If you need some extra funds to make it to your next paycheck, a payday loan could provide the help you need. These arrangements are short-term loans that provide you with an amount of cash that can be repaid upon your next paycheck. Compared to other types of financing—such as credit cards and mortgages—payday loans don’t have as steep of qualification requirements. For example, you may qualify even if you have bad credit or have filed for bankruptcy in the past. Still, there are a few things you’ll need to have on-hand to be approved for the cash.
While applications will differ from lender to lender, most will require you to present:
- Identity Verification: To receive funds, you’ll need to prove you reside in the lender’s state and are 18 years or older. Generally, this is verified with a government issued ID, such as a driver’s license, and your social security number.
- Proof of Income: Payday loans don’t require collateral, but the amount you receive will typically need to be repaid when you receive your next paycheck. You will need to provide recent pay stubs to show how much you regularly earn and that you are still receiving that income.
- Active Bank Account: Not every lender requires you to have a bank account, but it can be easier to find financing when you do. If you aren’t employed, but you still receive regular income, your checking account can provide proof that you have money coming in. Additionally, your bank account can be used to receive borrowed funds and make future payments.
If you want to discover how easy it is to get a payday or installment loan, Beacon Finance in northeast Tennessee is one finance company that lends up to $1,500 with easy application requirements and fair terms. To apply in person, visit this financial services company at one of their three convenient locations in La Follette, Mountain City, and Tazewell, TN. If you have questions about approval requirements, call (423) 566-6864 to speak to a specialist. For more information on their company, visit their website today.