Not everyone can apply for a payday loan. There are some basic requirements one must meet when applying for an online payday loan from a direct lender. These requirements are as follows:
A Financial Account
To be able to get loan funds, one must have an active bank account available. If not, being a member of a credit union is also sufficient for a loan. Prepaid card accounts also make you eligible for a loan.
Proof of Income
Generally, proof of income can be your latest paycheck. If you aren't employed, you need to provide proof of your source of funding.
At least 18 years old
Proof of this can be a Government-issued ID. A valid U.S. Passport can also be used.
Where to Get a Payday Loan?
Here are some great online lending websites that you can visit to get payday loans:
WeLoans
- Fast application processing time.
- Caters to all kinds of credit holders.
- Has various loan products to choose from.
iPaydayLoans
- Has generous payday loan offers online.
- Lenient loan qualification requirements.
- Fast procession times.
Easy Payday Loans
- Simple and quick application process.
- Same-day funding is available.
- Loans of up to $5,000 can be taken.
Alternatives to Payday Loans
If you don't think payday loans are the choice for you, here are some alternatives you can consider:
Payday Alternative Loans (PALs)
Payday alternative loans are provided by some federal credit unions. This kind of funding is like payday loans, but with lower rates and a longer repayment time which can span from one to six months in total. There is an extra cost for applying for a PAL, usually ranging around $20.
Personal Loans
Personal loans allow higher amounts that can range anywhere between $100 to $35,000. This makes personal loans a good option if you require a larger sum of money. People with bad credit can also apply for these loans with a good chance of approval.
Borrow from Family or Friends
This can be a great option to consider if you have good connections with your family or friends and don't want to go through the formal process. It is good to pay off the loan on time to avoid any disputes and future problems.