Especially in times of economic turmoil, those with credit challenges often find that their options for emergency cash are limited. When you've had some credit issues and you're still recovering from those problems, you may find that traditional lenders shy away from loaning you the money that you need. That's part of why payday loan lenders have become increasingly popular. Most payday loan lenders don't base their decisions on credit but instead on income and ability to pay. Here's a look at what you need to know before you apply for a payday loan.

What Do You Need To Bring When You Apply?

While payday loan lenders typically don't require a credit check, they will need to verify your identity, confirm your income, and assess your expenses. Make sure that you have your driver's license or identification with you as well as your most recent couple of pay stubs. Most lenders want to see more than one pay stub for consistency purposes. Further, you may need to bring a copy of your mortgage statement or lease to show your housing cost as a part of the ability-to-pay calculation.

Additionally, most payday loan lenders require that you authorize automatic payment debits from your bank account for loan repayment. You'll want to make sure you bring your bank account information with you when you apply in case your lender requires this.

What Are The Criteria To Qualify?

Every payday loan lender has their own specific criteria for qualifying candidates for a loan. You'll want to call a few different lenders in your area to familiarize yourself with the precise expectations for each one. That way, you can choose the lender that best fits your situation so that you have a better chance at a successful approval.

How Much Do You Need?

Another important factor in choosing a payday loan lender is how much money you need. Most payday loan lenders will only loan a percentage of your take-home pay to ensure that you have the ability to repay it. That's why payday loans are often used for those last-minute expenses or to cover an unexpected bill before payday. However, you may be able to work with a lender that offers larger amounts with a repayment schedule.

These are a few things to consider as you are looking for a payday loan lender. The better prepared you are before you apply, the better your chances will be of success. Talk with a few lenders in your area today for more information about instant payday loans.