Am I Eligble for a 24 Hour Loan?

Applying for a payday loan and being approved for a payday loan is not as difficult and challenging as applying and then getting approval for a regular financial institution loan that is for sure.

That is the one major advantage of this type of loan. The process is a lot simpler. The application form is not as detailed and the approval process is not nearly as complicated. There are not a lot of layers of approvers that have to review your application – which is another bonus.

Of course not everyone who applies for payday loan is going to be accepted, but if you have the basic requirements covered, then it should not be a problem for you.

These basic requirements that you will need to satisfy in order to gain approval include:

  • A valid chequing account at a financial institution
  • A valid email address if applying online
  • Proof of your employment income
  • A valid and active telephone number
  • Valid proof of identification that includes a photo and address
  • You must be over the legal age for a loan
  • One of the many advantages of applying for a payday loan is that if you have had a problem with your credit in the past that usually will not affect your chances of receiving this kind of loan.

When you apply for a regular full term loan, your past credit record and bill payment history will have a direct affect on whether or not you qualify. This can be quite a deterrent if you have had difficulties.

But again, the approval process for a payday loan is a lot less stringent. Of course, there are still basic requirements as listed above, but generally speaking it is a lot easier to qualify for a payday loan.

You are required to repay the original amount of the loan plus any interest and applicable fees by your next regular pay day, so that is one way that the payday lenders feel that they can take more risk with clients. Payday loan terms are so short compared to regular loans that may carry on for years and have a great chance of delinquency.

So if you have any other concerns about being able to qualify for a payday loan then do not hesitate to contact us. We will address this and any other questions you have. So contact us today and let us help you solve your financial worries, so you don’t have to.