payment report or invoice if you’re a contractor.
So how do you qualify for a payday loan if you’re unemployed? Some companies will let the employment requirement slide, provided you have some form of income.
What Do You Need to Get a Payday Loan?: A Recap
As easy and convenient as payday loans are, you must have a clear understanding of what you’ll need to apply. So what do you need to get a payday loan?
A valid photo ID, proof of your checking account, contact information, and evidence of income. We hope you found these tips helpful! Don’t forget, we have plenty of great articles to help you through life’s toughest moments.
Be sure to check back with our blog for more!