When you apply for a direct cash advance, the company will take into consideration how much you earn, and how long you have been employed with the company you are currently working for. The amount you want to borrow also depends on whether or not you have any other types of loans with other businesses as well. Also, your direct cash advance may not be more than you can afford to pay back to the company by the scheduled repayment date.
Before you make the decision to apply for a direct cash advance, you must understand that the interest charged is normally in the region of about $20 for every $100 that you borrow, and you need to add these extra amounts into the total that you want to borrow, to make sure that you will be able to make the repayments comfortably, without getting into more debt.
After you have filled out and submitted the application form for your direct cash advance, it will be reviewed by the company and, should you qualify, they will contact you to confirm the amount of your direct cash advance, as well as when that amount should be paid.
Once you have been approved for a direct cash advance, the money will be transferred into your bank account, and you will have access to it from the very next day. It is even possible to apply for a direct cash advance over the weekend, in which case, it will be processed on Monday, and the money deposited into your account on Tuesday.
There are a few basic requirements to be approved for a direct cash advance. For instance, you have to be eighteen or older, and have a good, active check account, that has been operational for at least two months. You should have been fully employed for no less than three months, with a minimum salary of $1200 per month. Repayments for your direct cash advance will be withdrawn automatically from your bank account at the end of each month.
No collateral is required when you apply for a direct cash advance, and the company you are dealing with will not do any credit checks on you either. They are not interested in whether or not you have a bad credit record, but rather on whether you are able to make the payments on the money you have borrowed from them.
If there is a month where you are unable to make the payment, you can extend the repayment time for your direct cash advance, for which you will be charged an additional fee. Should you require an additional direct cash advance, you can do so as soon as you have paid the previous amount of money you have borrowed in full.
The company will be notified by your bank that the total amount has been paid and cleared, which normally takes about three to five business days, after which you can request an additional direct cash advance. It is not a good idea to apply to too many businesses for financial assistance, as this could hamper your chances of approval when applying for a direct cash advance, or any other type of financial help you are looking for.
