Online Cash Advance: Do You Qualify?

Securing a loan online sure can appear easy on the surface when you read about them. You can even get one if you have bad credit now, and in fact they don’t even check your credit now in most cases. Even so, even though they are online they are lenders, and just like any other money lending operation you will have to present some qualifications to obtain a loan.

Any lender, and that of course includes payday lending sites is going to want to know if you have the means to pay them back. It’s just common sense. Now the common belief is that you must have a job but this just isn’t so. Pretty much any source of income will do as long as it can be verified, and also that it’s at least $200 per week after deductions are taken out. That’s net income.

Then most all payday lenders are going to want you to have a bank account. Now if plan on going to one that operates in your local community, you for sure will need to have a checking account so you can leave them the post dated check that they’ll require. As of lately some online lending sites will forgo the requirement for a bank account and wire you the cash but with this option, loan terms can be among the worst available.

Also as part of the qualification process you’re going to have to come up with some contact numbers and names. What these are is the names of some family members or friends who the loan company can contact if you can’t be contacted for some reason. Also keep in mind that it’s very likely that the lender will call the numbers to check them out before they issue you the loan.

Then no bank or website is going to sign any loan agreement if you are under the age of 18. It’s the same this with virtually all of them. The deal here is that any contract that a minor signs is unenforceable. That is that if a site were to lend you money if you were under the legal age, you wouldn’t even have to make payments on it, and there would be nothing that that could do.

Now it’s well worth knowing that even when you qualify, and your application is accepted this does not necessarily mean that they will loan you the maximum amount. Most lenders like to start out with smaller loans and work their way up from there. So what some people do now is find a lender, go through the qualification process, and take out a small loan even though they really don’t need it.

Want to find out more about NY payday loans, then visit Joseph Coler’s site on how to choose the best payday loans.