Have you considered online nonbank lenders but are wondering what is the legal age to get a payday loan? Many young people in need of credit are often confused with the lending criteria for online payday loans because they tend to liken it to credit cards whereby one has to be at least 21 years of age to be able to own one independently.
The legal age for online payday loans is 18 in the US. However, it should be pointed out that there are other qualifying requirements to be satisfied before one is to be approved for quick funding by payday cash advance lenders.
Unlike conventional consumer loans offered by banks and high street financial institutions, having bad credit or no credit history will not prevent you from getting approved. The main criteria that needs to be met is that you need to provide employment proof and that you are earning a monthly salary that is enough for the lenders to judge that you are capable of repaying their money.
You can compare payday loan lenders online and see this for yourself. Most of the bigger names in the payday loan industry tend to set this requirement at 1000 dollars, so if you are earning anything less than that, you may not be able to qualify.
Having said that, you can still go for one as it is known that private lenders do exercise discretion in regards to the people they extend credit to. To mitigate the lending risk presented by giving unsecured loans for people with low income, the cash advance companies may increase the interest rate you have to pay for.
Ultimately, it’s down to how well you can present your ability to meet the repayments but one thing is non-negotiable, and that is the legal age for