Typical Criteria Required to Apply for a Payday Loan, Installment Loan, or Car Title Loan
This is a list of fairly typical requirements of consumers to qualify for a loan. These criteria are dependent on the state the borrower resides in, the status of the lender [startup, seasoned…]…
Payday Loan/Installment Loan:
- Valid ID/DL
- Proof of Income
- Debit Card {No temp cards}
- Completed Loan Application
- Pass credit reporting agency filters
- Military Exemption
- Reside in state having enabling payday loan legislation
- References 3
Title Loan:
- Valid ID/DL
- Titled Vehicle
- Title – Lien Free {Co-signors?}
- Valuation – 50% Rough Value/Salvaged 20% Rough Value
- Proof of Residency – Utility Bill/Lease/Mortgage Statement
- Proof of last payroll amount
- Completed Loan Application
- Completed Vehicle Evaluation Sheet
- Military Exemption
- Cell phone statement {make copy}
Click this link to get the “Bible” on “How to Start a Payday Loan or Title Loan Company.”