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Have Bad Credit? Requirements for Payday Loans

A payday loan is usually short-term financing for a small amount, typically $500 or less, which is generally payable on your subsequent payday. And contingent on your state laws, payday loans are made available through a storefront or online payday lenders.

And if you are wondering if you can get a payday if you have bad credit, yes, you can. In fact, payday loans are a good option for people with all types of credit. This is because, unlike all other loans, payday loans don’t depend on your credit scores.

Requirements for Payday Loans

Payday loans are made to be quick and are easy to qualify for if you have a job. And according to the Consumer Financial Protection Bureau, to be eligible for a payday loan, you should have:

  • Valid identification and be at least 18 years
  • An active bank account, prepaid card account, or credit union
  • Proof of verification of income from a job or any other source

How to Apply for a Payday Loan

Even with bad credit, you can still apply for an online payday loan. The following are the things you need to do if you want the loan.

Collect the relevant information

Even before you start the application process, you must ensure that you have the following with you:

  • A valid social security number
  • An active and valid email address
  • Proof of income
  • Active checking account

Apply in-person

Many lenders can accept an in-person loan application for people with all types of credit scores. So, if you would prefer to apply for a loan in person, visit your local lender and have the needed documents with you.

Online application

In addition, many loan lenders have online loan application options. All you need to do is share your personal information, provide them with your employment information, and bank details, and submit the application.

However, you should be very careful when applying for an online payday loan. There are various questions that you should ask yourself before starting the application process. For example, the safety of your personal information on the online platforms, the cost of lending, and the other options you might have.  

Besides, you must check to confirm if the payday lender is licensed. This is because you will have more consumer protection only if the lender is registered in your state.

Using a Payday Loan

Payday loans are available for all types of consumers, regardless of their credit scores. This short-term financing can be utilized for various things, for instance, a payday loan might give you the extra funds you need to pay or rent a mortgage; however, make sure that you don’t depend too much on it for all the mortgage payment or rent.

Payday Loan Amounts

The amount of loan you qualify for will depend on various things, for instance, your income and the lender’s policy.  As much as some states have laws indicating the maximum amounts of payday loans, some have limited the capacity of a borrower to get the loan. So, confirm with your state laws before starting the application process.


To apply for a payday loan, you must not be less than18 years, have valid identification, an operative checking account, and a steady source of income. So, if you have an excellent financial history and need some extra cash to cover something, a payday loan is for you. Also, make sure that you know the terms and conditions of the lenders before applying.

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