Loan Articles

Cash advance or payday advance loans are a fairly common thing in many states all over the USA. This is thanks to those states allowing regular employees to get access to small short term loans for amounts up to around $500 with very little hassle. The cash advance loan industry has taken advantage of this, and has grown to over 6000 outlets across the nation, granting around 180 million loans worth more than $55 billion. Surveys show that a majority of cash advance borrowers use the money as a short term measure to cover unexpected expenses. The popularity of cash advances continues to grow rapidly with the emergence of many new check-cashing companies and payday loan stores nationwide.

With the rapid growth of the cash advance loan business, getting money from one of the lenders is pretty easy. However, keep in mind that the cash advance loan companies will not just give you any amount of money without having the assurance that youll be able to pay them back. You will have to supply documentation that shows that you are employed and have a regular income in order to qualify for a payday advance loan. One of the advantages of this kind of loan is that it is possible to get an approval within hours if you can supply the lender with all the necessary information to process your loan application.

The usual requirements for qualification for a cash advance are that you hold a bank account in your name, and that you have a job that pays more than $1000 per month. You will be required to submit documentation to prove these two points. As such, you will definitely at a minimum need a copy of your drivers license or another form of state issued identification, such as military identification.

Some cash advance companies will also ask to see a copies of you latest bank account statement as well as your latest pay stub, in addition to the identification. These documents should be from within the last 30 days. A copy of your car registration papers might be required for collateral, or a copy of a utility bill to establish residency. And finally to screen out risky borrowers, the loan company may check the credit agencies for your credit history, but many dont because a no credit check policy is part of the draw of cash advances.