Qualifying For A Payday Advance
Although some would say that this is a problem, it is easy to apply for (and get) a faxless payday loan. (Critics of these loans claim they are too easy to get, and are abused as a result) One big reason for this is that pay day loan companies do not perform credit checks. It doesn’t matter if you have a bad credit score, a bankruptcy, late payments, judgments or terrible spending habits. Payday lenders mainly care whether you have a steady job with a paycheck. Payday lending companies base their decision on whether you will be able to repay them with your next paycheck on your next paydate.
So, if you have a job, and make enough money to repay a short term loan within a reasonable amount of time, you probably can qualify for a cash advance.
Paycheck Lenders also do not require collateral (unlike car title lenders). Payday loans are unsecured loans. You don’t have to own a home in order to qualify to receive a payday cash advance. Unlike a home equity loan, a payday loan isn’t based on what you own. Payday loans don’t even take into consideration how much money that you have in your bank account. As long as you have a bank account, it doesn’t matter to the pay day loan companies what balance it contains.
Payday loans require a payday.In order to qualify for a cash advance, you must have a job. Some pay day loan companies do require you to have had your job for a minimum amount of time, but this varies from company to company, so if you have just started a new job, be sure to shop around for a ppay day loan companies that will work with you. Most companies have a minimum monthly income level as a requirement. The amount varies between companies and isn’t very high, but if you don’t meet it, you won’t be eligible for the loan. If you are self employed or work as a freelancer, you won’t be eligible for a payday loan.
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