What is required on a cash advance form?

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What is required on a cash advance form?

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Jane Amar

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.

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Jenny Black

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.

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ALyona holk

Many forms will require some sort of general description of the nature of the emergency, such as auto repairs, illness or other unforeseen situations. Depending on the amount advanced to the employee, the cash advance form may also indicate the terms for repayment, such as a specified amount to be deducted from future payroll checks until the amount of the loan is repaid. Without proper authorization, cash advance form cannot be used to advance funds to the employee.A cash advance form or application with one of these short term lenders will also normally include terms and conditions that the applicant must read and sign before the loan is granted. For example payday advance loans.

 

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The cash advance form is not a new document. In fact, businesses have granted cash advances to employees for a number of decades. More recently, a type of cash advance form has developed when consumers wish to arrange a payday loan with some type of lending service. Here are some examples of what sort of information would be included on this type of document in each of these settings. Employers may choose to advance cash to employees for several reasons. It is not unusual to issue an advance if the employee will be traveling on behalf of the employer. When this is the case, the employee normally submits a cash advance form or request that clearly identifies the employee by name, department, and job position. In most cases, the scheduled departure and return dates associated with the business trip are also included, along with a brief description of the reason for the trip. The form will also specify the amount of funds requested and often requires a breakdown of the anticipated expense

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