Are You Eligible For A Payday Loan?

Submitted by: Carrie Reeder

Have you pushed aside the idea of applying for a payday loan because you didn t think that you could meet the eligibility requirements? Perhaps you have bad credit or even a bankruptcy on your credit report. Perhaps you have been turned down for a traditional loan because you have too many credit cards or you don t have any collateral. When if comes to payday cash advance loans, none of these things factor into your eligibility. You may be surprised at what actually is required in order to obtain a payday loan.

Payday loans don t require a credit check.

Whether you have a bankruptcy, late payments, a judgment, or a history of not paying your bills, it won t keep you from getting a payday loan. Payday loan companies are one of the only lenders that do not require a credit check to determine your eligibility.

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Payday loans don t require collateral.

Payday loans are unsecured loans. You don t have to own a home in order to qualify to receive a payday cash advance. Unlike a home equity loan, a payday loan isn t based on what you own. Payday loans don t even take into consideration how much money that you have in your bank account. As long as you have a bank account, it doesn t matter to the payday loan company what balance it contains.

Payday loans require a payday.

In order to qualify for a payday loan, you must have a job. Some companies do require you to have had your job for a minimum amount of time, but this varies from company to company, so if you have just started a new job, be sure to shop around for a payday loan company that will work with you. Most companies have a minimum monthly income level as a requirement. The amount varies between companies and isn t very high, but if you don t meet it, you won t be eligible for the loan. If you are self employed or work as a freelancer, you won t be eligible for a payday loan.

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