What do you need for a payday loan?
If you were just hit with a big bill from an auto repair shop or forced to spend some other money you weren't planning on spending, you might be asking yourself that very question. Payday loans can help you get your hands on the money you need prior to your next paycheck.
Before you can take out a payday loan, though, you need to provide a payday loan company with some basic information about yourself. It'll help them decide whether or not to accept your payday loan application.
Take a look at some of the info that you'll need to have handy when you touch base with a payday loan company to put in an application.
The Amount of Money You Want
So, what do you need for a payday loan?
Let's begin by talking about money. It's one of the first things you're going to have to think about when you're filling out a payday loan application.
The payday loan lender that you're filling out an application for will ask you how much money you would like to apply for. You can usually apply for anywhere from $100 to $5,000, though the exact amounts may vary depending on the lender.
It's important for you to think about how much money you really need. You don't want to ask for too much money and hurt your chances of qualifying for a loan in the first place.
Generally speaking, the more money you ask for, the more stringent a lender will be when going over your application. They'll be taking a bigger risk on you by lending you more money.
Your Personal Information
Once you've decided how much money you're going to ask your payday loan lender for, the next order of business will be to provide them with your personal information.
Your personal information will include your name, your address, your National Insurance number, and maybe even info from your ID.
This part of the application should be pretty easy to fill out. Just make sure you don't misspell anything or mix up numbers on it.
Information About Your Income
Every payday loan application is a little bit different. But just about all of them will ask you to provide some info about your current income.
Lenders want to know how much you're making and if it's enough to cover the payments you'll need to make to them.
You should include any income that you get from your regular job, assuming you have one. You should also include any income that you get in the form of:
- Child support payments
- Retirement funds
- Social security benefits
Some lenders may ask you to prove that you're making as much as you say you do. They'll sometimes request that you send over recent paystubs or a bank statement.
Employment Verification
Are you employed at the moment? That's going to be one of the top questions that most payday loan lenders have for you.
If you do have a job, this shouldn't present a problem for you. You can include your job title, your place of employment, and a contact number for your employer on your application. Your lender may call your employer to verify your employment status.
If you don't have a job, getting a payday loan can be tricky in certain instances. Some lenders won't extend payday loans to people who aren't employed when they fill out a loan application.
There are, however, payday loan lenders that are open to the idea of offering people payday loans with no employment verification. You may just have to agree to different terms on your loan.
For example, some payday loan lenders will give loans to people without job verification as long as they sign up for automatic payments on their loan.
Collateral and/or Cosigner Information
You may not qualify for a payday loan on your own, especially if you can't prove that you have income or a job. But a lender might still approve your loan if you put up something as collateral or get someone to cosign your loan.
Collateral can be anything from your car to your house. It'll show a lender that you're serious about paying back a loan.
A cosigner can be anyone with good credit who is willing to vouch for you. They can help you get the money that you need before your next paycheck.
Checking Account Information
After you've applied for a payday loan from a lender, you'll often be able to get the money you need wired to your checking account within a day or two. But in order to wire your money, your lender will need your checking account info.
Your lender may also need your checking account info to set up automatic payments on your payday loan.
Phone Number and/or Email Address
There will, of course, be a lot of back and forth between you and your lender when you apply for a payday loan. They'll call and/or email you a lot while trying to get you approved for your loan.
Be sure to send them a phone number at which you can be reached anytime as well as an email address that you check all the time. It'll allow you and your lender to communicate throughout the payday loan application process.
Stop Asking "What Do You Need for a Payday Loan?" and Apply for One Now
When you're first considering taking out a payday loan, it's only natural to ask yourself the question, "What do you need for a payday loan?" It seems like it would be a complicated process.
But in reality, it's simple enough to fill out an application for a payday loan. It only takes a few minutes to fill one out and get a response from a lender.
Do you want to increase your chances of getting approved for a payday loan? Check out the rest of our articles on our blog to get more tips on applying for one.
