Cash Advance Loan Requirements
Cash advance loans are a great way to get the money you need between pay periods and is one of the quickest types of loans in terms of the ability to get approval and fast cash. Finding a lender for a payday advance loan is not as difficult as you may think. Many don't realize that there are loans that specialize in helping people who only need a small amount of cash.
Often reffered to as a cash advance or payday loan by many lenders, these loans generally range between one hundred and two thousand dollars and the borrowed funds can be deposited to your bank account within a single business day. Most borrowers love the term of the loan. The length of the loan can be anywhere from two weeks to a month. There is an initial fee for the loan itself and the only way you could end up paying additional fees is if you default or pay your loan late. A cash advance gives you the money you need at a very low cost to you.
Requirements to be eligible for a cash advance or payday loan differ slightly from one lender to another, but they generally follow the same guidelines.
- Must be a legal resident in a state that allows this type of loan
- Must be at least 18 years of age. Each state has a minimum age requirement
- Must have steady employment and an income of a certain amount. This amount can vary with different lenders, but if you have a job or receive social security or retirement benefits over $1000.00 a month you may be eligible.
- Must be able to supply proof of income. Receipt of funds deposited to your account, pay stubs or another form of acceptable proof must be available.
- Must have an active bank account. Most companies prefer a checking account but some lenders will accept savings accounts. The funds will be automatically deposited in your account once you're approved if you apply online or by phone. When you accept the loan, you generally authorize a lender to deduct funds or applicable fees from your account for repayment of the loan. So you'll know when the funds will be deducted from your account, you will agree on a specific date beforehand with the lender.
- In most cases, the lender may require you to have no outstanding payday or cash advance loan.
Cash advance loans have reasonable requirements so finding a lender that will help you with your financial needs shouldn't be too difficult. With all the many options available, you may be helped more than you could ever imagine. Reaching your financial goals could begin with a cash advance or payday loan.
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* Check Into Cash, Loan by Phone and third party lender funds are generally deposited via ACH for delivery next business day if approved by 9pm EST Mon. – Thu.
* * Due to state and verification requirements, not all applicants for online loans may be eligible for instant approval by Check Into Cash, Loan by Phone or third party lenders.
* * * Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria.
† Check Into Cash, Loan by Phone or third party lenders do not perform traditional credit checks as part of its credit transaction approval process, but they do verify applicant information via national databases including, but not limited to, companies like CoreLogic and MicroBilt. If you have defaulted on past transactions, you may be declined for a cash advance from Check Into Cash, Loan by Phone or other third party lenders.
‡ Maximum funded amount for payday loans or installment loans depends on qualification criteria and state law.
♦ Check Into Cash or Loan by Phone do not lend in all states. In some states, Loan by Phone will (i) act as a broker to arrange a loan between you and a third party lender, or (ii) connect you with a financial matching service.
Customer Notice: Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.