Do You Qualify for a Cash Loan?

Written by
Aileen Danna

No longer are consumers forced to barter with uptight financial institutions and wait days if not weeks to be approved for and receive a loan. When we need money fast, we now have a number of options to choose from. One of the most common types of fast loans we can take advantage of today are cash loans.

There are a number of benefits which come with choosing a cash loan: the application process is quick, the approval process is even quicker, and you will receive the money you need within hours if not minutes of submitting your application online, by phone or in person. But not just anyone will qualify for this unique type of loan. Individuals must meet a strict set of criteria, starting with their age.

The Age of the Applicant

In order to be able to take a loan here in New Zealand and in many other countries, the applicant must be 18 years of age. This is non-negotiable and applicants will be asked for ID so that the the can providing cash loan in validate your age.

The types of ID which are most often accepted in New Zealand include:

  • Driver’s licenses;
  • Passports; and
  • Healthcare cards.

If you have any questions about which forms of ID are accepted by your payday loan provider, give them a call to confirm.

An Open Cheque Account

Applicants for cash loans must also have a cheque account which is in their name. This is to ensure that you are able to quickly receive your approved loan. When you contact a payday loan company, be sure to have the following ready for them:

  • Your branch transit number;
  • Your financial institution number; and
  • Your bank account number.

Proof of Recurring Income

In order to be approved for a cash loan, applicants must be able to prove that they have a source of income which pays them regularly. The payday loan company will be looking for information such as:

  • Your gross/net income;
  • The frequency of your pay cycle (weekly, bi-weekly, monthly, etc.);
  • When you were hired; and
  • The name of your employer and their phone number.

If you are not currently employed, you may still be eligible to receive a payday loan. For instance, if you are currently receiving unemployment or disability pay, many payday loan companies will accept these as forms of recurring payment.

A Valid Phone Number

Payday loan companies require applicants to have a valid and working telephone number in case they need to reach you for any reason. Those who do not have a cell phone currently should look into their “pay as you go” phone options.

A Valid Email Address

The final step of the process is having a valid email address. Much like the phone number, this is to ensure that the payday loan company has a direct line of communication with you should they need to get in touch with you.

Article Categories:
Finance

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