What Do You Need to Qualify For a Payday Loan?

Wed, Nov 21, 2018

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When an unexpected financial emergency arises and you’re still a week away from payday, acquiring the cash you need to cover the expenses can sometimes seem like an insurmountable challenge. Banks and other lenders often have strict policies that limit who can acquire a loan. Because of this, many try to get payday loans in Montreal to cover these unexpected needs.

Though you don’t need a high credit score to qualify for these loans, you still need to provide some important documentation. Here’s what you will need to qualify:

Valid Checking Account

One of the first things a payday loan lender will ask for is valid checking account information. Generally speaking, lenders want to see that you’ve had this account for three months or longer. Not only does this prove that you normally experience some level of financial stability, but it’s often necessary for you to receive the money for your loan!

With online applications becoming more common, most lenders provide loans in the form of a check or direct deposit, rather than cash. Without a valid checking account, you can’t receive the money.

Proof of Address & Employment

Payday loan lenders may not want to see your credit report, but they do want proof of employment and residence. You will be far more likely to qualify for a loan if you can prove that you’ve held a full-time job for the last six months. This can usually be accomplished by showing your pay stubs — which also proves your ability to repay the loan.

Proof of residence also gives lenders confidence that you will be able to repay your loan. To ease the qualification process, it’s best if you have kept a stable home address for six months or more.

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