Am I eligible?

In order to be eligible for a payday loan you will need to meet some basic requirements. For a start, you will need to be an adult or a minor with the legal right to agree to a lending agreement. In most states this means you need to be at least 18 years of age although this may differ across the country. You will also need to be a United States citizen with a valid Social Security Number and an active US bank account capable of e-commerce transactions.

So that we can be certain that you are capable of repaying your loan you will also need to be able to prove that you are employed with a monthly pay check or have another monthly source of income. Responsible lenders can only lend as much as they think a customer will be able to repay and will base this amount on your monthly earnings and the limits imposed by your state legislature. These vary across the country so the amount of money you are eligible to loan will partly depend on where you live.

Unfortunately, it is not possible for pay day loans companies to lend to those who are currently unemployed or whose employment contract is due to terminate before the end of the month. Receiving a pay day loan is conditional on your being able to confirm that you receive a pay check each month from one source or another.

It is also a legal requirement that any lender be able to confirm your identity and residential address. During the application process we will ask various for various pieces of information in order to enable us to verify your personal details. It is important that you answer honestly to all of these questions in order to obtain a financial product that is legal within your state and appropriate to your financial situation. You should never lie on a loan application in order to obtain more money than you are eligible for. To do so constitutes fraud and is a federal offense.

Those with a bad credit rating are welcome to apply for pay day loans and are more likely to be accepted for this type of loan than for many other forms of credit. For the purposes of a pay day loan the only relevant factor is your present financial situation. This is because it is a short term loan and lenders are basing the agreement on the pay check you receive every month rather than on your track record of repaying loans. This means that provided you are not blacklisted due to previous instances of fraud you stand every chance of being accepted by a pay day loan provider.

In general, a high proportion of applicants are accepted implying that the vast majority of people are eligible for a pay day loan. There is no fee for applying so there is no harm in filling out the form and seeing whether or not you are accepted. Provided you meet the terms described above there is every chance that you will be.