Payday loan lenders knows all about what payday loan companies are looking for in terms of a person’s application to ensure that they are only lending money to the right people. In this article we offer some tips for those who are looking to apply for a payday loan, be it with lender or a competitor to make your chances of approval higher.
Make sure you meet the eligibility criteria
Different payday loan companies have different criteria that they want their customers to reach in order for them to be approved for a loan. These criteria may be with regards to the age of the people they lend to; the amount of wages they are paid every month or their employment status. To avoid wasting valuable time and increase your chances of approval when you are short of funds and need a payday loan make sure you research the company before hand to realise what they are looking for in a client.
Be honest in your application
Payday companies are only looking to loan money to those who they can trust to repay the loan. A way of monitoring this trust is by you being completely honest on your application form. Claiming to be paid a higher amount of wages than you are, or having been an employee for a company for longer than you have can adversely affect your chances of receiving a loan – and in the worst case scenario can see you being blacklisted and prevented from gaining a loan in future. Just be honest and your chances of getting a loan will be much higher.
Be responsible – only apply for the amount you need
Being allowed to take out a larger amount of capital may be tempting but do please remember, you will have to pay back the loan, with interest, at the end of the month so make sure that if you only need a certain amount of money until your next payday that that is all you take. Otherwise you will be paying back at a higher rate of interest, which if taken to the extreme can lead to cycles of debt that people find themselves in when they start loaning out more than they need and are unable to afford the repayments. We do not want this to happen to you, we simply wish to help ease your financial worries until your next pay date.
If you can’t repay on time, let the lender know
Payday loans, by definition, are for those who have had an unexpected incident for which they need to pay but don’t have the funds available until they are next paid. This means that we are fully aware that some times people will not have the funds to repay their loan, which is why it was taken out in the first place! Any Lender is proud of its dedicated Collections team who are always available to help reach agreements with those who are unable to repay their loans. As long as you contact us and make us aware of your situation we will be able to reach an outcome that helps you. It is only when people bury their heads in the sand and avoid contact that problems arise, which can severely harm your hopes of being approved for a loan in the future.