A much needed payroll
advance may be the only money option you have when your credit has sunk below
par. Instead of plunging full force into the application, you will want to take
the time to understand how loans of this type work. A short-term loan does not
fit into everybody's financial plan. Some applicants will be denied
pre-approval status due to fundamental reasons.
* You have to be
employed in order to obtain a fast payroll advance online. The loans have short
terms. They typically average a term of about 14 days. If your employment
cannot be verified by a loan manager, how can anyone approve lending you money?
Your employment will be verified. There is no reason to be embarrassed, the
loan managers know not to give your financial troubles away to anyone. Phone
calls are done discreetly to protect confidentiality between lender and
customer.
*You are not old
enough to apply. Most direct lenders will expect a person to be at least 18 in
order to apply. There are some who up the age limit to 21. If you fall in this
age range, you will want to verify the direct lender's age policy prior to
applying.
*You do not take-home
enough income after taxes. A payroll advance should only be a portion of what
you take home each month. Since the payoff scheduled is correlated with the
arrival of your next paycheck, it is important that you will still be able to support
yourself until the following pay period. You should never be approved for a
loan larger than one-eighth of your net monthly income. It is a good figure to
go by as it gives a reasonable limit to how much can be borrowed. Some lenders
may be willing to lend you more than one-eighth. Do your calculations at home
between debt and income and see how much you can truly afford before accepting
any offer.
*Your bank account
should be at least 3 months old. The loan manager will verify many things
through viewing your most recent bank account statement. This is also a great
place to see how your current money matters are flowing. Are there signs of
distressed finances through visible overdraft or NSF fees? Are there bounced
checks? Is there evidence of paychecks directly deposited? Current banking
behaviors are a good sign as to how your finances are running now. Credit
checks are part of a 7 year history and a score could remain low even though a
person turned their money management skills in a positive direction.
*You have too many
current payroll advance cash loans already. Because these loans are expected to
be paid off quickly, there is not much give to a two week loan term. People
struggle to make ends meet when only one payroll advance must be paid, never
mind multiple ones. A good lender would not want to have more than one other
loan out at the same time. There are some lenders that will accept more
simultaneous loans. It doesn't make financial sense to take out more money in
loans than your net income can handle.
*Where you live may
get your application denied. Between some state regulations preventing these
loans being used by residents or the direct lender choosing to not do business
in your state, your application may be rejected no matter how you qualify among
the other fields.
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