News What You Need for a Payday Loan

What You Need for a Payday Loan


Knowing what you need for a payday loan can really speed things up, it can also save you time as you know beforehand what your chances are to get a pay day loan.

The credit score for a typical American is between 400 and 600 this means that these Pay day loans are designed to offer products to those people within this range, if you’re score is below 400 then it might be harder to get a pay day loan and if it’s above 600 then the chances are you’ll be taking out a personal loan with a much lower APR.

Regular Income into Checking Account

To be approved of an instant pay day loan into your checking account on the same day you need to have regular income coming into your bank account, this can either be from employment, self employed or welfare benefits. The more proof you can show that you have regular income coming in the greater the chance of getting a loan at a lower rate on the same day.

When you can’t prove that you’ve got income coming in regularly and deal mostly in cash you’ll have to fax your bank statements to show the income upon which you’ll probably have to pay a higher APR.

Bearing in mind that a normal pay day loan costs between 1000% and 2000% it’s much better to show that you have regular income coming in by offering them your pay stubs or self employment accounts. Some of the lenders that you should consider are,, and

Can I Apply for Payday Loans While on Benefits

If you’re on benefits then there is a good chance that you’ll get approved, there is nothing more reliable than a government check and as such lenders are very lenient when you borrow money by offering your welfare checks as proof. Even if you have bad credit or adverse credit with a really low score there is a good chance that you’ll get the money the same day.

What You Need for a Payday Loan

No Credit Check Payday Loans

If you apply for a no credit check pay day loan the chances are you’ll pay a higher APR, as mentioned previously these loan rates can range from 1000% to 2000%, this is because these loans are high risk loans and there is a big chance that a majority of borrowers will fail to pay.

If you choose go with a lender that does no credit checks then you can expect to pay a higher rate. If you’ve got income coming in then it makes sense to go for a payday loan tan checks your credit score.

What You Need for a Payday Loan

Bad Credit Payday Loans

If you’ve got bad credit then some lenders do offer bad credit payday loans, this type of high risk loan will come with a very high APR between 2000% and 3000%.

If you have got really bad credit and need a loan then it makes sense to secure the loan if you have got regular income coming in, by securing the loan with a collateral you’ll be paying less in interest, however you need to make sure than you can pay the money back otherwise the collateral taken as security will be repossessed.

Alternatives if You Can’t Get Payday Loan

There are many alternatives available to these types of loan, before you think about taking one out I always advise people to really sit down and think about why they need the loan, if it’s for an emergency then you should look at other options like government crisis loans, if you need the loan for entertainment then you should seriously think twice about getting yourself into unnecessary debt.

Other alternatives that you should consider before making the decision include peer to peer lending, credit unions, car title loans and even pawning items as these types of high risk loans come with much lower APR. Your aim when taking out these high risk personal loans is to find the best deal possible and always try to find ways to avoid borrowing the money.

What You Need for a Payday Loan

What You Need for a Payday Loan

Knowing what you need for a payday loan helps to speed up the process, if you have regular income coming into a checking account and you have a steady job then you’ll be approved for a loan quickly and even get the money within 24 hours. If you’ve got bad credit or can’t prove your income you’ll have to fax over proof of income and even then you’ll be offered money at very high rates.

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What You Need for a Payday Loan
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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