For the vast majority of consumers, it is very easy and stress-free to get an AdvanceLoan cash advance. There are only a couple of qualifications that consumers have to met in order to borrow money from a payday loan product. In many cases, the entire loan process can be completed within a half day. And the best part is that the money will appear electronic quickly in the borrower’s account. That is why the payday loan is among the easiest to qualify for and to
The easiest requirement for most consumers to meet when getting a cash advance from a payday loan is to show a valid photo identification. The lenders do not want to be stuck with a loss due to an identity thief stealing. That is why is is important for lenders to verify identity. A few of the lenders may require additional proof of residence such as the copy of a utility bill that is in the name of the borrower. Identification requirements will differ slightly from lender to lender.
When looking at the actual numbers on the application, the one thing that payday lenders focus on is the income. All borrowers will have to submit proof of recent income. The reason why lenders need verifiable income is simple. The loan needs a source of money in order to get quick repayment. If an applicant is wishing to use the assets instead of borrow, the person should consider liquidating the asset instead of getting a loan. That is why a person’s assets don’t really matter when trying to qualify for a loan. If they were liquid, they would probably have been liquidated. That is why income is most important when trying to qualify for a loan.
The final requirement that most payday lenders have is for the borrower to have a bank checking account in good standing. There are two good reasons for this. First of all, having a bank account in good standing is a sign that the borrower knows how to be responsible with money. Secondly, the bank account is needed in order to fund the loan electronically and to repay the loan electronically as well. Most borrowers can easily meet all of these requirements, which is why payday loans are so easy to get.