Minimal Income Requirements for First Time and Renewal check advance Loans

You may be asking yourself “why do I need to be making money when I need money?” If I had money, why would I be asking for money? The way a cash advances works is it is a short term loan for those who can pay it back on their payday. Most people get paid bi-monthly, or every two weeks. You are getting a “check advance” on your paycheck. If you do not have a job, why would anyone lend you money? So, most cash advance companies require you to have a job for at least six months or more.

Let’s say you get paid on Friday and your car brakes down on Saturday so your entire paycheck goes to fixing your car. You apply for a check advance on a Monday right after your payday and get approved for a check advance. You receive your funds the very next business day, Tuesday. Two weeks later, your cash advance is due because you are getting your next paycheck. You have two options: pay the entire payday loan back or pay at least the minimum. In order for you to be able to pay off the entire cash advance back, you need to be making sufficient money every month.

We at mypaydayloan.com require you to be making at least $1000 a month to get approved for a payday loan. This should cover your payday advance payback plus the fees associated with the amount borrowed. We require this because we feel it is fair to only approve customers who can actually pay back the payday advance and who do not get stuck in another financial problem. In fact, one of the reasons we are selective with whom we approve for a cash loan is that we want to make sure we are helping instead of hurting our customers. Mypaydayloan.com truly cares about each and every customer’s financial future.