The Qualifying Criteria for the Savings Account Payday Loans

by : Brian Jenks

The are the short-term loans. The amount you can borrow as a cash advance is also very small. The main objective of these loans is to help you with a small amount of cash instantly, so that you could meet your financial needs in an efficient manner. Like any other types of loans, these loans also require you to meet certain eligibility criteria, in order to get the loan approved to you. However, the good news for you is that, the qualifying criteria are not something very difficult that you cannot meet. Let me give you a brief insight into the same.

You Must Be At Least 18 Years Old

The age factor plays an important role, it is mandatory for you to be at least eighteen years old at the time of submitting the application for savings account payday loans. No matter how much is your monthly income and whether you are the owner of a home, if you are less than eighteen, no lender for cash advances will entertain your application for the same.

You Must Be A Permanent Citizen Of America

The next element of the eligibility criteria is being a permanent citizen of the United States of America. If you are not an American citizen, you will not be able to qualify for the cash loans in America. Even if you are working in an American company as a full time job and your monthly income is also attractive, if you are not a citizen of America, you cannot qualify.

Job Status

The next big thing regarding the eligibility criteria for savings account payday loans is your job status. Just working in a big company is not enough. If your job is not older than three months, your application for the loan is likely to be rejected. Some of the lenders even require you to be in a job that is at least six months older. Therefore, before you choose to go with a specific lender, you are recommended to thoroughly study the terms and conditions.

Your Monthly Income

The amount of your monthly income also plays an important role in determining your eligibility for the short-term cash loans. If your monthly income is quite low, you may not be able to borrow more than five hundred dollars. On the other hand, if you have a smart monthly income, you may qualify to borrow even more than fifteen hundred dollars. In brief, the amount of your monthly income determines the upper ceiling of the amount that you can borrow.

An Active Checking Bank Account

What is more, in order to qualify for the savings account payday loans, it is also mandatory for you to have a checking bank account in active status. An active checking account means that your monthly salary must get credited in that account on every payday. This is perhaps, the most important criterion that determines the acceptance or rejection for your application. This criterion is in fact has a close connection with your job status, as you will also be asked to submit a three month bank statement along with your application. Depending upon the lender you have chosen to go for, you may also have to submit the bank statement for the last six months.

Overall, you can see that all the eligibility criteria as mentioned above are very easy to meet. Among the above criteria, the status of your job and checking account has a direct impact on the status of approval for the .