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Get Out Of A Financial Pickle: Requirements For An Online Payday Advance Loan

Are you short on cash and unable to pay an emergency medical bill or unexpected car repair? Do you have a big event coming up that you need to pay for now, but you don't have the cash to cover it in the bank? Whatever the reason is why you need cash now, an online payday loan may be the solution to your problem – especially when you'll have the cash, but you won't have it until your next payday.

An online payday advance loan is a loan is exactly what it sounds like: It's a loan that issued online that essentially provides you with the funds from your paycheck before payday. These loans are like getting an advance on your paycheck.

Of course, as with all loans, you do have to meet certain requirements in order to be approved for an online payday loan. Wondering what those requirements are and if you meet them? You've come to the right place! Here's a look at the standard necessities that will get you an advance on your paycheck with an online payday loan.

Documented Employment

In order to receive a payday loan, not only do you need to be employed, but you need to be able to show proof of your employment. If you can't certify that you have a source of recurring income, then you won't be able to secure a loan. The following are examples of verifiable proof of income:

  • Copies of your most recent pay stubs that show your year-to-date earnings.
  • A copy of a quarterly year-to-date profit statement.
  • A copy of a benefits statement from social security, disability benefits, pension or unemployment.
  • Copies of recent bank statements that illustrate recent payments you have received.

A Steady Bank Account

You need to have either a checking or a savings account in order to receive a payday loan, and that account must open for at least one month prior to applying for a loan. This will allow the lender to see that you have a reliable way to receive income and to distribute payments to repay the loan.

Proof of Age

You need to be a minimum of 18 years old in order to qualify for an online payday loan. You must be able to show documented proof of your age, such as a driver's license, a state issued identification or a copy of your birth certificate.

Proof of Residency

Even though you are applying for this loan online, you do need to be a resident of the state that you are applying for the loan in. A recent utility bill, a copy of your mortgage or a lease agreement that illustrates your state of residency are all acceptable ways to prove where you reside.

Kiss your financial bind goodbye! If you fulfill these requirements, you will be able to apply for and likely receive an online payday advance loan. For for information, contact a company like USA Cash Services.