In recent years, one of the most popular sources of fast cash for people who need to pay for any emergency expense is a cash advance loan, which are loans that they can get and repay using their paychecks. This popularity is mainly because of the fact that getting these loans can be very easy, as most lending institutions that offer these loans are very "willing" to give these loans. However, this does not mean that just anyone can get these loans. This is because there are certain requirements that people who apply for these loans need to provide before they are considered for the loan. The following sections provide information on some of the most common requirements that lending institutions ask for from those who apply for cash advance loans.
Some requirements
One of the most important requirements that can make a person qualify for a cash advance loan is that he must have a stable employment history. For most lenders, this means that a person must have had the same employer for the past 90 days. This is very important since the loan would be based on your paycheck or your salary and lenders need to be assured that you have a steady source of income to repay the loan.
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In addition to this, that the loan applicant should meet the minimum age requirement and the minimum income requirement as well. As with the age requirement, loan applicants must at least be 18 years old and he must have a minimum income of at least $1,500 a month. However, there are some lending institutions that only require a $1,000 a month income. Lastly, a loan applicant must also have a valid checking or savings account wherein the lenders can deposit the loan proceeds. Moreover, repaying the loan can also be done electronically using the savings or checking account.
Getting a cash advance loan can be considered as one of the easiest way to get fast cash because of the "willingness" of lenders to provide them. However, this does not mean that everyone who applies for a cash advance loan would get approved. This is because there are also certain requirements that loan applicants should meet, an example of which is a minimum income requirement, before they are considered for a cash advance loan.
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