What do I Need to Qualify foloan r a Payday Loan?
A lot of people in the US who are in need of cash are turning to payday loans to meet their financial obligations. These interest bearing loans are relatively easy to get as they don't require a high credit score. The process of obtaining the loan is much easier as compared to getting a traditional loan. The reason is that there is no requirement to fill lengthy application forms or submit a lot of documents to prove credit worthiness.
Many people in the US are in the dark about the requirements to qualify for the payday loans. Here we will take a look at some of the requirements that consumers must fulfill to obtain pennsylvania payday loan.
Qualification Criteria for Obtaining Payday Loan
Most of the payday lenders demand only a few requirements to be fulfilled to qualify for the loan. In the US, payday loan lenders follow the requirements set by the Consumer Financial Protection Bureau (CFPB) for the borrowers to become eligible for the loan. These include:
- An active checking account;
- Above the age of 18;
- Valid Identification such as Social Security Number (SSN) or Driving License; and
- Proof of Income.
Borrowers that fulfill the above criteria can obtain the required loan amount within 24 to 48 hours. Generally, the loan amount that the borrower can secure depends on the income of the customer. However, most states puts a limit on the maximum payday loan amount that an individual can borrow at one time.
On a final note, you should note that applying for payday loan is not for everyone. You should not apply for payday loans if you are not sure of repaying the amount quickly. The reason is that the payday loans carry a high interest rate that can accumulate to a large amount in case the loan is due for longer periods.
Disclaimer Notice: The article/blog is intended for informational purposes only. You should not make any financial decision based on the information provided in this article, and without consulting with a financial expert.