Cash advances are a convenient way to access money when you need it. However, it is important to understand the eligibility criteria for cash advances in order to make sure you are able to access the money when you need it. Here are some important tips on cash advance eligibility:
1. Check the required credit score. Cash advances require that applicants have a minimum credit score to qualify. Make sure you check with your financial institution to find out the minimum credit score you need to be eligible for a cash advance.
2. Know the limits. Cash advances are subject to certain withdrawal limits and typically have interest rate caps. Be sure to understand the maximum amount and interest rate you are eligible for before you apply.
3. Check the fees. Cash advances usually have upfront fees as well as interest rates. Make sure you understand all the fees you need to pay before you decide to apply.
4. Check the repayment plan. Many cash advances require repayment in a single lump sum payment. Make sure you are aware of the repayment plan before you borrow and make sure you have the funds available to make your payment.
By following these eligibility tips, you can make sure you are able to access the cash advance you need when you need it.