Sometimes, despite the best planning, it can be impossible to budget for all of life’s emergencies and unexpected situations. When this happens, waiting for a traditional lender to approve a small loan can take days or even a week or more, but an online cash advance can provide you with the cash needed in 24 hours or less in many cases.
Not everyone will qualify for a cash advance. Different lenders will have their own application process and also their own application forms. However, it is important to realize that payday lenders do not need all the information that a bank or other type of lending institute will require.
The Basics
A payday loan is not a long-term funding source and only provides the funds until your next payday. As such, to be able to qualify for a payday loan the applicant must have a full or a part-time job that provides a monthly income of at least $1500.
Additionally, the applicant will need to have an established checking account. Most lenders will require that the account has been active for at least three months prior to the application for the online cash advance. Most lenders will also require a copy of a current bank statement as well.
The individual will also need to be paid using direct deposit. This protects the lender as the company will immediately withdraw the loan amount, plus their fees, on the date of the direct deposit. This limits their risk and provides the more streamlined application where your job and income is really the key factor in determining if you qualify for the advance.
What to Consider
It is important to realize that you may qualify for an online cash advance that is more than you need to address the cash flow issue you are experiencing. It is always a good idea to borrow the lowest possible amount, as the fees charged by the lender are based on a fee per the amount borrowed.
Typically, lenders charge a flat fee of approximately 15 dollars for every 100 dollars in the advance. Some companies also charge additional fees, and the lender is required, by law, to provide information on those fees, in writing, to the borrower.
Choosing a reputable lender that is professional, answers questions you may have and provides quick approvals on applications is always important. Compare different costs and fees in working with different lenders before choosing a cash advance service that is right for you.
