What Do Lenders Look for When You Apply for a Payday Loan?
Payday loans are great for getting money fast when you need it most. These types of loans are short-term loans that are fee-based. This means there is a set fee based upon the loan size. You can get approved within minutes when you apply for a payday loan. If you repay your loan on time, you repay the loan amount and the fee, so you know exactly what you are paying.
Direct payday loan lenders do not need to perform hard credit checks. An online payday loan is a good option if you cannot get a traditional loan because of poor or bad credit, but there are still some basic requirements.
Here are some key factors to consider when you apply for a payday loan.
- You need to have a current income. Normally this is from a job(s), but it can also be from other sources like disability, annuity, alimony, etc., as long as it is at least $1,000 a month. Higher is better for getting approved.
- Always limit your loan amount (what you request) to the minimum you need. The more you borrow, the more you pay, and you do not want to stack up debt.
- You also want to be sure you can pay back your loan on time.
- You will need to have an open bank account, so your loan can be deposited directly.
- You need a phone number and email for ongoing communications.
- You will have to provide an address and proof you are a U.S. citizen or legal resident. The military person cannot apply for a payday loan online.
- You can apply for a payday loan even with bad credit; half of all payday loans are for people with poor or bad credit.
Consider all your options and if you find yourself with no way to get emergency cash fast, then go to CashOne and complete the short online payday loan application form. You will get an answer in seconds and cash in 1 business day if approved.
CashOne has served more than 500,000 people over the past 15 years as a trusted partner. We are open 24/7 and 365 days a year. And our payday loan online service costs you nothing!