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To apply for a payday loan, you will need to provide personal and contact details, including your name, address, phone number and email address.

You will also be asked questions about your income to determine what you can afford.

In this article, we will walk you through what you need to apply and qualify for a payday loan, whether it’s a fully online or an in-store application.

Am I Eligible For A Payday Loan?

To get a payday loan or most other types of short-term, unsecured loans in the United States, even if you only need to borrow $1,000, you need to check a few boxes.

To be qualified for a payday loan, you must meet certain conditions:

➔ You must be a US citizen.
➔ Be at least 18 years old, with a valid ID.
➔ Being employed and earning money consistently.
➔ Have a checking account where the loan can be deposited.

To get approved, you most likely need the following to be true, too:

➔ Obtain a minimum monthly income of $800.
➔ Have a current cellphone account and phone number
➔ Be able to make loan repayments.
➔ Reside in a state in the US that permits payday lending.

To apply for a payday loan, you need to share information about yourself with the lender, such as your personal details, contact details and income information.

How to Apply for a Payday Loan?

It’s easy and convenient to submit an online application for a payday loan.

You will typically need to submit your personal and contact details, your employment and income information, and details about the bank account the loan can be deposited into.

Some payday lenders could also ask for further details like your Social Security number or driver’s license number for identity verification purposes. You can start the online application procedure right now if you fulfil all the requirements listed above for a payday loan. To get started, you can use our simple form to help you find a dependable payday lender that provides loans in your state.

Make sure you read the terms and conditions of your payday loan offer carefully.

Step 1: Submit an Application

Payday loan applications are simple. Filling out an online form and submitting it to the broker/lender is all that’s required. You can typically get a loan decision in minutes.

Step 2: Evaluation and Approval

Upon receiving your application for a payday loan, the lender will analyze your information and determine if they will approve you for a loan. They will let you know if you are accepted, along with details on how to continue and the loan’s terms. This may happen immediately on the lender’s website, or with a small delay via email or phone.

Before choosing, ensure you have read the loan offer carefully to be aware of all the terms and restrictions. You must sign the contract and send it back to the lender once you’ve decided to accept the payday loan. This can all happen online, within an hour.

Step 3: Get Your Money Within 24-48 Hours

You’ll typically get your money within 24-48 hours if your application for a payday loan is approved. This means you can access the funds you need quickly rather than waiting days or weeks. The money is usually deposited directly into your checking account you shared the details for, making it simple to access.

You need to check a few boxes to be approved for a loan, such as being over 18, a US citizen, with a stable income and bank account.

Is a high credit score required?

Nope! No matter if your credit is good or bad, you can get a payday loan. Many lenders accept loan applications from borrowers of all credit ratings and work to provide them with the funds they require to cover expenses until their next paycheck.

With most payday lenders, your credit score won’t be impacted, and you’ll get a quick decision, letting you know if you are approved for the loan you applied for or not.

Will I have to provide my income history and proof to get a payday loan?

You might have to present a pay stub to obtain a payday loan. A pay stub serves as evidence of your income and will demonstrate to a prospective lender how much you’re making.

Many lenders will ask to see a pay stub to confirm that you have a source of income and to understand your situation better. The lender’s need to see a pay stub is also dependent on the amount you would like to borrow and for how long. The bigger the loan, the more likely your lender will want to verify it.