Who Can Take Out a Cash Advance?

When preparing to apply for their loan, many people are worried that they won't meet the approval requirements. Fortunately, cash advance loans have fairly easy qualifications, especially compared to those of traditional loans. In fact, we feel like just about anyone is capable of getting approved! Although each provider has their own unique criteria, there are some general guidelines that most follow. Here's a look at some of the common qualifications that most lenders require you to meet:

• Are you at least 18 years old? In order to get a loan from any cash advance lender, you'll need to be at least 18. Some lenders may have more strict age requirements for their service, such as 21 or 25 years old.
• Do you have a valid bank account in your name? Nearly all online cash advance companies require that you have a bank account to qualify. Usually, you'll need direct deposit on your account as well, that way your lender can easily deposit your loan. This also allows your lender to withdraw your loan repayment on the due date, saving you the time and trouble of mailing a check.
• Are you currently employed? Obviously, you can't take out a cash advance if you do not earn a steady monthly income. If you receive money each month from a different source, such as a government disability check, you may still qualify for cash advance loans. Of course, the amount of money you earn each month will play a role in determining how much money you can borrow. Check out the section entitled "Loan Sizes" to learn more about how your income can affect the size of your loan.
• Do you have access to a fax machine? Thanks to always-advancing online technology, most people do not ever have to fax information to their lender, but it's always best to be prepared in case it's necessary. If you have a scanner, some companies may accept scanned documents through e-mail as well.
• Has your credit score been damaged due to debt, late payments or other factors? One requirement you won't have to meet with cash advance loans is a high credit score. In fact, most lenders won't even check your credit score, meaning it doesn't matter if you have great credit or none at all!
• What are your state's specific policies regarding cash advance loans? Since there are no official national guidelines regarding cash advances, the lenders in your state may have different qualifications. For instance, some states have a more rigorous approval process than others.
• Are you a citizen of the United States? If you want to get approved for a loan within the US, almost all online cash loan lenders require you to be a citizen of the country. Some companies may be willing to approve loans for those that are permanent residents.