Payday Loan Requirements
We receive many calls asking about payday loan requirements or eligibility. Payday loan requirements are surprisingly easy. In general payday lenders require the following:
- Be employed or receive regular income
- Be at least 18 years old
- Have a checking account with direct deposit
- Be a U.S. Citizen or permanent resident
Some lenders have income requirements of $1,000 to $1,200 a month. A direct deposit is required so payday lenders can deposit cash into your account and withdraw loan payments.
No Credit Check
Payday loan requirements are low because payday loans are not underwritten based on your credit history or available collateral. Loans using credit or collateral require additional information to evaluate credit history or to value your collateral. Instead, payday lenders are based on your ability to repay from your paycheck. Thus, payday loans are generally easier to get than other types of loans, such as Title Loans, Unsecured Personal Loans, or Credit Cards.
There is no credit check with payday loans, so bad or no credit is okay, but payday lenders do check databases like CLVerify, Teletrack, or Accurint to verify your identity and other information you provide, so make sure what you put on your an application is accurate.
Quick Cash
The approval process for payday loans is fast. Approval is usually instant and cash can be deposited into your account the next business days. This convenience and simple eligibility make payday loans an expensive form of borrowing when compared to credit-based borrowing, such as credit cards, but cheaper than other options, like bouncing a check or paying a utility bill late. Before taking a payday loan, make sure cheaper options are not available to you. See Quick Fast Loan Comparison for a comparison of different loan options and to determine if payday loans are the best source of cash for meeting your short-term needs.
One Application, Many Lenders
Applying for a payday loan can be done completely online and in less than five minutes using The Payday Hound provides a very, payday loan application. There is no faxing or scanning. We work with almost all of the top direct payday loan lenders. We submit your application to our lenders and if you are accepted, you will be presented with a loan agreement from the lender. Our application is 100% free to our users with no obligation. Once you are approved, you can choose to accept the loan terms or not. If you decide to accept, cash will be deposited to your account.