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Payday loan requirements

An active bank, credit union or prepaid card account.

Proof of income.

At least 18 years old.

Key facts about payday loans

They can be difficult to repay. Payday loan amounts may be a substantial portion of a borrower’s income, according to The Pew Charitable Trusts, and their high fees and short repayment terms can make it difficult for borrowers to repay the loan and cover everyday expenses. This is how the payday loan debt cycle begins.

They’re popular, fast and easy to get. Millions of Americans use payday loans each year, according to Pew. That’s because they’re a fast cash source, and most borrowers are approved regardless of credit history or income.

Payday loan fees are high in order to cover lenders’ risk. Payday lenders don’t assess your ability to repay a loan and instead charge high fees to make up for the risk that you default.

Lenders don’t report to credit bureaus; they do report to collections. Payday lenders don’t report payments to the three major credit bureaus, so repaying a payday loan on time won't improve your chances of qualifying for a lower-rate loan later. However, unpaid payday loans are reported to collections, which can hurt your credit.

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Installment loans are usually larger than payday loans, with some unsecured personal loan amounts as high as $100,000. They're repaid over months or years rather than weeks.

Most personal installment lenders check your credit and review your ability to repay before providing a loan. Installment loans with APRs below 36% from reputable lenders come with less risk than payday loans, but you usually need consistent income and at least fair credit (a score of 630 or higher) to qualify.