How Can I Qualify For a Payday Advance Loan?

Every now and then you may find yourself short of cash when a little emergency may have popped up and you find yourself wondering where you can have access to instant cash. Most people may not have access to friends or relatives that could lend them money for an emergency and if you have low credit scores you may find it difficult to get a loan from a bank. What could you do if you are in this situation?

A payday advance loan is on the top of your option and sometimes this may even be considered the only option. Even thought the rates are high, cash advance loans are very convenient for people who are facing short term cash problem. Most lenders do not require good credit and for most part the requirements are very easy to meet.

Here are some of the major requirements that you need to follow and you will be on your way to getting fast payday advance loan and getting the funds you need to take care of emergency.

Employment: You need to have a job. Most lenders will look for you to be employed at your present job at least three months. You should provide a good work phone number so that the lender may easily verify your employment. Don’t worry lenders are discrete and private about the employment verification. Also, be prepared to fax a paycheck stub if you have one. Lenders will approve you if you are on benefits or retirement income but they will most likely require you to email or fax bank statements to verify your income.

Checking Account: You need to have a good checking account. Lenders will check the status of your checking account so you need to make sure you do not have an overdrawn account. You will definitely increase your probability of approval if you have a direct deposit for your employment check.

Age: You need to be 18 years or older in order to take out a cash advance. Verification of age will be checked by all lenders. This is typically done when you provide your driver’s license information or a state issued id.

So, what do you use payday loans for? You need to think of payday advance loan as small band-aid to you current financial situation. It should be used only when you have a short-term financial situation and never used as a long term financial solution. Because a payday advance is short-term you will pay high interest rate than you would with a conventional loan at a bank or credit union, however you will have the funds you need within hours. In certain situation you will not be able to wait for a couple of days to get funds and most banks do not provide small loans to consumers.

If you are having financial difficulties a cash advance loan is not your answer. You should seek financial counseling to assist you in your current situation. Most financial counselors will start by helping you set a monthly budget. You can search on the web and find multiple sites that can help with maintaining a monthly budget.

If you do get a payday advance loan you need to make every effort to repay your loan on time. If you are unable to repay on the due date you need to inform your lender ahead of time. Most lenders will work with you on extending your due date and definitely frown if you do not contact them and they are unable to make the payment of you loan on your due date. In most case , if you are late on your due date due, it will initiate a collections process and you will most likely be unable to qualify for future loans. Communication is important and it’s OK if you are unable to make the entire payment on the due date. Just work with the lender and repay the loan back as soon as you are able to.

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