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Steady Income Source
As with any lender, a steady income is a must. The larger payday loan establishments require a minimum of six months steady employment or income history. Your income is what ultimately decides the maximum amount of money you qualify to borrow as well. Applications will request your employment history and your pay check stubs from the last one or two paydays to verify your income. Most payday loan lenders require a monthly income of $800 to $1,000 to consider your application.
Most payday lenders require a checking account that has been open for a minimum of six months and is currently in good standing. You may be disqualified if your banking history shows too many overdrafts or returned transactions due to insufficient funds. You will be asked for a copy of your most recent bank statement to verify your banking history. Another reason you will be
required to have a checking account is because most lenders will ask you to write out a check to the lender for the amount of the loan plus any required fees and to date the check for the day the loan payment is due. Some online payday lenders will allow either a checking or savings account and can use an electronic payment or debit transaction for your loan payment. Your contract will usually specify the details regardless of whether you use a checking or savings account.
All short-term lenders will require references in case they cannot reach you. Most will require a minimum of two references, and some may require as many as four. You will be asked for the name, relationship, address and telephone number of these references, and you will also give your consent for the lender to contact these references in the event the lender is unable to reach you.
Category: Payday loans