Many Americans struggle to find lenders willing to approve borrowers with bad credit. If you’re one of them, don’t worry – with payday loans, bad credit alone won’t necessarily prevent you from getting approved. In fact, many lenders don’t even run a credit check. They understand that it may be more difficult to qualify for a standard loan with poor credit.
Qualifying for payday loans is easier than you think – you just need to meet a few requirements to get approved. Find out if you’re eligible for a payday loan.
Qualifying for same day payday loans is easier than you might think. With just a few lender requirements and a quick approval process, getting an advance payday loan is much quicker and easier than getting a regular bank loan.
Most lenders require you to be at least 18 years of age to qualify for a loan.
During the application process, you generally need to have the following documents and information:
- A bank account
- A valid form of identification
- A personal check
- Proof of income
- An email address
The personal check requirement for payday loans is common among lenders. All you need to do is write a check containing the amount of money you would like to borrow. When you’re ready to repay the loan, the lender will cash the check and get repaid.
Be mindful that interest will get tacked onto your loan, and nearly all lenders charge a fee in exchange for you borrowing the money. This is commonly referred to as a lending fee and can range from 5 to 30 percent of the loan. These charges help protect the lender in case you cannot repay your loan.