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You may have heard of payday loans being referred to in both a positive and negative light. Many times, the negativity associated with payday loans is merely the result of a lack of education about both their positive and negative aspects. See our toplist for the best lenders.

The following are some of the most frequently asked questions about payday loans:

1: What are the requirements to obtain a payday loan?
Eligibility may vary slightly depending on your lender, but most have the same basic requirements. First, you must have a valid social security number and be at least 18 years old; however, it is easier to get approved if you are at least 20. You must also provide proof of monthly income of at least $1500 from a consistent source and have a checking account (under $1500 might be fine also, but chance is lower). Finally, you’ll need at least a phone number and possible an email address if applying online. Additional requirements may vary based on your lender and the state in which you reside.

2:How fast will I get my money?
This depends on when you apply for your payday loan and the financial institutions you are dealing with. Apply online before 3:00 p.m., and most lenders will guarantee same day delivery via wire transfer to your bank account. You may be subject to a small fee for this service and it’s always good to check with your lender and bank to find out their turn around times. You can also receive your funds on the same day by applying online using a lender with store near you. Get approved before you go and then receive cash, check, or a debit card when you go into the store. If you just want a direct deposit into your account, you’ll likely have to wait 3-5 business days.

3:How much can I borrow?
Borrowing maximums vary by state. Most states set the maximum amount at $500, though a few go up to $1,000. To look up the maximum in your state, you can refer to this chart from the National Conference of State Legislators. If you need a higher amount or longer repayment time have a look at personal loans instead. See our front page.

4:What if I have bad or no credit rating?
Payday loans are typically designed for people with little or bad credit. Lenders vary with their credit requirements, but most will approve applicants who have financial delinquencies in their past.

5: Are the major credit bureaus consulted during the application process?
Lenders generally use a specialty credit bureau to do a peripheral credit check, rather than a full credit check through the major credit bureaus.

Valerie Mellema

Valerie Mellema
Author & writer

Article writer

Valerie is an adept writer with over 10 years of experience as a journalist. Her official launch into the journalism profession was as an Associate Editor for the College newspaper published in the Tulsa community. She has authored many books/guides. She has a degree from the West Texas A&M University. You can connect with Valerie on LinkedIn Read more about us »

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