If you are looking for a payday loan, the good news is that you do not need too much. This makes them very convenient and a little dangerous because they are so easy to get. After reading the requirements for a loan, please continue reading and learn about some of the precautions that you need to take.

Loan Requirements

  1. Job
    You need to be able to demonstrate that you can pay the loan back by having a job. After all, it could not be called a payday loan if you never get paydays.
  2. Checking Account
    Lenders require this as a level of convenience for you and protection for them. A checking account allows your loan lender to deposit money directly into your account. It also allows them to pull the money back out automatically at the end of the loan term.
  3. Social Security Number
    Yes, your lender will run a quick credit check on you but do not worry. The requirements for these loans is significantly less than what is required by traditional lenders. Even with bad credit, you may still be approved.
  4. Phone
    Most lenders require that they have a good phone number for you. It is very comforting for them to know that they can contact you after all.

That is it. In most cases this is all that you need to get a payday loan. Now, please take a second to read the precautions.

Payday Loan Precautions

Payday loans are a convenient loan type but they bring with them many risks.

  • High Interest Rates
    The loan rates are dependent on how much you borrow, with a set amount per $100 being lent. When you do the math, the effective rates can be high, over 400% in most cases.
  • Short Terms
    The loans are meant to be paid back quickly, within a few weeks. This means that you may have little time to get your finances in order.
  • Access To Checking
    You are giving your lender the right to pull money directly out of your account on the day the loan is due, whether you are ready or nor.

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