A lot of people believe that they cannot get a short term loan because they have some type of problem with their credit score. While it is true that your credit score is an important factor in getting a traditional loan from a bank, it has absolutely no influence on your ability to get a short term loan.

A payday loan, which is another name of a short term loan, is a completely different type of loan option. Unlike a traditional loan from a bank or financial institute a payday loan is for a limited amount of money that is usually between one hundred and one thousand dollars. This small amount of money is paid back within one pay period so it is paid off with your next paycheck. In some states, but not all states, you can extend the repayment period but that will cost additional fees.

No Collateral Needed

In essence your job is your collateral and, since you next paycheck will pay off the loan, there is no need to go through all the hassle of pulling your credit score. The reason that banks and other lenders need this information is because you are paying off a large loan and they want to see that you are not a risk of defaulting in the loan.

Your paycheck is all that you need to get a short term loan. However, there are some additional qualifications that you must meet as well, but these are very simple requirements that most people easily meet.

Your Required Information

The short term loan that you apply for online has a set application process. This includes gathering personal information including information about your employer. You will also need to have been working for the previous 90 days in order to meet the requirements for a short term loan.
Other information you will need to provide includes you bank information for the deposit as well as for the repayment. The short term lender will also require a valid phone number and email to complete the loan application.