Payday Loans Carson CA – Qualifications

Qualifying for payday loans Carson CA is much easier than qualifying for any other kind of short-term loan. Basically, all you have to do is establish that you are employed and meeting the monthly minimum income requirements to be approved- and poor credit isn’t even a factor. In this article, we are going to cover some of the biggest requirements that you should meet when applying for an advance payday loan. But first, let’s take a look at exactly what a payday loan is.

What is a Payday Loan?

Most people who are employed get paid bi-weekly or twice per month. The only problem is that sometimes an unexpected financial crisis will occur and you’ll need money to get by until the next paycheck arrives. This is when an advanced payday loan may come into handy. Payday loans can help get you out of rough situations and they don’t high extremely high interest rates so they are easy to pay off.

Qualification #1: Steady Income Stream

One area that a payday loan agency will look at closely is your monthly income. After all, they need to be sure that you are able to pay it off. Most loan companies will ask for one or two months’ worth of employment history as well as proof of any additional income that you earn.

The good part about this is that you don’t really need to be making that much in order to qualify. Most lenders will grant you loan if you are making between $800 and $1,200 per month after taxes. However, the overall amount will vary depending on the payday loan lender.

Qualification #2: Active Checking Account

You need an active checking account so that you can receive the funds if and when you are approved. Some loan companies require proof of an established checking account that has been active for at least four months.

They do this to make sure that you have no outstanding debts or negative balances on your account. If there are outstanding debts or balances on your account then make sure that you take care of those first. While not all payday loan agencies represent this method, some will so it is better to be safe than sorry.

Qualification #3: Minimum Age Requirement

In the United States, you need to be at least 18 years of age in order to qualify for a loan. A parent cannot co-sign for you either if you are under the minimum age requirement. When you show proof of an established checking account, this is enough to let creditors know that you are of legal age to accept a payday loan.

Additional Qualifications

Besides your age, a credit agency will need to have some other fundamental info on their record before awarding you the loan. This can include phone number, address, name, and sometimes your social security number. When you are applying online, you may have to call to verify this information. The reason they do this is to prevent people from accessing money that they don’t necessarily qualify for.

Having this information will ultimately allow lenders to know whether or not you are going to make your payments. And while they won’t “know”, they will have enough information to suggest or make a prediction one way or the other. Basically, you shouldn’t feel afraid about giving out this information. All of it will be kept confidential and will never leave the loan agency.

How Long Do I Have Before I Have to Pay My Loan Off?

Generally, you’ll have two weeks (next paycheck) before you have to pay back your loan. There are some loan companies that offer you the chance to make an extension and pay off your loan on a further date. If you are fortunate enough to receive an extension, then keep in mind that the interest is still going to accumulate.

If possible, you should try paying off your loans early. Psychologically, this helps because it removes the worry of having that payment due. Plus, it makes it less likely that you will continue to splurge, even though you don’t have the money to do so.

Online vs. Neighborhood Payday Lenders

There really isn’t a difference between going to a neighborhood lender for a loan and applying for one online. The benefit to doing it online is that you don’t have to leave the comfort of your own home. Both offer speedy payments once you are accepted and both have applications that can be filled out in a matter of minutes.

It is easier to find the best online payday loan services because there are many more resources on the Internet for doing so. The best tip we can provide you is to take all of those resources and use them to make comparisons. Using your own judgment is much better than relying on the opinions others, although that can be very important as well. In general though, online payday loan services are much more convenient and user-friendly than neighborhood payday loans.

How Do I Get My Money?

If and when you are approved, you’ll receive your funds in your checking account. Note that all payday loan services require that you have an active checking account. This allows for a quick and speedy payment. More times than not, you’ll receive your payments the very same day. If not, you’ll generally have to wait about 24-48 hours before receiving your money. Also, since you must have a checking account to qualify, this also means that you need to be at least 18 years of age.

Conclusion

Most payday lenders aren’t too strict and will be satisfied with the basic information that you provide for them. Just remember that it’s harder to qualify for a second payday loan if you haven’t yet paid off the first one. But this shouldn’t be a problem considering that their interest rates are ultra-competitive for short-term loans. You may only end up paying an additional 10% on the money borrowed.

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