How to Get a Payday Loan With NSF on a Bank Statement

Payday loans companies provide loans to customers for short periods of time. They are designed to be emergency loans for those in a tight financial spot. Traditionally, the non-sufficient funds (NSF), or overdraft, line on a checking account statement meant you could not get a payday loan, but no longer.

Instructions

1

Make sure you have an open savings account containing the minimum amount required by the bank. If you don't have a savings account and do have an NSF determination on a checking account statement, you'll be unable to secure a payday loan. Opening a savings account is the only way to get around the NSF restriction.

2

Collect your income documentation. All payday lenders require proof of employment. Most only lend to customers who can prove they work for an employer who deducts taxes, that is, customers who have standard paychecks and W-2s showing deductions from previous years. Customers paid in cash or with under-the-table jobs will likely be refused a payday loan if there is no documentation supporting the claim of employment.

3

Find a reputable lender. The payday lending business has been rocked by scandal in recent years. Many independent government and private investigations have shown that hundreds of payday lenders engage in unethical predatory lending. The best way to find a reputable lender is to search out references. Find someone in your community that has used a particular lender and get their opinion. The Internet is a useful tool as well. See if you can find a message board where you'll find advice on choosing a payday lender.

4

Apply for loans. Be prepared to show several forms of proof. This includes: at least three recent paychecks (consecutive), one W-2 and a few recent months' worth of statements for your savings account, confirming both its existence and that the minimum balance is maintained.