When you decide to apply for a payday loan, you can complete an application within a matter of minutes. To fill out your application, and to secure your loan, you will need to provide a few pieces of information to your lender and/or broker. These may include:
- Your name
- Your home address
- Your date of birth
- Contact details (mobile phone number, email)
- Your monthly salary
- Your employment status
- Your desired loan amount
- Your desired borrowing term
- Your checking account information
- Your social security number.
Having these details readily available when applying for a loan can speed up the process, making an already quick and easy process even speedier. Once you provide your initial information, your lender or broker may request further information or documentation.
Lenders will require some personal information, such as your address, employment status and identification
Will My Information Be Secure?
Yes – all personal information will be kept confidential when working with a regulated lender or trusted broker. We understand that financial information is personal and private, and therefore we keep your personal details secure. This is also the case with trusted lenders.
As a broker, we correspond with you and our panel of lenders. Of course, we must share your information with prospective lenders, but your information will only be shared with those instrumental in providing you with a loan.
Will Lenders See My Credit History?
Not necessarily, no. Most lenders and brokers will carry out a credit check to gauge your financial situation and past habit when it comes to repaying loans. However, many lenders are willing to provide loans without conducting a credit check; these are called ‘no credit check loans.’ Many of our panel of lenders offer these loans, reducing reasons to stress during an already stressful time.
Your credit score shows your past financial actions, and your credit score. Your credit score is a number between 300 and 850, which represents how strong your financial behavior is. The higher your score, the easier it will be to secure a loan.
If you are interested in familiarizing yourself with your own credit record, you can check it on the FICO website.
You should, before entering a contract with a lender, check that they are regulated on the OLA website, the SEC register, ConsumerFinance.gov or by checking their status with the Better Business Bureau.
If you’re worried about your credit score being an obstacle to getting a loan, you could apply for a no credit check loan
Will I Need To Show a Pay Stub To Get A Loan?
You may need to show a pay stub to get a loan. A pay stub acts as proof of income and will show your potential lender how much you’re earning.
Of our panel of lenders, many will want to see a pay stub to verify that you have an income, and to understand your circumstances better. Not all lenders will need to see your pay stub to offer you a loan, it may differ depending on the lender, including whether they offering loans in Indiana or in California.
Whether a lender wants to see a pay stub will also depend upon how much you want to borrow and hor long for. The larger the loan you want, the more likely that your lender will want to see it.
Do I Need To Show My Driver’s License To Get A Loan?
You probably won’t need to provide a driver’s license. You will need to provide some identification, but this could be a passport.
Am I Eligible For A Payday Loan?
Payday loans are one of the quickest and easiest ways to get a loan quickly, but there are a few eligibility requirements.
Here are the most common requirements for securing a payday loan:
- 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, depending on lender) per month.
- You must have a checking account that your payday loan can be deposited into.
Before applying for a loan, you should carefully consider whether or not a loan is right for you, whether you truly need it, and you need to be confident that you can keep up with repayments. Failing to repay your loan can land you with late fees, increased interest, and damage your credit score. A lower credit score may make it difficult to borrow in the future.
