Skip to main content

Payday loans are often completed in less than 5 minutes and you need to give some basic information to be approved – such as basic information about yourself, proof of income and contact information. By having this information available and on-hand, it can help you speed up your application, get approved and receive your funds as quickly as possible.


Key Points

  • Payday loan applications are usually completed in less than 5 minutes and most lenders have the same kind of form
  • Lenders will always ask for a valid form of identification, proof of income, and a valid checking account
  • Some payday lenders will have other eligibility criteria and may require a recent pay stub or bank statement as proof of income


What are the requirements for a payday loan?

Exact requirements for a payday loan will vary depending on the lender and also the state in which you are taking out a loan. Generally speaking, you will be required to present the following information:

If applying in-store, you may also be required to write a personal check.


What is the eligibility for a payday loan?

In order to apply for a payday loan, you will normally have to meet the following eligibility criteria:

  • Borrowers must be at least 18 years old
  • Minimum monthly income (usually $800)
  • Proof of an active bank account

These eligibility criteria tend to be common across all lenders.


What information do I need to present for a payday loan?

There is certain documentation that must be presented in order to take out a payday loan. Before applying, make sure to read the following information carefully so that you have everything ready:


Valid form of ID

In order to take out a payday loan, you must have a valid form of identification. Depending on the lender, your driver’s license will usually count as a form of identification; however, some lenders may also accept identification such as a military ID or non-driver identification card. It is possible that some lenders may ask for an additional form of identity documents such as a recent bill to confirm your name and address.


Verification of income

The primary concern of a payday lender will be whether or not the borrower is able to repay the loan. For that, borrowers will need to demonstrate that they have enough monthly income to be able to pay back the loan on its due date. This means that during the application process, you will need to provide proof of income – this is usually one or two recent pay stubs.

Some lenders may also accept recent bank statements or a business contract or letter from your employer. In some cases, lenders may ask you to show them tax documents, proof of benefits such as social security or disability payments, or court orders if you are entitled to funds (such as alimony or child support payments).


Have your bank information ready

Payday lenders will need to be able to make automatic withdrawals from your checking account so before taking out the loan you must provide details of an active checking account.

In some exceptional cases, lenders may accept savings accounts or money market accounts instead of an active bank account.

Whichever account you choose to present, you will need to be able to provide your bank’s routing number and account number (usually available on the bottom of your check).


Further requirements

As previously stated, exact criteria may vary from lender to lender. In some cases, additional requirements may be required which can include things such as a valid telephone number, evidence to show that you are not in active military service or facing an upcoming relocation. Before taking out a payday loan, you should always check with your lender to see if they have any specific requirements.



Different payday loan lenders may ask for different information but usually you will need to show a valid identification and proof of income.


What should I know before taking out a payday loan?

When choosing to take out a payday loan, always take caution to make sure that the lender you are working with is legitimate. Scams are fairly common and are used to target vulnerable borrowers; scammers can use the bank account information you have provided to withdraw funds.

Even with licensed payday lenders, there are always risks involved. Payday loans are notorious for their extremely high-interest rates meaning that often these loans are impossible to repay. Always make sure that you can afford to pay back not only the principal amount but also the huge amount of interest on top.


Where can I get a payday loan?

There are thousands of payday lenders across the United States, both in-store and online. States with the greatest volume of payday lenders per capita include Alabama, California and Nevada.

However, there are certain states where it is illegal to provide payday loans. These states are Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia and the District of Columbia.

In the remaining states, it is possible to take out payday loans although many of these states will operate with specific restrictions such as how much you are able to take out and what the maximum interest rate is.

Richard Allan

Richard Allan

Richard Allan is the founder of Capital Bean and a passionate writer about personal finance, budgeting and how to save money at home and work.

Leave a Reply