How to Get Approved for a Payday Loan

How to get approved for a payday loan?If you want to get approved for a payday loan there are certain dos and don’ts that you should keep in mind. It’s not the hardest thing in the world to do, but you have to make sure that you’re prepared for everything they’ll want from you.

The lender just wants to know that they’ll get their money plus the fee paid back on your due date. When you’re communicating with them, try to present yourself in the best light, and make it seem like you are just having a tough time and expect things to get back to normal in the near future.

Part of that good image is having all of your paperwork in order. Call ahead to see what exactly you need to bring in. This will save you the hassle of having to run home, or run to the bank to get something you forgot.

For many payday loans you will need to have your most recent pay stub, your most recent bank statement, a photo ID and your Social Security card. You’ll also need a checkbook so you can write them a check for the amount of the loan plus the fee. Right, who uses checks any more? Most people just keep there’s around to take out payday loans. But those are the rules, so you might as well play along. The rest of the process is easy, just follow along and sign where the X is.

How to Get Approved for a Payday Loan: Step by Step

The first step is to have all of your documents ready. This is the first thing that trips people up, and they will want to know if there are any documents they can leave out, like if they don’t have a recent pay stub, or if their bank account statement is from many months ago. But since a payday lender is trusting you with their cash, and hoping that you pay it back plus the fee, you have to show some signs of being able to do so.

The reason they want your most recent pay stub is because they want to get an idea of how much money you make so they can calculate what your loan amount can be. They also want to see your bank statement because they want to see if the account is open, and that it’s not overdrawn. If you are hesitant to want to show your pay stub because you think you don’t make enough money to get the loan amount you want, that is a valid concern. And if your bank account statement is showing a negative balance, that may also present a problem.

Give It a Shot
You might be surprised by how much a lender will give you based on your income. Many times it is just a little more than you’re really able to pay back and still survive until you’re next payday, so it may be enough to cover what’s needed right now. They also don’t really care how bad your bank statement looks, as long as they can call the bank and verify that the account is still open. You never really know until you try, and if one lender shoots you down you can try the next, or wait until you have better documents and go back to the first one.

Going Online
Some online lenders are more lenient with the types of documentation they require. This is because they are not technically a payday loan. They are an online loan, and many are not even due on your next payday, but offer monthly installment plans instead.

Be careful though, because even though they may make it easier to get a loan, they will usually charge even higher rates and fees than the payday lenders out there. There are online payday loan companies that will replicate the same sort of loan you get at brick and mortar offices, with similar fees and due dates, but they will also have similar requirements to get the loan.

If you have any further questions about the approval process, be sure to leave your question in the comments below and we’ll answer the as soon as we can.

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