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The bulk of lenders demand that you are 18 years old to apply for credit. You will also need a banking/checking account that has been active for longer than 3 months. Lenders will rarely give loans if you have more than two payday loans. You will also need to make $1000 monthly net gross pays.
You all know those late night commercials for pay-day loans, car title pawn places that give you $200 - $1000 for showing them your pay stub and handing over your title. They charge anywhere from 10 - 35% *PER MONTH. And now they can do that automatically via a "Mister Money" digital kiosk. (How the thing reads your pay stub is a mystery to me.)
The most frequent rate reported on these type of loans is 650% APY if the loan is repaid in two weeks. However, one could end up paying as high as 1000% APY in some instances!
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