What to Expect of Your First Cash Advance
Many cash advance lenders offer promotions to attract consumers to a first cash advance. Is this your first time getting a cash advance? If so, there are some important facts you should know before applying. A first cash advance brings with it many considerations to first time customers. Offers vary considerably, but there are times when the borrower can take advantage of a low interest rate with no extra fees and charges. Regardless of the situation, a first cash advance is essentially a payday cash advance loan designed to meet emergency financial needs. They are a perfect solution for financial emergencies, when you need a little extra cash for unexpected expenses or even special occasions.
Like all payday loans, a first cash advance is expected to be paid back within two weeks. However, you can extend the payday loan. To extend a payday loan you simply make at least the minimum payment owed on your first cash advance. If this is your first time getting a cash advance, you can usually receive a loan of up to three hundred dollars, which is applied to ensure that you are a legitimate customer and able to repay the loan.
As mentioned, some cash advance lenders offer their customers a very attractive first time
cash advance. Again, is it your first time getting a cash advance? This type of offer usually
waives or reduces the processing fee and charges a lower interest rate on the loan. Application
for the loan can be done completely online on the Internet without any difficulty. Most first
cash advance lenders now offer a no faxing application, which means that the applicant does
not have to submit any documents as part of the application process. This allows for a truly
paperless, fax less and inexpensive loan.
Requirements for first time borrower
In addition to the basic first cash advance requirements, there are some criteria that you have to meet in order to become eligible for an online payday loan:
- The applicant must have a checking account that is at least 3 months old
- The applicant must be currently employed, making at least one thousand dollars take home salary per month
Applicants are usually refused the payday loan if:
- They have filed for bankruptcy within the past year, or have filed multiple times
- They are currently unemployed
- They have been employed at the present job for 5 months or less
- They have an outstanding payday loan and/or unpaid returned checks
- They have a newly opened checking account
- They have multiple NSF/Overdraft fees in their checking account
- Their monthly income is below one thousand dollars
- Their contact information/reference information is invalid
- The loan company is unable to successfully identify personal information
- The loan company is unable to verify bank account information
