Qualifying for a Payday Loan

Tip 1. You must have a verifiable source of income.

• Your income may come from government benefits or from stable employment. As long as your payday lender can verify the source and amount, you’ve crossed the first hurdle for qualification.

Tip 2. You must have a checking account.

• To qualify for payday loans, many lenders require that your checking account be at least 30 days old; have no recent bounced checks and not be currently overdrawn.
• You will need to provide information about your bank account and routing number to facilitate loan deposit and repayment.

Tip 3. You must be able to provide certain identifying information. For example, your payday loan application may require some or all of the following information:

• Your state identification or driver’s license number
• Your contact information
• Your social security number and date of birth