If you’re looking for an easy payday loan, you may discover that there are a number of options available to you. All that is generally required to receive an easy payday loan is a valid form of identification, proof of residence, proof of income, and a recent bank statement to serve as proof of a valid and active chequeing account.

If you think that an easy payday loan might be just what you need to assist you with some of your current financial struggles, then the information below should help you to not only learn how these loans work but also the significance of each of the requirements above.

Basics

When you apply for an easy payday loan, you’re basically applying for an extremely short-term loan based upon the amount that you make with an average paycheque. These loans aren’t designed to cover major expenses; they are simply for individuals who need a little bit of extra help making ends meet until they get paid again.

In exchange for the loan, you are required to leave a personal cheque on file with the lender that is post-dated to the date that the loan becomes due and made out for the amount of the loan plus the lender’s service fee. There is no credit check required for this type of loan, and there is no interest or other costs that are charged (other than the lender’s service fee).

Proof of Identity and Residence

It is very important when applying for an easy payday loan that you provide proof of identity and proof of residence. This ensures that you’re not simply trying to take out a loan on someone else’s chequeing account, while at the same time giving the lender a way to contact you should they need to. This verifies the address that you have on file, and allows them to be sure that you are who you claim to be. Common proof of identity is a driver’s license, and common proof of residence is mail that has been delivered to your home such as utility bills.

Proof of Income

Since you’re borrowing an amount based upon your income when you take out an easy payday loan, it’s important that the lender be able to determine how much it is that you make on each paycheque. By bringing in recent paycheque stubs, you can speed up the loan process by showing them that you have steady income and how much you make on average when you get paid.

Valid Chequeing Accounts

Because the loan you take out will be automatically deposited and deducted from your chequeing account if you don’t pick up the cheque that you have on file by the deposit date specified when you took out the loan, it’s important for the lender to make sure that you have an active and valid chequeing account. You can show this by bringing in your most recent chequeing account statement, or by getting a statement printed out by the teller at your local bank.