Such question people ask quite often as they know how strict can be the rules. It’s not the case with payday loans however as the eligibility is not so complicated, but just as like as with any other financial institution still exist some requirements and certain qualifications one should meet to be approved. Payday loan eligibility requirements are usually the following:
- A person is a Canadian resident
- A person is 18 or over
- A person has full employment or another steady source of income
- A person has an account with a direct deposit in any bank
The last two requirements however can vary from service to service, but as a rule, lenders stick to these stated standards. It’s important to have an account with a direct deposit just because it’s the way you will get your cash. As to employment – you have to prove to a lender you are able to refund (the due date is usually scheduled for the coming payday).