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Tips For Getting Your Payday Loan Request Approved

loan request approvedPayday 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.

Note To Consumer: If you are currently struggling with debt you are advised to obtain expert financial guidance. Taking out a short-term loan will not solve your long term debt problems. Short-term loans are governed by local laws and regulations, which borrowers are encouraged to review before proceeding.

APR Disclosure: The Annual Percentage Rate (APR) is the interest rate charged by the lender, based on the amount loaned, cost and duration of the loan, number of repayments, and timing of repayments. This rate and other terms will be presented to you in a loan agreement prior to signing the contract, as per federal law. The maximum APR that lenders can charge for loans varies from state to state. On average the rate will fall between 200% and 1386% for cash advance loans, and 6.63% to 225% for installment loans. Some states have no regulations regarding APRs and therefore the lender can charge any rate they desire. A lender reserves the right to change their APR at any time, within state regulations.

Material Disclosure: The operator of this website does not provide loans themselves, nor do they act as a broker or agent for any other loan broker or lender. Rather they function as a referral service, advertising loan products from a network of qualified lenders. These lenders commonly offer cash advance loans of amounts between $100 and $1,000, and installment loans of up to $5,000. The amounts offered are subject to change and there is no guarantee that you will be matched with one of these lenders or approved for a loan. Our service and the lenders in our network do not offer or solicit for loans that are illegal under any state laws and regulations. Our service does not constitute a solicitation for any particular loan and we are not offering to lend to you ourselves. Our service is entirely free and we do not endorse any particular loan product or service. Lenders may compensate us for advertising their loan products only. This service and offer is void where prohibited. As an advertising and referral service, we are not responsible for the actions, terms and policies of the lenders in the network and have no control over their assessment of applications and loan terms offered. We do not have any access or control over your loan's interest rates, fees, repayments, non-payment repercussions, or other terms. Therefore you are advised to contact the individual lender if you have any queries regarding your loan. By using our loan request form you agree that your personal information will be shared with one or more lenders from our network. You are under no obligation to use our service, nor complete a loan application or accept a loan from any lender contacted through the service. The time it takes to receive your loan after signing an agreement may vary from lender to lender. The terms of repayment may be subject to local laws and regulations. You may be required to fax documentation as part of the lender application process. To learn more about our service and the loan products offered by lenders in the network, you are advised to read our FAQs. These pages do not constitute legal advice. By using our service you are subject to the site's Terms of Use and Privacy Policy.

Exclusions: Due to state laws and regulations residents of West Virginia, Arkansas, Vermont and New York are not permitted to use our service or website. Furthermore not all short-term and small-dollar loans are legally available in all states. We reserve the right to change the states serviced by this website without notice.

Credit Implications: No credit decisions are carried out by our service or website. Credit checks may be carried out by an independent lender from our network if you have been matched with them, which may include reports from credit bureaus or alternative providers. This may be used to assess your current credit standing or capacity, and overall credit worthiness as deemed by the lender. By submitting your information via our loan request form you accept that such checks will take place and agree to allow lenders to verify your personal details. Taking out a short-term loan will not solve your long term debt problems, and all loans provided by the lenders in our network are intended to be repaid over a short period of time. It is wise to obtain professional guidance regarding your current financial situation, and the risks involved with short-term loans. If you cannot realistically repay the loan at the time of your next pay period, then you should seek a smaller amount or not use this service. Missing payments or failing to repay loans at all, may result in added fees and interest, and collection proceedings by the lender to try and recover the debt. Policies regarding loan renewals and collections vary from lender to lender, so make sure to read their full terms before committing to a loan.