 Cash
Advance Application
The first step toward getting a short
term cash advance would be submitting a cash advance application.
For all intensive purposes, this application acts as the judge and jury
when determining the exact amount of money you are eligible for when
you are offered a payday cash
advance loan. This article describes how you can be prepared for
any application out there and why it's important to pay close attention
to the questions on this application.
Why do they need my social security number?
As mentioned in the "Bad
Credit Cash Advance" article, it's the industry's standard
practice to skip the process of checking your credit score before issuing
a guaranteed cash advance.
Most consumers wonder why their social security number is necessary
if this credit check is not going to be performed. The answer is simple:
your social security number is used as a unique identifier to distinguish
one customer from the other, as well as a way for the company to ensure
collection of loaned funds if a customer were to default on their cash
advance loan. It is unlawful for a cash advance company to state
that a credit check will not be performed, and then turn around and
request a report from a credit bureau. If you suspect that a company
has done this to you, visit the Federal
Trade Commission website and select the link labeled "File
a Complaint" immediately.
I'm not comfortable giving out my banking information...
Federal law prevents companies and individuals from accessing your
account for any purpose beyond the scope of the service granted by you.
If anyone violates your account and breaches this understanding, the
federal government has enacted something called "Regulation
E", wherein the Federal
Reserve mandates that your bank replace the funds that were taken
from your account unlawfully. Since most consumers don't know that this
regulation exists, they feel uncomfortable giving out banking information
online, but the truth is it's perfectly safe to do so provided that
the cash advance lender you're
doing business with has taken the appropriate precautions to ensure
that your information is collected, processed, and stored securely.
How do I know my information is secure?
The easiest way to tell that your provider is taking the appropriate
measures to protect your information is to search their site for a section
that explains their security policy. Most sites utilize 128-bit SSL
(Secure Socket Layer) technology to encrypt, transmit, and then decode
the information you enter on your cash advance application. Other sites
might use third-party software or techniques to secure your information,
but this can lead to higher cash advance costs for additional protection
that you don't need. Just make sure that a yellow padlock is present
on the lower-right hand corner of your screen when you fill out any
information that will qualify you for your cash advance, and generally
speaking you'll be just fine.
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