One of the biggest concerns of people when it comes to loans and similar products is whether or not they will be eligible. I suppose that because of the structure of loans, this concern is a very legitimate one. After all, lenders make a big fuss over whether or not customers can meet their requirements – hence the question of eligibility.
For payday loans, the question of eligibility is not that much of an issue. Contrary to the prevailing notion that ALL loans are not easy to qualify for, payday loans are actually one of the easiest – if not THE easiest – to acquire. This fact stems from the very basic concept of what a payday loan is.
You see, when the people who started payday loans created their concept, they already had ease of application and approval in mind. The result is that almost anyone can be eligible for the product, without anyone having to worry about being denied. So how does it really go? How do you know if you are eligible or not?
All I can tell you is this – I do not think that I have met a single person who has been denied a payday loan application. I think that this is due to a single factor – the structure of the requirements for a payday loan. In general, payday loan lenders have 4 basic requirements. In my experience, as long as you meet these 4 basic requirements, you will be approved for a payday loan. So what are these 4 basic requirements?
One, you have to be a citizen or a resident of the United States.
Two, you have to be at least 18 years of age.
Three, you have to have a current bank account.
Four, you have to have a regular source of income.
Common sense would tell you that the first two are given. You just need to get a valid form of identification and prove that you are indeed a citizen or resident of the country. This ID could also show your date of birth, giving proof to your age. For the third one, you simply have to get your bank statement and provide the details to the payday loan lender.
It is the last requirement that you really need to pay attention to as it is most often what determines your application’s success. What the payday loan lenders want to know is that you have money coming in on a regular basis. They want to know this so that they can have a certain degree of assurance that you have the means of paying back what you owe. What you need to provide the payday loan lender with are copies of your most recent pay stubs and/or your financial statements. If you are employed or you have your own business, then this should not pose a problem at all.
So now, do you see how easy it is to qualify for a payday loan? For all purposes, you really do not have to worry about eligibility at all!