No Employment Verification Cash Advance Loans

WealthHow Staff Oct 27, 2018
Worried about your financial condition and looking for no employment verification cash advance? Then don't worry, here we give you some information on how to apply for cash advance loans with no employment verification.
Cash advance loans are almost similar to payday loans, the main difference being that in the latter, bank verifies if you are employed or not. In no employment verification cash advance, the bank doesn't verify employment details. It is possible to get these loans even if you have a bad credit.

Eligibility Criteria

Any person can qualify for no employment verification cash advance, but the only criteria that banks and financial institutions need you to fulfill is that you should be more than 18 years of age.
Moreover, you also need to give details of your checking account or savings account. The account should be at least 90 days old and you should have a monthly income of at least USD 1,000. Depending on the amount you earn, the amount you can apply for varies.

Application Process

You just need to fill up an online form and submit it. The rest would be taken care of by the financial institution or the bank. Moreover, unlike other loans, you don't need to provide a lot of documents, before you are approved the cash advance loan. In addition to that, they don't even verify whether you are actually employed or not.
There are several such lenders and for the services they provide, some of them charge high rates of interest, while others charge a commission. Once your application is approved, the funds would be transferred to your account the next business day.
Once the funds are transferred, you would need to provide a payment request, wherein you would authorize the bank to withdraw a specified amount of money from your account as and when it's due. You need to ensure that you fill up that request and send it back to the bank or else, the whole amount of the loan would be withdrawn from your account.
In the request, you can opt to authorize the bank to withdraw a part of the money you received as cash advance, so make sure you send the filled up request back.

Advantages and Disadvantages

The main advantage of cash advance loans with no employment verification is you can get these as per you need without any documents. The best part is they don't have any impact on your credit score. So, instead of paying the bills with credit cards, you can make your payments with a cash advance loan.
The interest charged is considerably low compared to credit card. You get a time period of 7 to 30 days to repay the loan and the time frame is such that you can pay off the loan when you get your pay check. Once you pay off the cash advance, you can again opt for another one, to improve your credit ratings.
However, there are a few disadvantages of these types of loans, the main one being a very high rate of interest. Moreover, once you opt for it, you may fall into a continuous cycle of debt, wherein towards the end of every month, you may need to borrow money from the bank.
In the process, you will lose a considerable amount of money in the long run, so as far as possible, you should try to stay away from it.
So, there are several options you have for no employment verification cash advance, but make sure that you use this option only if there is absolute need for it and if you don't have any other way out. Moreover, take a close look at the terms and conditions, so that you know the fine prints in detail.