Payday Loans are different from conventional loans, because these loans are usually given to those individuals with poor credit histories. Typically these loans have different terms and conditions as well. Payday Loans will usually have a higher interest rate to pay back the lender than conventional loans due to poor credit history.

Q: How do I qualify for a Payday Loan?

A: One needs to demonstrate a regular source of income to the Payday Loan provider. Typically, these firms will ask the borrower to demonstrate that he/she has a regular income stream. Often times, they will be asked to produce pay stubs, or bank statements showing deposit information. Usually Payday Loan vendors require that the borrower make between $800-$1200 a month. If a borrower wants to get a cash advance, one must prove they have a pension or social security payment coming to cover the loan.

Q: Are there age restrictions on who can take out a Payday Loan?

A: Yes. Borrowers must be at least 18 years of age. Parents cannot co-sign a payday loan.

Q: What other information will Payday Loan businesses require?

A: Typically they will ask for your age, address, and phone number to be reached. Also these businesses will verify that you do not have other payday loans out with other payday vendors. This would mean that you’re a credit risk, which would mean you’d probably get denied a second payday loan.

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