Some financial emergencies are more expensive then others, which is why we offer payday loans up to $500. What do you need in order to qualify for a loan in this amount? Unfortunately, not everyone will qualify for a $500 payday loan with us. Because this loan amount is more than just a couple hundred bucks, the risk of default is higher and therefore the risk that we take on by advancing this amount higher as well. However, it is our business to do everything we can do to help you, so we always try to be as open and transparent as we can when it comes to our services.
Here’s what you need to qualify for a $500 payday loan:
1. You must be at least 18 years of age. Entering into a $500 payday loan contract with us is a legally binding agreement. Therefore, we require that you be of legal age in order to be able to legally sign the agreement and receive your loan funds.
2. You must be actively employed. We require that you have a job that you are currently working at on a permanent basis. We do not accept temporary employment. However, certain retired individuals may qualify for $500 payday loans if they receive their retirement or pension income by way of direct deposit.
3. You must have a monthly net income of $4,000 or more. This is our minimum income requirement for a $500 payday loan. We have an overall $1,000 minimum income requirement in order to qualify for a payday loan in general with us, however, because $500 is a higher loan amount we do have a higher income requirement for these loans.
4. You must have a checking account. We require that you have a checking account because this type of account is the most supportive of ACH processing and electronic funds transfers. Once your loan is approved, we will credit your loan money to your checking account using ACH processing, which is electronically depositing the money into your account. When your loan comes due, we will electronically debit your loan payment from your checking account using ACH processing again. Some accounts – including many savings accounts and almost all pre-paid debit card accounts – do not allow us to use ACH processing for credits and/or debits.
5. You must have payroll direct deposit. Since we process everything electronically, we do require that your paychecks are electronically deposited to your checking account automatically. This makes retrieving the payment for your payday loan on the agreed upon due date easy and hassle free. You know the funds are going to be in your account on your due date so you can avoid the possibility of your loan payment bouncing and being charged overdraft fees.
6. Certain customers must have a current bank statement. Depending on how your application checks out during our online screening process, you may need to fax or email us your most recent bank statement. This is usually a quick and easy process if you have online banking. You can simply login to your bank account, download your last months bank statement (or the last 30-days of complete checking account activity), and then email (or fax) it to us.
7. You must not have more than two (2) other payday loans out with other lenders. We want to help you get out of that urgent financial situation… but we don’t want to create more financial stress for you. That’s why one of our policies is that our customers cannot have more than 2 other payday loans out with other lenders. We put this policy in place because we know how difficult it can be to manage multiple payday loans and we have found that its nearly impossible to manage more than three without getting into more financial trouble.
8. You must not have a history of delinquent payday loans. We practice responsible lending (see #7 above) so we also encourage responsible borrowing. We will not accept your application is you have a history of delinquent payday loans with in the last 3 years.
Payday Loan Today is an honest, reliable lender that offers payday loans online. We understand that you might need a little help once and awhile and we’d like to be the one who helps you get through. We are dedicated to providing you with the quick cash you need and the service that you deserve!
