subject: Understanding The Requirements Of A Payday Advance [print this page] A payday advance, like any other unsecured loan, has many requirements that must be met in order to qualify for the loan.
A payday advance can be an incredibly practical and convenient answer to your short-term cash flow problems, and many people gravitate towards these types of loans because they require no credit check. Finally, a payday advance is quite ideal, as it allows individuals to receive their cash in a very short period of time often in as little as a few hours.
Here are the most common requirements for a payday advance:
Minimum age requirement Because a payday loan is just like any other kind of loan or credit, you cannot enter into an agreement with a payday lender unless you are of legal age; in the United States, that age is 18. This requirement is standard and is the same among all payday lenders operating inside the United States.
Employment requirement Another requirement of a payday loan is that you must be employed and earning a regular paycheck. Most payday lenders require some proof of current employment, although there are some payday lenders that do not require proof in the form of a pay stub. Some payday lenders will allow individuals on disability receive a payday advance, although this varies from lender to lender. There are very few (if any) lenders that will loan money to individuals who are unemployed or who do not earn a regular paycheck.
Minimum earnings requirement In addition to proving your employment status to the payday lender, you will likely have to prove that you earn a minimum amount of money in order to be eligible for the loan. Although the minimum earnings vary from lender to lender, most of the time this minimum amount falls between $800 and $1,000 per month.
Active bank account requirement Because of the convenience and practicality of the Internet, receiving a payday advance has never been easier. Simple, online applications and quick loan approval allow individuals to receive their payday loans quicker than ever. However, in order to transfer money to the applicant, most payday lenders require that the applicant possess an active bank account. It is quite simple for lenders to simply deposit the payday loan funds directly into a bank account. Therefore, applicants must have an active bank account in good standing, thereby allowing the funds to be quickly deposited and available for cash emergencies.
Even though a payday advance does not require a credit check, there are a number of requirements that most payday lenders require from their applicants. These requirements vary from lender to lender and from one payday advance to the next. It is therefore your responsibility to understand the requirements of a payday advance before you apply for one.
by: Janet Gaither
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