Payday Loans: 5 Ways to Raise Your Chances of Getting Approved
Posted on Thursday, October 22nd, 2009 at 6:48 pm in Cash Loan Info by State, Financial Planning, General Payday Loan Tips, Helpful Payday Loan Info, Miscellaneous Cash Loan Info
When you apply for a payday loan, whether online or from your local cash advance store, you most probably need the money really urgently. You want to be sure that you’ll get a “yes” from the payday lender you send your application to so that you can have the cash in your hand quickly. Here are five of the best ways to ensure that you’ll be successful in your search for a short-term emergency loan:
1. Only apply to a payday loan company that is licensed to conduct business in your home state. Obviously, this applies to web-based firms in particular. Do a search for payday loan + California (or the state where you live). Then carefully check the sites of each lender you’re considering to see if they really operate in your state. There’s no point wasting your time filling out the application form if they’re not allowed to lend to you.
2. Complete the application form properly, whether it’s online or a paper form at a payday loan office. You have to fill in all the fields, including all your employment details. Make sure you give the correct telephone number for your workplace to enable the loan officer to call and verify that you really work there. If you miss this detail, your application will be delayed or even denied.
3. Prepare all the documents you need before you start completing the form. You’ll need to supply your ID, bank account details (for an online payday loan), employment data, and possibly other information too, so it’s best to have all the paperwork at hand so you don’t make any mistakes. If you go to a paycheck advance store, you’ll have to bring all the documents so they can take copies. Some online lenders will ask you to fax them copies of your documents, although most don’t these days.
4. Make sure you can prove that you bring in at least $1,000 a month. Some lenders set $1,200 as their minimum approval threshold, but either way you need to have a verifiable regular income. It doesn’t necessarily have to come from a job, however. If you receive Social Security, a pension, child support or alimony, you can count that. In a few states, they’ll even allow you to list your unemployment check as a source of income.
5. Show stability in your employment, your bank account and even your address. Since your payday lender wants to know that you’ll be able to pay back your loan with your next paycheck (or the next few), a stable employment record will make them more confident that you’ll keep up your side of the bargain. For that reason, many cash advance loan providers won’t deal with someone who has been in a job less than four to six months. Having a newly-opened bank account can also disqualify you as a borrower, as can a recent move to a new address.
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3 Easy Steps to Get Your Quick Cash
Complete the short form.
Receive your approval and confirm loan.
Cash deposited into your account.
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