Can You Qualify For A Cash Advance Loan With An Annuity?

There are a number of financial products on the market that will help you manage your money

. One of those instruments is an Annuity. This is a contract with a company, usually a life insurance provider, where you invest money in the account and it is later given back to you over a period of time. For example, over a period of time you invest $100,000 into an annuity. When you retire, or at some other set time, you are sent monthly checks that withdraw from that money. If you are thinking about taking out a payday loan and this is the source of your income, you may be wondering if you can still qualify for a cash advance.

Yes, most companies will still allow you to take out a cash advance as long as your income is verifiable and meets the minimum requirements. Almost all cash advance lenders have an income threshold that you have to pass in order to be qualified. Generally, the minimum is $800 per month but there are some companies that require $1000 or more. You will need to check with the individual lender to find out what their particular requirements are. The money also has to be verifiable. Generally, showing the check stubs is good enough.

However, you must be getting a monthly stipend from you annuity in order to qualify. Some of these contracts allow you to take a lump sum of money when it matures. If you do that and then put it in the bank to withdraw whenever you need it, the lender may not be as willing to loan money to you under those circumstances. Again, though, each lender is different and you will want to connect with an account representative for the company to get the exact policies and procedures for your particular situation.

There are many reasons why a person with an annuity may need to get a cash advance. For some people, it is their only source of income. If you are living on a fixed income and an unexpected financial emergency hits, you will need some type of resource to turn to for help in handling the money issue. A cash advance is a good way to take care of a sudden need for cash. Be certain to shop around to find the best deal and always speak to a customer service agent if you have a unique income situation to be sure you will be approved.

by: Troy Truman

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