Have you ever lied on an application? Maybe you added to your income to let a creditor know you could afford the new card. Maybe you told a cash advance company about your employer but left off the part about being fired. Were you approved? How did this new credit affect your other finances?
What would you do in order to get a cash advance?
There are some interesting lengths a customer will go to in order to get approved for a cash advance online. Since everything must be done over the phone or through email, a direct lender will need to verify information presented in the application. A responsible lender will comb through the information in order to approve a loan, a predatory one will not care, but how does that affect the applicant? If the potential customer is lying, then they should know something bad may be on the horizon. Can a loan be successful when an approval is based on false information?
- Is employment information correct? It may sound funny, but putting your last employer in hopes that it will still count is not going to get you approved by a responsible cash advance lender. This information will need to be verified and if it cannot, your loan will not go through. Lenders are not out to embarrass you at your workplace, but they do need to know the true facts about employment. The loan is risky; a responsible lender wants to know the truth about employer and income.
- Admit to using direct deposits on the application but don’t really use them? Your bank statement will be viewed and a lender will look for that transaction. Before you apply, check with your employer if direct deposit is an option and set it up. It’s easy to do; provide a voided check and fill out a short form – your next check will be directly deposited.
- Living in one state but work in another? You have to follow the rules of the state in which you live in. Some people try to convince a direct lender that they live in a state which does allow online short-term loans. The laws are there to protect the consumer not the lender. Any responsible lender will not go against these regulations.
- Try to keep lenders form finding out about other defaulted cash advance loans from other companies. Direct lenders report to their own service. There is no credit bureau check, but they will know about your short-term loan history.
- Pretend that you don’t have other short-term loans out at the same time. A full payoff is a big demand on a paycheck, having multiple ones creates a financial disaster. A responsible lender will have limits on how many loans you may have out at the same time. Some states have set their own limits through regulations.
- Don’t bother trying to fiddle with your bank statement before sending it in. You may laugh, but people like to cut and paste or make their own. It’s a big red flag which often qualifies the person for an automatic loan denial. A direct lender will want to see the real deal themselves.
It’s a short-term loan, why the big fuss? A responsible cash advance direct lender is trying to protect both parties. The need for emergency cash is understood. Good people fall into bad times quite often. The lender is trying to prevent a bad situation from turning into a financial disaster. Don’t hate the messenger; the loan manager is protecting both parties.
