Applicants do not need a perfect credit score to apply for a payday loan. The following conditions is what makes a borrower eligible:
Eligibility Criteria To Qualify For A Loan With Finger Finance
You can apply for a loan with Finger Finance in less than 5 minutes with our simple and easy-to-complete form. Before applying, we recommend making sure that you qualify to borrow money.
All you have to do is meet our simple requirements and the funds could be in your account in the snap of a finger!
What Are The Eligibility Requirements To Qualify For A Loan?
- Be a US citizen
- Over 18 years of age
- Own a mobile phone
- Be able to afford repayments
- Have a checking account to receive the funds in
- Have a stable salary
- Earn an income of at least $800 per month
- Bad credit is considered
Why Should I Get A Loan With Finger Finance?
Save Time
Instead of searching for a payday lender, wasting time and getting stressed, Finger Finance is here to search and connect you with to a lender with the best rates that is within our network.
The Right Fit
Finger Finance works with reputable lenders who comply to the OLA standards. We use our network to find the lender who is most likely to approve your loan request and meet your borrowing requirements.
Responsible
As a broker, not a lender, we use our services to ensure that the loan we give is affordable. No matter what your credit history looks like, Finger Finance is here to give you advice and help.
FAQs About Eligibility Requirements
Will I Qualify For A Loan If I Am Self Employed?
Yes, it is possible to qualify for a payday loan if you are self employed. As long as you can show proof that you earn around $500 to $800 each month, then the lender should approve your loan request.
Can I Get A Loan If I Am 16 Years Old?
No, it is not possible to get a payday loan if you are 16 years old. You must be at least 18 years old to qualify for a loan.
Do Disability Benefits Qualify As A Stable Income?
Some lenders will approve disability benefits as an alternative source of income. It is therefore possible to qualify for a loan if you are on disability benefits. Just bear in mind that you may need to provide additional documentation or that you could be charged slightly higher rates due to the larger level of risk involved for the lender.
Can I Get A Payday Loan If I Am Unemployed?
Whilst having a steady source of income is typically a requirement for payday loan eligibility, it does not necessarily have to come from traditional employment. Some lenders may consider alternative sources of income such as unemployment benefits, rental income or disability payments. Nevertheless, approval may be more challenging for unemployed individuals and lenders may request additional documentation to verify a form of income.
Will I Be Eligible For A Loan If I Have A Poor Credit Score?
It is possible to qualify for a loan if you have a poor or less-than-perfect credit score. You may just be offered higher rates due to the larger level of risk involved for the lender who may be concerned that you could default on the loan. Strategies to lower rates include a secured loan tied to collateral or a co-signer loan.
What Documents Do I Need To Apply For A Payday Loan?
Documents required to apply for a payday loan may vary depending on the lender and state regulations. Common documents required will include proof of identity (e.g. driver’s license or passport), proof of income (e.g. pay stubs or bank statements), proof of residency (e.g. utility bills) and checking account information for deposit and repayment purposes. Borrowers may need to provide additional documents or information if requested by the lender.
Are There Restrictions On How I Can Use The Loan Money?
There are no restrictions on how to use the proceeds; they can be used for any purpose deemed necessary. Typically, the funds are intended to be used to cover important expenses such as medical bills, car repair fees or utility costs.
Lenders do not impose restrictions on how the funds can be used but expect borrowers to repay back the loan on time according to the terms agreed-upon in the contract. It is not advisable to use payday loans for frivolous spending such as shopping, gambling or partying, or as a way to pay off outstanding loans as this could lead to a cycle of debt.
