Payday Advances often have income requirements for someone to get the loan. However, what constitutes income isn’t as simple as a paycheck – to your advantage. Rather, there are multiple things that you can list as income when looking for a Payday Advance in Canada.
Why Do They Want to Know Your “Income?”
When asking for income, a loan company is making sure you will have the money to back the loan back in totality. For example, let’s say you are taking out a loan for $100 that you will have to repay in two weeks upon your next paycheck. The company that you apply for a loan will need to make sure you will have more than $1000 coming into your account.
Not just because they want their $1000 back, but also so they can draw interest on the loan and so you still have some leftover. If you have to give every penny to pay back a loan, you might fall further into a debt trap.
What is “Income?”
Most people think of income as what they make when they work and get paid at the end of each week, or every two weeks. However, there is more to income than one kind. When a loan company asks for income, they mean almost any type of money that comes into your account on a regular schedule.
Types of Income:
The most obvious kind is income. This is the money you get from each job your work each week. It could be from one salaried job. On the other hand, it could be from five part-time jobs you work. The important thing is that it’s directly deposited into your bank as often as possible to prove it comes in regularly.
If you have a rental home, or if you rent out a room in your home, then this is money that you can and should count as income. Again, a direct deposit is best; however, having this type of income works either way so long as you also have a job whose money is deposited directly.
If you are receiving child support, this is money that can be used for a payday advance. However, keep in mind that child support money can only go to things that are helping the child. As such, it’s recommended that you can prove that the reason you got the payday advance with the child support was directly related to the child should the issue ever come up.
Things like having a child, buying a home, and buying a car, will give you the ability to get a tax credit at the end of the year. Some loan companies will accept this guarantee of money as enough to qualify as income on a loan.
Much like child support, alimony can be used to get a payday loan due to the frequency that you can expect a payment. However, unlike child support, you have no obligation to prove that this was used on a child.
If you are looking for help determining what you need or if you are looking to get a loan, then look no further than iCASH. As an online lender, you can get your answer, and your instant cash loans is less than an hour – letting you get back to the life that you want.