Payday loans are one of the easiest loans to avail of. But with every loan, an application needs to be made and requirements need to be submitted. The truth is, regardless how easy it is to avail of a payday loan, an approval needs to be obtained. And all matters that require an approval, qualifications need to be met.
Payday loans are loans with simple requirements and simple processing. There is a need for payday loans to evaluate the borrower to maintain their business and allowing them to recover the money they lend to their clients. Here are a few of the qualifications that are needed to pass.
- You need to make sure that you have a sufficient source of income.
A payday loan requires that you have a source of income. It has to be sufficient and it has to be consistent. Otherwise, your lender or bank would deny approval to your application. Lenders and banks will always look into the borrower’s capacity to pay. And for a payday lender, the qualification that proves that the borrower can pay is through the income they receive.
- You don’t have loans that are in default.
If you have outstanding loans that remain to be unpaid, that means that you, as a borrower, have a tendency to miss out on your obligations. Your loans are required to be paid. An outstanding loan with unpaid amortization only tells the lender that you are a high risk person who may not be able to pay back the debt.
- You don’t have a record on financial fraud and/or bankruptcy.
Although your intentions are clean in applying for a loan. One small bad record can change everything. Having a record on financial fraud and/or bankruptcy can cause you to lose your chance of getting a payday loan. Your bank will always want to deal with people who are trustworthy.
- You are employed.
This is the last that I’ve mentioned but it is actually the main qualification for a money lender singapore. The lender will always want to make sure that you are liquid enough to pay back the loan. One way of identifying your liquidity is having an employment where you get your salary.