Emergencies happen, when you least expect them. No matter, how much you plan, or save for a rainy day, something always happens that requires more time and/or money. If you are fortunate, you can borrow money from a family member, friend or co-worker. This is not the case for most people. Additionally, relationships become more complicated, when a financial bind is added to the equation.
If you find yourself, in a situation, that requires a quick cash loan – a short term cash advance loan, can be a lifesaver. Most customers need a few hundred dollars and prefer not to borrow too much money. In general, lenders offer amounts of $100 up to $1,000 with most lenders offering a maximum of $250.
What are Short Term Cash Advance Loans?
Cash advance loans are offered based on your next expected paycheck. For example, if your next payday occurs in two weeks, however, you need cash today, you can get an advance on your future check, today.
Loans require a repayment period of fourteen (14) to thirty (30) days depending on the loan lender that you use and their terms of repayment. Since $250 is a small cash advance, most consumers find it, a safe amount to borrow and are readily able to repay it back. In addition, almost all applicants, seeking small cash loans are approved because the consumer, need not have a large monthly income to qualify for the loan.
What is the qualification criteria to get a $250 loan?
Lending banks require applicants to have a steady stream of income, in other words, a stable job. The applicant must be able to prove that they have worked for their current employer for at least three (3) months or ninety (90) days. It should be noted that most applicants are required to be citizens of the United States of America, in order to qualify for a loan.