What Do I Need for a Payday Loan?

Woman giving money to a manWhen an unexpected emergency happens or you receive a utility bill that’s much higher than you expected, you might be wondering how to make the payment. One option is to apply for a payday loan.

What is a Payday Loan?

Payday loans, also known payday advances, are short-term loan options that are usually for a total of $50 to $1,000, depending on your state and your need. In Michigan, you’re allowed two payday loans at once for up to $600 each. These loans don’t require collateral, but there are requirements that must be met in order to be approved for a payday loan.

What Do I Need to Get a Payday Loan?

To qualify for a payday loan, you must be at least 18 years old and have:

  • An active checking account
  • Proof of income
  • Valid identification

You must also live in the state where you’re applying. You need proof of income because payday loans because they typically must be paid back on a specific day. Often that’s your next payday. If you’re not working right now, you may be able to use alternative sources of income, such as Social Security.

Learn More About Payday Loans with Xpress Cash

To find out more about payday loans and how they compare to installment loans or to get help paying them off, contact us online or visit us in store. We have locations in Michigan, Idaho, and Wisconsin.