Who Qualifies for Cash Advance Loans?

May 7th 2016

Verifiable Employment or Recurring Income Source

In order to qualify for a payday cash advance loan, borrowers must typically be employed full-time or have a recurring income source, such as social security payments. In most cases, the lender must verify the income source prior to offering a loan by contacting the employer directly. Borrowers may also be able to verify their employment by providing copies of paycheck stubs or bank statements to the lenders.

Active Checking Account

An active checking account with direct deposit is another requirement for cash advance loans, as the funds are typically deposited directly into the borrower's account. In certain cases, storefront lenders may offer cash upon receipt of signed loan documents. When the time comes for the loan to be paid back, funds are typically withdrawn from the borrower's checking account on the due date. In order to verify an open, active checking account, borrowers must usually provide lenders with copies of recent bank statements.

Valid Identification, Proof of Age

In most states, borrowers must be at least 18 years of age to qualify for cash advance loans. When applying, borrowers must provide the lenders with valid identification, such as a driver's license or state identification card.

Additional Criteria

While in most cases, proof of income, a valid checking account and valid identification are enough to qualify for a cash advance, certain lenders may require additional criteria, such as personal references and copies of utility bills. Length of employment and minimum income amounts may also come into play, depending on the specific laws of your state.


Cash advance loans, also referred to as payday loans, are money advances that are designed to be paid back within a short period of time. Loan amounts vary, but typically range between $50 and $1,000, depending on the borrower's income. One of the main differences between cash advances and bank loans is that cash advances are approved based on an individual's employment status and monthly income as opposed to their credit score, which makes the advances easier to obtain. If you are considering taking out a cash advance loan, it is important to understand the qualification criteria prior to filling out an application.

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