Do You Need Collateral or Good Credit?

Cash advances have been a popular way for people to borrow money in an emergency. Cash advances are short-term loans that people take out for small amounts of money, that are intended to be paid off when they receive their next paycheck. Many people like them because they are easy to get. You don't have to drive to the bank, and most people are approved. Even though most people are approved for these loans, there are still a few requirements. If you meet these requirements, you will probably be approved for a loan.

A Job

In order to get a cash advance, you will have to have a job. Disability income usually does not qualify. Many lenders have a minimum amount of money that you need to earn. This usually ranges between $1000 and $1500 a month. Often, lenders will also want you to have been working at your job for a minimum amount of time, which typically is around three months. Lenders want to make sure that they will get their money back, and by requiring you to have a job, they improve their chances of collecting when the loan comes due.

A Checking Account

In almost every case, you will need to have a checking account. After you are approved for your cash advance, your money will be deposited into your bank account. In some cases, you may be able to get a cash advance with a savings account, as long as it will accept direct deposits. Your lender may require you to have had your checking account open for a minimum amount of time as well. This prevents someone from opening up a checking account strictly for the purpose of taking out a cash advance. In many cases, the lender will automatically take your money out of your bank account when the loan comes due.

What's Usually Not Required

You will not need to have collateral to get a cash advance. Your job serves as your collateral. You usually do not have to have good credit. In many cases, your credit won't even be checked. You may have trouble getting a loan if you have fraudulently taken out cash advances in the past or applied with a social security number that doesn't match your name, but most people will not have trouble qualifying for a loan. If you need cash in a hurry, contact us and get the process started today.