How do you apply for a payday loan?


Quick Answer

Customers can apply for a payday loan in-person at a lender with proof of income and a valid checking account, according to Advance America. Some payday lenders also allow customers to apply for loans online through their websites, such as Ace Cash Express.

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Full Answer

Payday loans are short-term cash loans made in small amounts up to $1,500. Lenders look at income versus credit score to determine the amount of the loan. When applying for a payday loan, customers usually get the money more quickly if they go in-person versus applying online, notes Advance America.

  1. Gather the necessary documentation
  2. Gather together the documentation that the payday lender will require to approve a loan. This includes proof of income, such as multiple pay stubs, driver's license, Social Security number and checks for a valid checking account, according to Ace Cash Express.

  3. Request a loan
  4. Go to the payday lender and request a cash loan. The teller may review the provided pay stubs to determine a loan up to a certain amount of cash that they can give. This may not be the same amount as desired for the loan.

  5. Complete the loan process
  6. Sign and date the loan paperwork provided by the teller. Fill out a check for the amount of the loan, plus any fees, in the name of the lender. The lender will ask to have the check postdated for the date the loan is due and then hold on to the check until that date before depositing it into the customers' bank account. The teller will hand over the cash and a copy of the loan paperwork.

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