Qualifying For A Cash Advance: What You Will Need
Cash advances, or payday loans as they are commonly called, are becoming increasingly popular amongst people in need of some quick cash. This is because these short term loan products allow individuals the ability to get the money they need within just a matter of hours rather than waiting several days or weeks to be approved by a traditional lender, such as a bank. These loan products also offer the ability to qualify for funding even if you may not qualify for a traditional loan. If you are interested in applying for a cash advance, taking the time to answer the questions below can help you to determine whether or not you will qualify for this short term funding.
Are You Over 18 With Photo ID?
As with most financial products, you will need to be over the age of 18 to obtain a cash advance. In order to prove your identity and age, you will be required to submit a copy of your photo ID to the lender at the time your application is filed.
Can You Provide Proof Of Your Current Address?
If the address listed on your photo ID is accurate, most lenders will take this ID as proof of your address. However, if you have moved since obtaining this ID, you will need to provide the lender with a copy of your current lease, a utility bill in your name, or other official document listing your current address.
Do You Have A Valid Checking Account?
Cash advances are typically repaid by allowing the lender to make an automatic withdrawal from your checking account on your next payday. When obtaining these loans through an online lender, the funds that are provided to you will all be directly deposited into this bank account. Consequently, nearly all payday lenders will require you to have a valid checking account that has been active for at least a few months before they will be willing to approve your application.
Can You Prove Your Income?
When applying for a cash advance, your income is your credit. In order to ensure that you have the funds necessary to repay the loan on time, lenders will often limit the total amount of your loan to a certain percentage of your weekly or biweekly income.
In order to approve your loan application and ultimately determine how much you qualify for, the lender will require you to submit proof of recurring income. This can be done by submitting copies of your bank statements, paycheck stubs, or benefits award letter. If you need a payday loan, visit a local business like USA Cash Services.
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