Learn More About the Short-term Loan Qualification Process

Potential borrowers in the market for a payday loan usually cringe when they hear the words "approval process." After all, the term probably conjures up bad memories of encounters with traditional lenders, who typically have overly stringent and complicated qualification requirements. Not to worry-getting approved for a cash loan is very different from the borrowing processes you've experienced in the past. We're confident you will find this process simple, fast, and inclusive.

What Providers Look For

The specifics of borrower requirements can vary among providers, but the basic prerequisites tend to be the same. First, you will need a source of steady income. For most people, this means consistent employment, but alternative forms of income might also qualify, such as benefit checks from the government. Next, you will also need to have a checking account in good standing with direct deposit enabled. In other words, the funds you receive as your monthly income must be deposited in your account electronically through direct deposit. This allows your lender to automatically withdraw repayment when the time comes. The remaining requirements differ between lenders, but may include a minimum monthly income, a minimum borrower age of 18, U.S. citizenship, and a provision that excludes members of the armed forces.

What You Will Typically Need for Approval

Naturally, providers can't just take your word for the information you provide on the secure application form, so you will have to substantiate it in some way. In most cases, this involves providing a driver's license and social security number, checking account and bank information and employment information using your computer, tablet or mobile device. In rare cases, you may need to fax in the documents upon request.

The Final Decision

So when will you know whether you've been approved to borrow a payday advance? That depends on the specific company you are paired with, but most of the companies we partner with are very good about getting back to applicants quickly. In fact, many of our affiliates specialize in instant approval decisions, which means you will know within a minute or two whether your request was approved. Typically, this decision is issued online, and you will then complete the process with your lender over the phone and/or via fax.

As soon as you receive your approval decision, your lender will also usually inform you of the maximum amount you may borrow. Generally speaking, the more money you make every month, the more you will be able to borrow. However, most providers cap the limits of their loans at an average of about $1500, depending on their lending protocol and state law. If you are not approved for the full amount you'd hoped to borrow, think about requesting an advance from another of our lending partners. Lending agencies evaluate prospective borrowers using different formulas, so you may be able to get additional funds from another provider. On the other hand, if you are approved for more than you need to borrow, refrain from taking out a larger amount than you absolutely need. Doing so will result in additional finance charges that could put you in more hot water.