By now we all know payday loans are absolutely perfect for those with a poor credit score
. It not only provides loans to those who cannot qualify for other traditional loans, it also helps individuals to improve their credit scores if they ensure repayment on time. However, a lot of people who are interested in applying for payday loans still wonder what the qualifying requirements for a payday loan are? Is it really that simple to apply for a loan and get the money in your hand within 24 hours? Well the reality is that it is even simpler than you think and payday loans have the most basic qualifying requirements for any type of loan.
1) Regular Income or Job: The most important qualifying criteria for a payday loan is having regular income or having a job. Payday loans provide cash advances against your next paycheck. Therefore it is needless to say you need to have some kind of a job where you will receive a paycheck at the end of the month. It could be any job at all and your position, background, educational qualifications do not matter whatsoever. All you need is a paying job to show proof of income. This alone is enough for you to qualify for a payday loan.
2) Checking Account: Payday lenders will usually transfer the loan amount directly to your bank account. Also some of them will require you to submit a post dated check for security purposes. That is why you will need to have a checking account in order to apply for a payday loan. The account could be with any bank and as long as you can receive money and issue checks from that account, you are good to apply for payday loans.
3) Your Age: You need to be 18 years or older to apply for a payday loan. This is the same for most loan types as you need to be old enough to be a signatory to the loan agreement.
The above three requirements are the only criteria to get approved for a payday loan. It is one of the simplest qualifying prerequisite in Canada for any kind of loan. Payday loans are the perfect poor credit loan, not just because your credit history does not matter, but in general the entire process is so simple that you can complete the application online and receive the amount in your bank account within 24 hours.
