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August 29, 2008, Newsletter Issue #21: The Importance of Borrower Income in Securing a Payday Loan
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Tip of the Week
Borrower income is an important consideration during the payday loan application process. This is because most payday lenders base loan approval solely on the applicant’s ability to repay the loan as opposed to considering factors such as credit history and debt-to-income ratio. Payday lenders may have different methods for establishing a minimum borrower income to qualify for a payday loan.
Some payday lenders set a minimum monthly net income as a part of their loan approval process. This minimum monthly net income is usually approximately $1,000 per month. However, other lenders allow applicants who net less than $1,000 per month to qualify for smaller loans. Monthly income can be verified by providing a recent pay stub or having the lender contact the employer directly.
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