Sometimes, money runs short before you get paid. Fast payday cash loans are an option to help you get through until your next paycheck when you don’t qualify for standard loans. However, certain requirements must be met to get approved for a fast cash loan.
Proof of Income
In some cases, you don’t have to be employed but you need proof of a steady income to apply. Proof can be in the form of pay stubs or bank statements that show the amount and pay cycle. Lenders will often have a minimum amount of income allowed to apply.
You may be able to use a debit card or printed checks as proof. If you apply online, certain documents can be faxed.
Personal Information
On the loan form, you may need to include your name, address, valid photo ID, email, phone number, and birthdate. Many lenders require you to be at least 18 and a U.S. citizen, though some of them may set the minimum age to 21. You usually need to list active checking or savings accounts that have been opened for a certain time period. Social security numbers are often required to apply online.
Reasons for Rejections
You could be turned down for a loan if you are currently in bankruptcy or have other outstanding fast cash loans. You may get denied if you haven’t been employed long enough. Military members cannot be charged more than 36% interest. However, some lenders may not offer loans to military members.
