Privacy & Security

Cash Advance - Application Process

Getting a cash advance can be an easy, convenient process. The majority of people who need a cash advance are certainly able to get them. There are just a few simple things to know to keep the process as streamlined and efficient as possible. Simple measures, such as researching which companies have the best customer satisfaction ratings, will help you determine which companies make the process go as smoothly as possible.

Most companies offering cash advance lending services have the same requirements. The borrower must be a U.S. citizen, aged 18 or older. They must have a valid checking account and a minimum income of 1,000 monthly. Some lending companies do have additional requirements, such as 3 months of employment history, along with a checking account that has been opened for at least that long. Before you start the application process, it is important to have all your ducks in a row. Have all of the financial information, including bank statements, pay stubs, and account and routing numbers ready at hand. This will make the process far more convenient and will certainly help you get your money faster.

However, do not worry. Many lenders will accept a valid savings account in lieu of a checking account. However, you should check with your chosen lender before assuming that they do. Those people who are self-employed may require additional income documentation, typically for a 3 to 6 month period, to verify their eligibility. Online cash advance lenders tend to be a bit more lenient when it comes to income requirements and supporting documentation.

In order to apply for a payday loan, start at the lender's website. Typically, many have an online application for that is easy to use. You should have the information at hand to make the process simpler. Make sure that you have your social security number available, as well. The lender will then verify the information through a number of databases to which the industry maintains access. Credit checks are rare, and many companies guarantee that they will most definitely not check the applicant's credit rating and history. These companies typically advertise as "No-credit" or "Bad-credit" cash advances. Even if your chosen lender does perform a credit check and turns you down, you still have other options available.

After reviewing your application, the payday lender will contact you either by phone or mail. It is at this time that they will outline the repayment terms and length of the loan. Any other details are also discussed at this time. While payday lenders may process your loan on the same day, it is not unheard of for your bank to not make the funds available for 3 to 5 business days. A few companies are able to ensure that your money arrives, and is accessible, the next business day, but this is often not guaranteed. Funds that are electronically wired to your bank will be available more quickly, but there are typically extra fees involved from both the lender, and the bank. Always check with your bank before you set up a wire transfer, so you will be aware of their fees. A wire transfer can certainly be the easiest, fastest way to receive your cash advance, but it is also one of the most expensive. Many banks charge a fee of 10 to 15 percent of the total transfer amount for wire transfer services.

No matter when you decide to obtain a cash advance, do your homework. That way, you will be completely aware of all of the risks to which you are exposing yourself. Always know who is able to access your personal information. This will help you avoid identity theft and other scams. In a random survey conducted by the CFA of 100 online payday loan services, as many as 28, nearly thirty percent were found to not provide secure application pages. There were many different types of companies represented in the survey, including no fax payday loans, instant payday loans, bad credit payday loans, and low fee payday loans.
This means that many companies are failing to secure your personal information, including financial answers to the application questions. Their failure to secure your information leaves your identity susceptible to even a moderately skilled computer hacker. Your best protection is to research the companies that you do business with to ensure that they are taking security seriously, both yours and theirs.

The best place to start is with the company's privacy policy. They have these posted on their websites. Ensure that it is clearly posted, and that it states very specifically that they do not share your personal information with any outside entities, or engage in any third-party marketing.

Obtaining a cash advance should be convenient, and more importantly it should be secure. Online cash advances specifically can offer a very fast, easy way to get the funds that you need in a pinch. By investigating the practices of your cash advance company before you do business with them, you can save time and money in the future. By doing your research in advance, you can find the cash advance company that most fits your needs. No matter which cash advance product and company you decide on, remember to do your research ahead of time. It will save you time and money in the long run. With proper research, the process can be safe, secure, and convenient.