The best way to deal with an emergency is to stay prepared. At least, that’s what the more careful members of the society and the family would say. But in reality, even the most carefully planned out things can go wrong. Funds can dry up and there may be no one in the family or among friends to come to the rescue with a small loan amount.
Take for instance “Meg” from Phoenix, Arizona. Recently, her air conditioning broke down when the outside temperature soared to a staggering 98 degrees. With three little children and an elderly parent in the household, Meg was desperate to get a new air conditioning installed as soon as she could. She had little time and fund but thankfully knew about cash advance loans.
Cash advance loans or cash till payday loans refer to short-term loans of smaller amounts that can be used to take care of emergencies and day to day expenses. The loan is especially relevant in the present day situation when most Americans are struggling under the economy. That also explains its popularity over the last few years, the more ‘difficult’ times in the financial milieu of the country.
However, one has to have a steady source of income in order avail this. Loans are available from $100 to $1,000 but the amount that can be borrowed would typically be decided by the applicant’s income per month.
Can The Unemployed Get The Loan?
Unfortunately, no they cannot. In fact, there is no such thing as an unemployment loan. This is because lenders are only interested in giving their money to people who can repay them. This is not possible without a steady source of income which explains why the existence of unemployment loan is only a myth. Extra precaution should be taken when considering lenders ready to give an ‘unemployment cash loans’.
How To Get A $1,000 Loan?
Not all cash advance lenders are capable of lending equal amounts of loans. This means there are some that specialize in small loans while there are others who lend out bigger amounts. The small loans range up to $250 and have to be repaid within a maximum period of fourteen days.
Lenders who are capable of approving bigger loan amounts are also able to offer flexible repayment options. But in order to qualify for this service, consumers first have to prove that their earning would allow the repayments.
They must be able to show that after all deductions from their paychecks such as health insurance, retirement, child support, spousal support, and wage garnishments. They would be able to repay the loan within the stipulated time period. The loan amount generally ranges between $500 and $1,000 and has to be repaid between fourteen and thirty days.
What Is The Application Process?
The application process is simple, fast, and convenient. Typically it involves filling out an application form that contains standard inquiries such as the contact information so that the loan request can be verified. Most lenders allow this form to be filled out online and the process takes just one to two minutes.
Some other information such as the applicant’s employment status, bi-weekly or monthly earnings mount and the dates of upcoming paychecks are also necessary. Upon successful completion of this form, the loan is usually approved instantly and is received within a few hours.