What is required on a cash advance form?

Most cash advance (also called “payday loan” or “quick cash”) loan businesses will ask you at a minimum for the following facts:

• your complete home address (residence, not a P.O. Box)
• whether you rent or own your residence
• how long you have lived at your current address
• your principle source of income
• your Social Security number
• your State issued identification number (Drivers License or Identification Card)

Be prepared to submit proof of any of the above items if requested.

Different short term loan businesses have different policies regarding how you will receive your loan, and how you will repay it. Many will give you cash or a check; others will deposit your loan directly into your bank account (especially if you are applying for your loan online.) The bank information you will need is:

• name and address of bank
• bank routing number
• type of account (savings or checking) and account number

If you don’t have to give your bank information, then they will require you to give them a check for the amount of the loan, which they will cash the date the loan repayment is due. Most loans must be repaid in  two weeks or less, although for a fee you can often renew them.

If your main source of income is your job, you may be asked the following questions:

• your employers name, address and telephone number
• how long you have been employed
• when your paydays come (i.e. every Friday, bi-monthly on Thursdays, semi-monthly etc)

One loan business also asked for the dates of the next two paydays.

Every short term loan business will ask if you are employed by a branch of the U.S. military, or if you are a dependent of someone employed by a branch of the U.S. military. Different loan interest rates and fees apply to this category of customer. The military branch that employs the borrower becomes a guarantor of the loan and often handles the repayment of the loan. The military even subsidizes the interest and fees on the loan for their employee. For this reason the military branch involved has very strict rules for military personnel who want to take out a loan and very serious penalties if they default on one.

Because of this, any loan business will need additional information for military personnel. Military personnel and their dependents need to contact the appropriate military information officer before taking out a loan. If you are a member of the military, or a dependent of a member, the payday loan business would need at a minimum a copy of your LES (Leave and Earnings Statement) in addition to the usual identifying information for all loan applicants.

Always look over the loan application form to be sure you understand how much you are paying for the use of this money. Many loan businesses also offer check cashing services, which, like payday loans, is a high risk business activity. For this reason, check cashing fees, loan fees and interest rates are extremely high. For example, one loan company charged a $40.00 fee (U.S. dollars) for a $255.00 loan. You also need to understand exactly when the loan must be repaid and how, in order to avoid heavy additional costs.

Most loan companies are reputable-a quick check with the Better Business Bureau revealed that three of the largest ones had no complaints reported to the Bureau. But they are very aggressive about getting their loans repaid, and you must be sure you are going to be able to fulfill your agreement with them.

Actually, you can obtain a cash advance up to $1500, though, this amount can vary depending on the laws provided by the state you live in. As for the fees, it also depends on the state legislature and the particular cash advance lender within our network. It’s really easy to qualify for fast cash loans. You need to meet just a few requirements:

- major age of 18
- US citizenship
- stable job
- constant income of at least $1000 per month
- active bank account, either checking or savings one.

Well, low or bad credit won’t prevent you from obtaining the necessary funds as most of lenders  require no credit check, thus, in most cases, even damaged credit report or bankruptcy don’t become a hindrance for cash advance loans no credit check.