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Why Do Lenders Require Them. Cash-reserve requirements are intended to provide a safety cushion in case the borrower suffers a financial setback (such as the loss of a job). With extra money in the bank, the homeowner would be able to cover his or her mortgage payments for a few months. So its basically a foreclosure-avoidance strategy. But theres a major flaw with the concept of cash reserves. In theory, the borrower could spend that extra money two days after closing.
Allied had me qualified quickly and I would recommend anyone interested in a payday loan to give them a call. The Friendliest Cash advance store in town. Service with a smile every time. When I walked in Prosperity personal loans was greeted right away. They were very helpful, and understood my problem. I left there with the money I needed. In Store Loans: Approval depends on meeting legal, regulatory and underwriting requirements.
Cash advances are typically for two-to-four week terms. Some borrowers, however, use cash advances for several months. Cash advances should not be used as a long-term financial solution, and extended use may be expensive.