You will need several pieces of information to apply for a payday loan online. You will also need to check that you meet the eligibility criteria before you apply. The process itself is incredibly simple, easy, and quick.
Everyone comes across financial difficulty occasionally, and a payday loan may be the best option for getting you back on your feet. Applying for a payday loan online may be the quickest and easiest way of getting the cash that you need in your circumstances.
However, you may be wondering what exactly you will need when applying online. In this guide, we will help run you through everything you need to get a payday loan online.
What are the Basic Requirements When Applying for a Payday Loan?
Payday loans are known for being more flexible than traditional loans from banks. According to the Consumer Financial Protection Bureau (CFPB), the basic requirements for payday loans are:
- Minimum borrower age of 18 years old
- Possession of an active checking account
- A valid form of ID
- Proof of income
These requirements vary slightly between different lenders but overall these are the basic requirements of any payday loan.
What Do You Need to be Eligible to Apply for an Online Payday Loan?
The requirements necessary to be able to apply for a payday loan online are simple to meet. Applying for a loan online cuts out much of the paperwork. To apply for a payday online, you must:
- Be over 18 years old
- Be a US resident
- Have consistent, provable income
- Earn more than $800 per month
- Have a live checking account that your payday loan can be deposited into.
What Information Do You Need to Submit an Online Payday Application Form with Pheabs?
You can submit a form for a payday loan with Pheabs online in just a few minutes. You will need to provide some basic personal information such as your address and date of birth to prove that you are eligible. You will also need to provide your bank details to show that you have an account which your loan can be deposited into.
Before you can be approved for a payday loan, a series of checks are carried out to ensure that you will be able to repay your loan.
Do You Need A Cosigner When Applying for a Payday Loan Online?
You do not need a cosigner to get a payday loan online. You can find a payday loan online with or without a cosigner. Whatever your circumstances, Pheabs endeavors to find you the best rates as quickly as possible. To find out more, have a look at our guide:
Do I Need A Guarantor To Get A Payday Loan?
Do you Need a Good Credit Score When Applying for a Payday Loan Online?
You can find an online payday loan whether you have a good or poor credit rating. With Pheabs, you can get a payday loan even if you have poor credit. We work with a wide range of reputable lenders, and accept loan request forms from people with all types of credit history. We endeavor to help everyone find the money that they need to stay afloat until payday.
If you have been rejected from bank loans in the past because of bad credit, it is still worth submitting a form with us. When you submit a form with Pheabs, your credit score is not affected and you will receive an instant decision, giving you the best chance of successfully getting a loan.
Who are Payday Loans For?
Payday loans are for anyone who is struggling to meet payments between paychecks. They provide money on a short-term basis. Borrowers are able to receive the money very quickly in order to cover any emergency or unexpected payments that may arise before their next pay day.
Payday loans are a good option for those with poor or bad credit scores. More flexible than traditional lenders, borrowers can typically receive payday loans without meeting such strict criteria.
Further Limitations on Payday Loans
The amount that someone will be able to borrow with a payday loan will vary depending on the borrower’s specifications, the lender, and the state in which they are borrowing. Some states have outlawed payday loans completely while others have more strict laws regarding payday loans, including interest rate caps.
Depending on where you are borrowing, you may also be ineligible to take out a payday loan if you have multiple outstanding loan