Minimum Requirements for Traditional Payday Loans
Traditional payday loans have many requirements for documentation and criteria that must be met before you can be approved for your pay advance. Typically this documentation is readily available to the organized individual. However, those not as organized may need a few days to gather the documentation necessary. Alternatively, you could use no fax payday loans. Payday loans no fax do not have any documentation requirements, although the other criteria to be met can be stricter. Use the following checklist to see if you qualify and are prepared to get a traditional payday loan.
1. You must have been on your job for at least three months, and produce you last three pay stubs.
2. You must have had a bank account for at least three months, and be able to provide copies of your last three monthly bank statements.
3. You must have two forms of identification for verifying your identity. This is required by new federal laws enacted under the Patriot Act.
4. You will need your check book to write a post dated check, that will be presented to your bank on the date the loan is due (written on the check), unless you renew the loan.
5. Other documentation may be required depending on your financial situation. For example, if you are using alimony or child support income to get your advance, you will need to present documentation of these income sources.