Payday Loan Requirements
A payday loan is quick and simple option when you need emergency cash for utilities, bills, a broken car or any other option. The payday loan requirements are very minimal so the option to borrow money is open to almost anyone. As some lenders may have different requirements than others the baseline is large. You can have bad credit, no credit, or great credit and still qualify for a payday loan or cash advance. Remember to only borrow what you can payback your next payday though as to stay out of debt.
What are the requirements for a payday loan?
- 18 Years of Age or Older – this is to ensure you are old enough to legally enter an agreement.
- Proof of Income – some lenders will allow disability, social security income and self- employment or contract positions, but the majority only accept employment.
- Checking Account with low amount of insufficient fund (NSF) charges. A checking account will allow the lender to send and pull funds on your payment dates. Some lenders will accept a savings account if the bank allows withdraws from the account.
- Direct Deposit – Some lenders will lend to borrowers who receive a paper check from the employer and this should not deter you from applying, but the larger majority like to know that the funds will be in the account on the due date of the cash advance payment.
Asking for a lower loan amount ($300-$500) on your first loan amount and only having one loan out at a time will increase your chances of being approved.
Lending to military personnel and dependents are highly regulated in the U.S. by the Military Lending Act. While the MLA means that traditional payday loans are not a viable option, there is still a short term loan program for military personnel and dependents. If you would like to hear more about these advance please apply with our partner who specializes in short terms loans for military personnel.
To qualify for a military loan, you must be:
- Full-time active-duty U.S. military
- 20 year career-retired U.S. military
- National Guard/Reserve/Active Duty
- Department of Defense GS-6 or above
- Must be the actual named applicant
- Verification of Identity
- Submission of Leave and Earnings Statement (LES)
Pioneer Services proudly provides military loans to all ranks and branches of active-duty and career-retired military service, members of the National Guard and Reserve and current employees of the Department of Defense (GS-6 or above). If this includes you, they’re here to help find a military loan that fits your needs – and your life. They offer:
- $500 – $10,000 loans with flexible terms
- Easy applications with fast turnaround
- Monthly allotment payments
- Friendly customer service
- 15-day, risk-free guarantee
If you are happy with the above offers apply with our military lending partner today.