When disaster strikes, the first thing you want is to find yourself with money to pay your bills. Luckily, cash advance provide easy and fast solution to temporary financial problems. However, what are requirements to qualify for a cash advance?
You must be at least 18 years of age to be able to contract legally and have a stable employment history. This means that you must have been employed by the same employer for the past 90 days. The loan is pegged on your paycheck and the lender must be assured that you have steady income to repay cash advance.
As an applicant, you must meet the minimum income requirement of at least $1,500 a month, though, some banks accept a minimum of $1,000. You must also have a valid saving or checking account in which the leader can deposit the loan proceeds. However, depending on the amount you are borrowing, the lending institution may have less or more requirements.
They are the fastest way to get short term credit as you don’t need credit history. They are normally used for urgent fund requirements to meet credit obligations such as unforeseeable circumstances .Pay day loans can be used by people with bad credit history as they are not eligible for other type of loans. Pay day loans need to be liquidated before the borrowers next salary and the total amount payable includes the credit percent.The maximum date of loan maturity is normally the last day of the month , some lenders may allow a borrower to delay their payment if previously they have been making regular payments. To get a pay day loan a borrower will be required to have a bank account in , you will also be required to provide general information, and you will also need to prove to the lender that you have a regular source of income monthly. To prove that you have a regular source of monthly income a borrower can provide copies of their payslips or employment stubs for self employed individuals copies of their tax returns will prove regular income. Pay day loans can be applied for and obtained online, by phones or in shops.
Payday loan lenders have made it fairly simple for ordinary U.S. citizens to seek this option when in need of quick cash. However, there are certain constraints that can act as pointers as to who can qualify for this kind of financial assistance. The borrowers should be able to present a certifiable source of income to show that they will be capable of repaying. Having a savings account of more than a month old where the loan check may be deposited is necessary.
It must be easy for lenders to contact the prospective borrowers after office hours. Age is a limiting factor too. The loan is given to anyone fulfilling other criteria and is at least 18 years of age. The gross income of the person in requirement of the cash advance should be more than $1,000 per month. He/she should not be involved in a bankruptcy case or have willingly filed for bankruptcy relief. Users of the service must be dwellers of the state in which they are making a claim for the loan, irrespective of whether they are submitting the application form online.