For some people, a cash advance may be the quickest and easiest loan to obtain. An advance may be helpful when you have financial problems and can’t qualify for other loan options. Your credit card may not be essential when you are applying for a cash advance. Even with a poor credit score and credit history, you still have a higher chance of getting an advance at work. You also do not need collateral when applying for this type of loan
Here are some qualifications for a cash advance
There are different things you need to qualify for a cash advance. It is important to note that there are different ways you can get the advance. You can either apply for an online advance or get it from your employer. Different lenders have different terms and conditions for this type of loan. The most basic thing you need to have in order to qualify for a cash advance is to be 18 years of age and more. Some lenders could ask for a higher age bracket. To prove this, you will need to have your identification card, a driver’s license, military identification, or passport.
Be Employed
The second qualification is obvious. You have to be employed to get this kind of loan. Like most other loans, you have to prove that you are a stable working citizen to get a cash advance. You can do this by providing a reliable and verifiable source of income. The simplest way to prove you are working is by providing the lender with your work or employer’s contact. Most lenders will only provide loans to people who have the ability and potential to pay back the money. It will be hard to get this kind of loan if you are unemployed or self-employed. If you are self-employed and you can prove that your source of income is constant, you will have a chance of getting a cash advance.
Have a Stable Source of Income
Most people do not have any information on this qualification for a cash advance. You have to make a certain amount of money in monthly income to qualify for such a loan. Online sites require that you make up to 1000 dollars a month as your gross income to qualify for an advance. This is the amount made before taxes. Some lenders will ask for more salary, it all depends on their terms and conditions.
Active Bank Account
The last qualification is, you need to own an active bank account. It doesn’t matter where you receive your cash advance from. Ensure the bank account is in good standing. When you qualify for an advance, the lenders deposit the money directly into your bank account. The bank account minimises the number and cost of transfers. You will also pay back the advance through your bank account.
The final word
A cash advance can help you when you are in trouble, or when something comes up and you need to take care of it financially. Ensure you keep up with the cash advance payments to maintain your credit score and get higher loan limits on conventional loans.