Top-5 Requirements to Be Approved for Payday loans Online!

If you have taken a decision to get payday loans online, it is high time to find out more about obligatory requirements each potential borrower should meet to be successfully approved for online payday loans.

Check out the list of requirements below to be sure you won’t have any problems applying for payday advance online.

Requirement number 1: You must be not younger than 18 years old

According to the state’s legislation, eligible age of a borrower must be at least 18 years old. In case a borrower is younger, he/she can’t be approved for payday loans online in any state. It is obvious as those who are under 18 don’t have an ability to make the loan repayment.

Requirement number 2: You must be a US citizen/resident

Not less important requirement for the potential borrowers is to be either a resident or a citizen of the state, where he/she is going to apply for a payday loan online. Neither citizens, nor residents are disapproved as they don’t have right to use payday loan services offered in some other state.

Requirement number 3: You must have a steady income source

One of the most important requirements for being approved is having a steady source of income. In case you are employed and can prove it with your paycheck, nothing to worry about, however, if you don’t work currently but have some other guaranteed income per month, you may have a chance to be qualified for the same day payday loans.

Lenders prefer customers, whose monthly salary is not less than 1000$ as the amount of a payday loan is up to $1000.

Some lenders offer using all advantages of payday loans online to students or pensioners as well. If you have any doubts that you will be able to pay a payday loan back within the short period of time, then it is better not to take risks as non-repayment will have the negative effect on your credit rating.

Requirement number 4: You must have a valid banking account

Each customer should have a banking account. It is preferable to have the checking account that has been opened at least six months ago. Your payday loan lender will transfer a payday loan online directly into your banking account within one business day after you have been confirmed as an eligible payday loan customer. The repayment also takes place the same way: on the due date the lender is going to withdraw the amount of a loan plus interest directly from your account in case you agree to pay money back in such a way.

Requirement number 5: You must provide your personal information

You should be ready to give personal data like First and Last name, address, Social Security Number, contact information (e-mail and telephone number). All this information is required for the verification process. Share contacts in order you can be informed about your approval. When you are a registered customer, you will get any special offers the lender provides for new borrowers or loyal customers via e-mail.