If you're short on cash until your next payday, you may not have time to apply for a bank loan or have people you can borrow money from. In that case, you may want to look into a local pay day loan. These are short-term loans that often come with high-interest rates. Here are ways to qualify for pay day loans.

1. Bank Account

Before attempting to apply for pay day loans, make sure you have an active bank account or credit union account. According to Nerd Wallet, the average APR is 11.48% for a two-year bank loan. However, just because you have a bank account with a particular bank, doesn't mean you qualify for a loan. At least you can use your bank account to apply for a payday loan.

2. Verifiable Income

Pay day loans have their name because they expect to be paid back upon your regular payday. Therefore, they need to be able to verify you make a certain amount of money, and that you have the job you say you have. Some pay day loans may call your job to verify that you worked there, or they may ask for bank statements that make note of direct deposits from a particular job. Once they see that you have a regular, verifiable income from a company, that's usually the main step in qualifying. If you're self-employed, you can still get approval with bank statements, and some lenders may request tax returns.

3. Legal Age

In our experience, if you're working at age 16 at an after-school job, you won't be able to apply for a pay day loan. To get these loans, you must be at least 18 years old. Therefore, they may ask for proof of your identity, such as your Social Security number and birth date when you apply online. If you apply in person, they'll likely want to see your proof of state ID, driver's license, or passport.

4. Location Visit

While online applications for payday loans are available, you can also visit a brick-and-mortar location. When you make a direct location visit, make sure you have documentation such as your ID. You may have to bring bank statements or your work contact. If you're not sure how to find the location site for a particular pay day loan service, you can always find them on Google Maps. However, you may have walked past one or two regularly and not realize what it was for. When you directly apply for your loan in person, you may also have to return to that same site to pay it back in a couple of weeks.

5. Electronic Authorization

Most pay day loans will pay you by direct deposit. You'll usually be approved or denied pretty quickly. If you apply for the loan by a certain time, you may be able to get funds that same day. However, if you applied past the cut-off, you may have to wait until the next day. When you apply for the pay day loan, you'll provide your bank routing number and account number. As long as that information is correct, your funds will be in there very quickly. You should also be prepared to pay the loan back electronically as well.

6. Good Standing With Your Provider

Pay day loans are easy to get compared to traditional bank loans. However, you should still be in good standing with them when you apply. In other words, if you previously applied for and got approved for a pay day loan, but you violated their terms by not paying them back or not having the available funds, it might be a mark against you.

Pay loans are a fast option for people who need emergency funds and don't have access to a traditional bank loan or other alternative means. Just remember, pay day loans are still a financial obligation, and you must be prepared to pay them back. Even if you're approved for a larger amount than you were expecting, don't take on that loan if you know you won't be able to pay it back under your agreement terms. To get the emergency funding you need, contact us at Atlantic Finance today as we’re a local pay day insurer who can help you.