When you apply for a payday loan online, your lender or broker will ask you for a few key pieces of information including your contact details, employment details, income, checking account information, how much you wish to borrow, and how long for.
This information will be key to give you an indicative decision and to propose a initial offer on the screen ready for your to proceed with.
Key Points:
- Your personal details are required to assess your eligibility and suitability for a loan.
- You will need to provide information such as your employment status, checking account details and your employment status.
- Most potential lenders will also carry out a credit check, where they assess your credit history. It is possible to obtain no-credit-check loans.
- Your confidential information will be kept securely.
- If your circumstances mean you aren’t eligible for a payday loan, you could try to secure an alternative loan, such as a guarantor loan, or friends or family loan.
What Documents Do I Need To Apply For A Payday Loan?
Different lenders may require slightly varied information, but they will all require a few key pieces of documentation and information. Once you have submitted your initial application, your lender may request follow-up documents, such as proof of income, valid identification, proof of employment and sometimes a pay stub. To begin with, you will want to have this information to hand when applying for a loan:
- Your name
- Your address
- Your date of birth
- Cell phone number
- Email address
- Your monthly income
- Your employment details
- The amount you wish to borrow
- The length you would like to borrow for
- Your social security number
- Your checking account number
All lenders will want to see valid identification, while many will want to receive proof of employment and income, too
Will I Need To Pass a Credit Check?
Yes, typically for a payday loan, you will need to pass a credit check – and the amount you can borrow and the rate charged will be a reflection of your credit score.
However, there are some lenders who offer no credit check loans to borrowers who would find their credit history an obstacle to acquiring a loan. Many lenders specialize in providing loans to those with weaker credit histories, as they are often the borrowers who need support more than others.
A credit check shows a lender your past financial actions, and allocates you a score. Your score is a number between 300 and 850, with higher scores demonstrating that you have a strong financial history. Those with lower scores, below around 550, may struggle to pass a credit check, and that’s where no-credit-check loans come in.
As a loans broker, not a lender, we work with a variety of regulated lenders, many of whom strive to provide loans to those with credit scores at the lower end of the spectrum. So, no, you won’t necessarily need to pass a credit check – you may not even need to undergo one!
Will My Information Be Kept Securely?
Yes! All regulated lenders and brokers are legally obliged to keep your private information private. As a broker ourselves, we understand how personal finances are and therefore we prioritize keeping your details secure. Your information will only be shared with those who are involved in the process of providing you with a loan.
Will I Need To Show A Pay Stub To Get A Loan?
It will depend. Many of the lenders that we work with will want to see a pay stub or credit history, so that they can get to know a bit about you before agreeing to be your borrowing lender. Even so, some lenders won’t require this.
Am I Eligible For A Payday Loan?
Most lenders will have a basic eligibility criteria for borrowers to meet. These requirements typically include:
- You must be a U.S. resident.
- You have to be at least 18 years of age.
- You need to have a consistent income with earnings at a minimum of $800 (sometimes $500, dependent on lender) per month.
- You must have a checking account that your payday loan can be deposited into.
If you meet these criteria, then you could be approved for a loan today. Apply online within five minutes, and keep those personal details outlined above to hand – it will speed up the process even more!
