Many people turn to payday loans because they are easier to get than conventional bank loans. Unlike bank loans, payday loans don’t require credit checks. If you’re at least 18 years old and have a steady job, getting approval for a payday loan is fairly easy. However, it’s better to be on the safe side.
Consider the following 10 secrets that will help increase your chances of a quick loan approval:
Limit applications to lender matching sites
The two types of online payday loan sites involve direct lending and lender matching. While direct lenders actually process loans, lender matching sites act more as your broker, matching you with an appropriate lender based on your situation. You’ll get a more favorable deal working with a lender matching site.
Submit applications in the morning
Applying on a weekday morning gives you a higher chance of getting a quick approval for a payday loan. That’s when call centers will most likely be running on a full staff. It’s also when lenders put the most energy into approving loans. During late afternoons however, you run the risk of missing cutoff times.
Avoid applying on weekends or holidays
It’s very rare that a loan gets approved on a weekend or holiday. While certain banks are open on Saturdays, most financial institutions only process loans on weekdays. This doesn’t apply to days that aren’t recognized as national holidays.
Apply during Christmas season
Black Friday through New Year’s Day is an advantageous time to apply for a payday loan. That’s because consumers tend to spend the most money during that time of year. Applying in January however, is not a good time to apply for a payday loan. Many lenders focus more on collections instead of applications at that time.
Apply just once per pay period
If you have applied to the same lender within the past two weeks, your application will likely get auto-rejected. Most payday loan lenders only allow one application per pay period. Another reason to limit your applications is to help you remember that payday loans are more for emergencies than a regular financial strategy.
Include references on applications
Even though payday loan lenders do not usually ask for references, be prepared to provide them anyway. References make your application look favorable. While lenders may not necessarily contact your references, it’s still a good idea to use appropriate references in case they decide to do some follow-up work.
Use separate email addresses when applying separately from your spouse
One way that a lender looks for fraud is to check applications for the number of social security numbers attached to the same email address. It’s possible that the lender will not accept two different social security numbers that share the same email address.
Revisit the same website of a previous payday loan
Once you pay off a payday loan you become a VIP customer with that firm. A lender will likely relax underwriting policies for customers who have a solid history with them. Make sure you remain in good standing with your lender. There is no need to keep switching lenders if you find one that brings you satisfaction.
If you’ve served in the military, find a specific payday loan site
Almost all payday loan websites avoid granting loans to military personnel or customers with benefit income. You will need to enter keywords such as “military” together with “payday loans” in search engines to find a site that deals with your specific background.
Apply with a future pay date
Many online payday loan firms won’t accept a loan with a payday that is under four business days. Consider applying with a subsequent pay date. This strategy will help increase your odds of getting a loan.