Getting a Newfoundland payday loan can be a good financial solution to residents in the said province. Providers of this type of cash advance service require their customers to pass a few qualifications and submit certain documents.

Before a person can take out a Newfoundland payday loan, he has to meet a few qualifications. First of all, he has to be 18 years of age or older. Next, he has to earn approximately $1000 per month; however, this depends on the policy of each company. Third, he needs to have an active savings or checking account that is in good standing.

Aside from the said qualifications, payday loan companies in Newfoundland usually require their customers to submit certain documents for review. The first of which is the most recent copy of the bank statement of the customer. Companies need this document to determine the amount of money which is going into the account and the source of the said cash inflow, as well as the amount that is going out of the account and the reason for the cash outflow. They also need this document to find out if the borrower already has an existing loan.

The second requirement is a copy of the most recent pay stub received by the borrower. This document is used to verify that he is currently employed and is getting a paycheck.

The third is a copy of a voided or canceled personal check. This is used by companies to get the necessary information such as the bank account number and bank routing details, so that the lender can directly transfer the deposit of the loan to the account. Companies also use the information found in this requirement to directly withdraw fees from the bank account of the borrower when payments are due.