Bear Loan Company Requirements: What to Know
Learn what criteria independent online lenders evaluate when considering payday and installment loan inquiries.
Overview of Loan Requirements
Because Bear Loan Company is a loan-connection and educational resource rather than a direct lender, we do not establish our own proprietary underwriting criteria. Instead, requirements are established independently by participating licensed lenders within our network, in accordance with applicable federal and state lending laws.
Below is an objective summary of standard eligibility expectations across the United States short-term and installment credit industries.
Age & Legal Residency
- Must be at least 18 years old (19 in Alabama and Nebraska).
- Must be a U.S. citizen or legal permanent resident.
- Must have a valid government-issued ID (driver's license or state ID card).
Income & Employment
- Regular verifiable monthly income of at least $800 to $1,000.
- Qualifying sources: Full-time employment, part-time jobs, self-employment, Social Security, or disability benefits.
- Proof of recurring deposits (such as pay stubs or bank deposit logs).
Active Checking Account
- An open personal bank checking account held in your legal name.
- Must accept electronic ACH transfers for loan disbursements and repayments.
- Account must generally be in positive standing without excessive recent overdrafts.
Direct Verification Info
- A working mobile phone number or landline for SMS/call verification.
- A valid, active personal email address for receiving disclosures and contract documents.
How Credit Scores Factor Into Requirements
Borrowers often ask whether a perfect credit score is mandatory. The answer depends on the product:
• Payday Loans: Underwriting focuses primarily on your verified recurring income and banking history rather than traditional FICO scores. Borrowers with poor or rebuilding credit may still be evaluated.
• Installment Loans: Lenders assess credit history alongside your debt-to-income (DTI) ratio. Higher credit scores may unlock lower APR tiers and larger borrowing limits.
Why Requirements Differ Across States
Consumer lending in the United States is heavily regulated at the state level. Each state maintains its own statutory caps on maximum allowable loan amounts, repayment terms, and allowable fees. As a result, participating lenders adjust their eligibility rules to ensure full compliance with the laws of your state.
For state-specific information, visit our State Availability overview.