Savings Account Payday Loan - Instant Cash Advance

Thursday, February 14, 2013

Savings account payday loan is easy to get. It is a short term payday advance through which you avail a small amount of cash to meet you urgent fiscal needs such as medical bills, car repair bills and so on. And really, who doesn't get into a lurch once in a while? Especially middle class salaried class, that lives from payday to payday, does need that extra cash on and off. So, don't feel that you are the only one who has cash problems. When you are need of money and your local bank deserts you or your friends and family are not in a position to lend you some instant money, select the savings account payday loan.

Qualifying Criteria

Like all other loans, the savings account cash advance also has its own eligibility criteria. Here is what you need to ensure so that you can get the cash advance:-

o You have to be at least 18 years of age. That means, if you fulfill all other requirements of the payday loan lender but are a minor, you cannot get the loan.

o You need to be a permanent and legal citizen of the US.

o You need to have a job older than three months, a job that gives you a steady and regular income every month. This criterion protects the lender from the risk of default and late payments.

o You need to have a monthly income of over $1000. If you have a low monthly income, you cannot avail more than $500 in the form of savings account payday loan. However, if you have a good high monthly income or make timely pay backs the first time round, you can expect to borrow a higher amount the next time round.

Another thing is that you must have a savings account that has an active status. This is mandatory as your loan amount is credited to your account via electronic transfer. Some lenders may also require you to submit a three month bank statement along with your application for the loan.

Overall, you can see that all the eligibility criteria as mentioned above are very easy to meet. If you are firm about your decision to borrow only that much as would be needed and are determined that you will pay back on time, you can take the savings account payday loan and bid goodbye to your cash crunch.

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