Getting a cash advance is pretty dang easy, as long as you meet the basic qualifications.  It’s important that you understand that each lender is going to have their own specific requirements, and that what we’re discussing in this post should just be used as a basic outline.  The good thing is that these basics are very common among every lender, online or local.

Towards the end of this post there are also some things that lenders don’t tell you that are going to help you out a lot!

Employment Requirements

You need a job to get a cash advance.  Some lenders work with government benefits, disability, etc., but it’s rare.  If you’re in that boat, pay a visit to your local lenders to see if they can help you out.

Not only are you going to need a job, but you’re also going to have to have been there for a while.  Most lenders require that you’ve been there for at least six months, but that varies from one to another.

What if you’re self employed or get paid in cash?  There’s a lot of grey area here.  The key is that you’re able to prove your income one way or another.  As long as you can prove what you earn with check stubs, bank account info, or other means, you are probably fine.

Income Requirements

This another area where things are going to be different from one lender to another, but there is always a minimum that they have set.  It’s normally between $800 and $1000 per month, but some will go much, much lower.  If you earn over a grand a month, you have little to worry about in this category.

Bank Account Requirements

This is something that all lenders are the same on, you’re going to need a valid checking account that’s been open for at least a few months, and is not in the negative.

The reason for this is that without a checking account, there isn’t a way for the lender to get paid back.  Or in the case of online lenders, there isn’t a way for them to pay you.  The cash is going to be deposited directly into your checking account, and withdrawn automatically when the loan is to be repaid.

Direct Deposit Requirements

Most lenders have no problem working with you if you don’t have your paycheck deposited directly, but if you do you’re going to have a much easier time getting approved for your loan.  Like the bank account requirements, they withdraw the money from your bank account, and if you have the option to not deposit your check you’re a heck of a lot more likely to not pay your loan back.

Other Requirements

The only two other requirements that don’t fit in with those above is that you have to be over 18 years old, and are a citizen of the country that you’re borrowing in.

Do You Have To Fax Any Paperwork?

If you don’t have any problems with your application, you shouldn’t have to fax anything over.  Faxing paperwork over is quickly being phased out.  However, if they have any problems verifying what you put on your application they will either ask you to fax some stuff to them, or they will just decline your application.

So How Do They Verify Your Info?

You would be surprised how much information there is about you.  There is a company called Teletrack that does the info verification for cash advance lenders.  It all happens online, through (what I assume) is public records that they have access to.

So What Are They Verifying?

We all know that cash advance lenders don’t check your credit, but there are quite a few things that they check in place of that.  They first check to make sure that everything you put on your application is true.  Assuming that checks out, they then look at your recent financial history.  What they’re looking at is if you’ve recently filed for bankruptcy, how often you overdraft your bank account, and if you have any outstanding payday loans.  If you don’t have any of those, you have very little to worry about!

How Much Can You Borrow?

Almost all lenders will cap your loan at 25-35% of your total monthly gross income (before taxes).  What that means is that if your monthly pretax income is $1800, you’re going to be able to borrow somewhere between $450 and $630.

Can You Apply To Multiple Cash Advance Lenders At Once?

Yes, but you never should under any circumstances.  Applying for multiple loans is going to lead you getting multiple loans.  That extra money might seem great on the surface, but there’s no chance in hell that you’re going to be able to afford paying all of them back!  Also, when lenders are verifying your information, they’re going to check if you have recently applied for loans, or have any outstanding ones, which may result in your loan application being declined.

What Happens When You Extend A Loan?

In short, you’re quickly on the road to serious debt!  You’re going to be required to pay at least the interest gained on your loan during the period, then your next payday you’re up for another payment.  What happens is that there are all sorts of fees placed on your loan, which will add even more to your interest amount.  In short, don’t do it.

So apply for one, wait for it to be approved or denied, then move on to the next.

I hope that I covered everything that you need to know before applying for a loan.  Now head back to our list of cash advance lenders to find the right one for you.