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Tips For Getting Your Payday Loan Request Approved
Payday loans can help people in times of urgent financial need when no other options are available. They are known to have high interest rates, but they can easily provide cash in emergency situations, which makes them particularly popular among certain segment of borrowers.
Unlike regular bank loans, payday loans are usually approved in a matter of hours, and funds are then deposited to a bank account provided. Payday loans are known to have high approval rates compared to conventional loans. However, high approval rates do not mean certain approval rates. More requests are turned down than approved.
So, if you are a potential payday loan borrower who is desperate to get the request approved, consider the following tips to increase your chances:
Report Income Accurately
Payday lenders require a minimum monthly income for a borrower to be considered for a loan. Usually, the amount is about $1,000 per month at a steady job. Some lenders even require borrowers to have worked at the job for at least three months. In any case, you will be required to report a monthly income, and you must do so accurately.
Do not exaggerate your monthly income, it will not help. Do not add "freelance work" to inflate your monthly income either. Most lenders only care about the money you make from a permanent job; part timing or freelancing work with unsteady incomes are not given much consideration. Therefore, don't lie about your income if you want your request approved.
Consider the Debt to Income Ratio
When you request a loan, compare the amount you request to your monthly income. For example, if your monthly income is $1,000, no lender will approve a payday loan of $1,000 for you. Your chances of a loan getting approved will be high if the amount you request is only a fraction of your monthly income. For example, $300 or at maximum $500 will be a good amount to request on a $1,000 monthly income. The lower the figure, the higher your chances of getting approved will be.
Have a Good Credit Score
All lenders, payday or not, run credit checks on all potential borrowers, even if they advertise that credit scores or reports don't matter. Therefore, pay attention to your credit score. Higher your credit score is, the higher your chances of approval will be. If you have a credit score above 770, you are in excellent shape and you will have a high chance of getting your loan approved. A credit score of 700 is considered good credit, and a score of 640 is considered fair credit. Credit scores below 500 are considered bad.
The credit score may not overwhelmingly matter when it comes to getting a payday loan approved, but the point is, a good score can help.
Improve Your Credit Score
If your credit score is below 500 and is really bad, don't be discouraged. The problem can be fixed. You can try to improve your credit score by paying down debt, paying all bills on time, keeping credit card balances low and so on. If you commit yourself to the task, you will be able to improve a bad credit score in a matter of months. It's best to improve a bad credit score before you borrow money. However, in emergency situations, this may not be possible.
Find a Lender Suitable for Your Current Credit Score
Even if you have a bad credit score, you won't be entirely exempted from getting a payday loan. If you are in a dire financial situation, you won't have time to wait until your credit score improves. If your case is such, you can try to find a lender that offers payday loans even for those with bad credit. Payday lenders have their own rules for whom they are providing loans to. Some lenders may not look twice at an application with a credit score below 600, but some others may do so. Therefore, seek such a lender to ask for a loan. You must be careful here, however. Some lenders who offer loans to people with bad credit are loan sharks. Protect yourself by only seeking payday loans from reputed agencies.
Submit Required Documentation on Time
Your loan approval process can be delayed or halted altogether if you do not provide requested documentation on time. Lenders like borrowers who are easy to work with. So, if a lender asks for additional documentation, provide it on time. Read the loan application carefully and make sure you're attaching everything that's requested before you submit an application.
Finally - Don't Lie on Your Application
Never, ever lie on your application. Chances are high that your lender finds out and you will never get your loan. The lender can warn others in the same profession and you will have a real hard time getting a payday loan. Only provide the most accurate and honest information with your application.
There is no magic formula for getting your payday loan approved. However, heeding the above can improve your chances for the better.