What are the general eligibility criteria for payday loans?
What are the general eligibility criteria for payday loans?

What are the general eligibility criteria for payday loans?

Payday loans are gaining momentum in the recent years.  Many people consider it as an authentic option to overcome financial emergencies. But most of the people are unaware of the application process for payday loans. While applying many questions arise. What is the first step of the application process? How long does the application process take? What are the requirements that need to be met? Etc.

Here is a list of the few qualifications one has to examine while applying for payday loans.

This outline of requirements is brief and it can vary from one lender to another. But most of the requirements mentioned here are generally applicable everywhere.

Is payday loans accepted as an authentic loan in your country?

There are many misinterpretations regarding payday loans, due to which these loans are not legal everywhere. These interpretations are due to the fact that money is offered instantly and for shorter term. Due to this fact a lot of fraud cases also arise where the lender is seen looting money. Due to some of these reasons in many places payday loans are restricted. Some examples are North Carolina, Maryland, and New York, New Jersey etc.

Are you an adult trying to apply for payday loans?

 One of the very important factor is that payday loans are available only to those individuals who are adults and who are earning a fair income. One cannot hold a minor responsible for financial situations or loans.

What is your employment status and income?

 The repayment period in these loans is comparatively shorter and only those individuals who are expected to repay are given these loans. The amount given as loan depends on the income of the individual. If one is unemployed, repaying of loan becomes difficult for him/her. The period of repayment being short can also add to it.

Do you have a checking account/savings account?

Possession of a checking account becomes a very important factor for qualification for payday loans. Having a checking account increases the authenticity and it also simplifies the application process. It will also help in the transfer of money. To get a payday loan today itself, please visit icash.ca

 How good is your credit score?

In most of the countries there is a credit score system which is taken into consideration before any loan is given. However, in the case of payday loans, taking the credit score into consideration or not purely depends on the lender. In most of the cases, credit score is overseen. As a result, it comes open as an option to many people who are looking to borrow money.

Along with these requirements, one also needs to present certain documents for proofs. One needs to show a certificate/proof of income. This is to show that the individual has steady income. This is because the loan amount depends on the monthly income. One must also present one’s ID card issued by government and also details of one’s bank account.

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