How would a cash advance online be accessible to a spouse who is not employed? An at home spouse could describe many “stay at home” moms or dads. They may be employed full time and work crazy overtime, but bring home no official paycheck. Would this person be able to apply for a short-term cash advance online or a new credit card?
An online cash advance looks for direct deposits.
Since there are not any banks that I know of to transfers hugs and kisses into cash value, a homemaker is considered unemployed. An application for an online cash advance what’s a working bank account plus employment informational. This person may have their name on the joint account, but without a true paycheck, they will need to have the “working” spouse sign for the loan.
A cash advance company needs verification of employment.
It isn’t just the online cash advance company that needs to have proof of employment; credit cards applications always request employment information as well. It is a stay at home mom from VA who got turned down for a credit card, who spoke up against this rule.
She is a stay at home mom. Her husband has a good job, and together they run the household. When she wanted to apply for a credit card, but had to get her husband’s approval in order to receive one, she felt the sting. She can hold a joint account, is an authorized user, but cannot apply for a card without permission. A credit card company wants to make sure that the applicant can make the payments and the Credit Card Accountability and Responsibility Disclosure Act of 2009 (CARD Act) requires credit card companies to make that determination. It is based on the applicant’s income or assets not the household’s. This criteria was set into place to protect young adults or students from getting deep into debt.
The Consumer Financial Protection Bureau (CFPB) proposed to change the ruling after receiving a petition from the stay at home VA mom. If this ruling does change, it will open doors to aver 16 million stay at home spouses giving them an opportunity to obtain a credit card in their own name.
An online cash advance does not fall under this ruling.
The VA woman is not only pleased at the possibility of being allowed to apply for her own credit card, but also that this issue was dealt with so quickly. It will open doors for many building credit for those unofficially employed.
A cash advance is does not report loans to the credit bureau. The short-term of the low cost loan is only reported if the loan is defaulted upon and it gets sold to a collections agent. It is unknown if the change in credit card laws will trickle down into the policies and practices of the cash advance lender online or in a storefront. For now though, an applicant must show proof of employment and offer work place information when filling out applications. Since this information is verified during the approval process, there is no way to get a loan without holding a paying job or having the working spouse sign for the short-term loan.
