A cash loan is designed for short-term needs. When you need to pay an overdue bill or repair your car so you can continue to get to and from work — but your next paycheck is two weeks away — a cash loan can be a lifesaver. Because payday loans are short-term and involve smaller amounts than traditional bank loans, the requirements are less strict. The tradeoff for convenience and access to quick cash is a higher interest rate.
You Must Be a Legal Adult
The first requirement for a cash loan is that the borrower be at least 18 years of age. The most important reason is because you will be entering into a legal and binding contract, and you must be at least 18 years old to do this.
You Must Have a Steady Job
Because your next paycheck acts as security for your cash loan, you must have a work history of at least 90 days consecutively in order to be approved.
You Must Have a Checking Account in Your Name
In order for the instant cash loan funds to be transferred directly to you, you must have a checking account in your name. The repayment for the loan will come directly out of the same checking account.
You Must Have Income of at Least $1000/mo. after Deductions
Your income will determine how much you qualify for when you apply for your cash loan. Most lenders require you to net at least $1,000/mo. after deductions, that way they can be assured you possess the necessary funds to repay the loan. Net amount is what you bring home in your paycheck after taxes, garnishments or other deductions such as health insurance are taken out by your company’s payroll department.
You Must Have Valid Contact Information
Since the loan process through CashLoanToday.com is conducted online, you must have an active email address in order to apply for a cash advance. You must also have a home telephone number and work telephone number where you can be reached in the event the lender needs to contact you. This is standard for any loan process.
No Credit Check Required
The traditional loan process from a banking institution is designed to lend borrowers large amounts of money to be repaid over long periods of time. This is why they require strict credit checks and high credit scores to make a judgment regarding an individual’s creditworthiness, and whether they are likely to repay a loan. In the case of a cash loan, the loan is for a smaller amount, and the terms require a much shorter repayment term. In fact, many times the entire loan is repaid with the borrower’s next paycheck. Because of the shorter loan term and the lower amount borrowed, your credit score is not needed to determine eligibility. If you have a steady job, valid contact information, and are at least 18 years old with an income of at least $1,000/mo. after deductions, you meet the requirements for a cash loan.