Cash Advance and Payday Loan Requirements:*

How does one become eligible for a personal loan? First, an applicant must meet a few requirements. Such minimum requirements exist to ensure that customers who apply for a loan are financially responsible and can pay that loan back. For eligibility, the requirements are as follows:

Valid Identification

  • Must be over the age of 18
  • Must be a citizen or legal permanent resident of the United States
  • Must have a valid Social Security Number

Verifiable Regular Income

  • Full time employment income
  • Self-employment or small business income
  • Disability benefits or Social Security income

Checking Account

A valid checking account is required in order to qualify for a personal loan due to the fact that the funds are deposited directly should the loan be approved.

Credit History and Credit Score

An applicant doesn't necessarily have to have a flawless credit history in order to apply. Customers with a less than perfect credit history may also be eligible for loans. However, a credit record that shows financial responsibility and capability to take out more debt is required. 


To be considered, a customer:

  • Must not have any active or recent bankruptcies
  • Must not have any accounts more than 60 days late
  • Must not have more debt than can be covered through their current income
  • Must not show patterns of late or missed payments
  • Must not have any recently charged off accounts


Note that: Meeting the criteria stated above will not guarantee loan approval, but it greatly increases the possibility of getting approved. 


 

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