Loan qualifications are the rules by which best online cash advance lenders process applications. A cash advance company will have set guideline for loan processors to follow. These lending ‘rules’ as some call it help limit the risk for both lender and borrower. To an applicant’s dismay, it may be that a rejection is the best answer. Some people get frantic and keep searching for any kind of lender that would service their loan. This could be asking for more trouble than your finances can handle.
There are several pre-qualifications that a responsible lender would check before they even begin to look at bank accounts or verify phone numbers. Every lender has their own list of questions, but the following will give you a good idea of what a direct online cash advance lender would look for:
– What state you are calling from? Direct lenders do not always service every state.
– What is your monthly take-home pay?
– Is your paycheck set up as direct deposit from your employer?
– What bank do you use? Most banks and credit unions will work with direct loan lenders.
– Do you have other cash advance loans currently out?
– Are you in the military?
– Are you able to provide a 30 bank statement? This is done one of three ways; fax, email or through Decision Logic (a secure ‘view only’ online option)
Honesty pays with online cash advance lenders
Call into a lending company before you fill out an application. Find out if you would even pre-qualify and save yourself time and effort. Ask if the company charges an application fee. If they do, move onto another lender. This fee will take funds from your bank account just for processing your application, not for approving it. You could still be turned down without a refund. Do yourself a favor and call before you send out applications. It’s best to only send out one application at a time. Direct lenders will know. Just like creditors, if a company sees that you have applied to many, they will consider you a high risk and will often be rejected. Too many loans at once could translate to a trouble account. The cash advance online lenders will only see other short-term loan inquiries as there is no credit bureau check to view others money avenues. Would you loan $20 to a friend who asks just you? Would you loan $20 to a friend who has also asked 50 other friends? How do you know how much money this friend has received? Similar concerns for the direct lender.
When you pass the first test, go ahead and fill out the application. Fill it out accurately. Double check your numbers typed in. Responsible lenders call to verify information. If the numbers are wrong your application will be denied. When you receive notice of denial, ask why. A good lender will go over their findings and you may have a chance to correct any errors, but it isn’t promised.
The search for emergency money will often put applicants in a frantic state while seeking solutions. Take a breath and relax. Financial decisions are best made when well-thought out. Talk to a cash advance lender company and learn about terms and conditions. Talk about interest charges, payment options and penalties. The more you know the better prepared you will be to handle the payoff.