Cash advance qualifications are easy to meet because there are not many requirements that cash advance companies ask for when you’re applying for a payday loan.
These days all you need is to be over 18 years of age and earn over $1,200 a month. You will also need to show a few recent pay checks to confirm that you are a regular earner who can repay the loan based on their repayment structure when you are accepted for the payday loan.
If you’re a first time borrower, as long as you meet the requirements qualifying for a cash advance loan is simple. But if you’re a repeat customer, the process may become more complicated, especially if you couldn’t keep up with your cash advance payments.
If you’ve had a poor track record, they’re more than likely going to reject your payday loan application. Cash advance companies usually suspend repeat customers who were unable to keep up with the repayments on earlier loans.
Online Cash Advance Qualifications
Almost everyone can meet the application requirements for an online cash advance company. While banks need credit checks and proof of payment statements online cash advance companies do not.
The bank will not lend you money if you have a bad credit history because they see you as a liability and you are not worth considering. On the other hand, online cash advance services do not need a credit check before they approve you for your loan because they are there as bad credit lenders that offer a service for people who have bad credit.
With “easy to meet cash advance qualifications” as their selling propositions payday loan companies give you the opportunity to get money within 24 hours. Within a day, you have the money in your checking or savings account.
This convenience creates a problem for many people who abuse the system. These people do not understand that cash advances can become addictive. That’s why good cash advance companies will warn you that the loan should only be used to bridge occasional income gaps.