Here’s what you need to know to get your online payday loan. Make a checklist of these 10 secrets when you’re applying. See if you can match several of the secrets to getting approved or maximizing your payday loan changes.
1. Apply only on lender matching sites
There are two types of payday loan sites on the Internet: direct lenders and lender match. Direct lender sites are run by the actual lender, where as lender matching sites collect loan applications and then submit them to multiple lenders on your behalf and match you with the best lender for your situation. Direct lender websites only approve a small portion of lender matching sites.
2. Apply only in the morning
Your best chance of getting a payday loan online is to apply on a weekday morning. Why is it like this? Because call centers are fully staffed, and lenders are hungry for loan applications. Many lenders auto-decline loan applications if you apply after 4 p.m. because they cannot fill payday loans in full due to cut-off times and call center staffing issues. Always apply for online payday loans in the morning.
3. Never apply on weekends or holidays
Almost no loan applications are approved on holidays and weekends. This is for the same reasons as why you should apply mornings on weekdays. So if you’re paying the bills on Sunday night and you decide you need a payday loan, you might be better off waiting and applying until Monday morning.
4. Apply only once per pay period
Many lenders will only look at your loan application once per pay period. They will automatically reject your loan application if they have tried to underwrite it in the last 2 weeks. The only perk to this rule is if you are using lender matching payday loan websites to apply. They can usually check with lenders who have already tried to provide you with online payday loans.
5. Always provide references on loan application
Many online payday loan applications do not require references, however, the big secret is that most reputable payday loan companies will give your loan application a higher score if you provide references.
6. If you and your spouse are applying for a payday loan separately, you must use different e-mail addresses
Many online payday loan lenders check for fraud by counting how many social security numbers are using the same e-mail address to apply for the loan. The problem is that married couples often use the same e-mail address. Some will accept 2 social security numbers, others will not. Make sure you and your spouse apply with different e-mail addresses.
7. Apply for Payday Loans During the Holiday Season
The holiday season is the busiest time of year for online payday lenders. They know this fact, and they stand ready with additional staff and money to handle your loan applications. Worst time of year to apply for a payday loan? January. Online payday loan lenders are busy with the collecting holiday hanging on to all the money they have loaned. Many lenders reduce the number of loan applications they fund during January.
8. If you previously had a payday loan, go back to the same website to get another
If you’ve had a payday loan in the past and have repaid it, you’re a VIP customer. This means that you get special treatment from your previous lender. They always give discounts in underwriting for past customers who are in good standing. If you fall in this category, try not to go to any other lender.
9. If You Are Military or Have Benefit Income, Find a Website Specific to You
The reality is that 99% of all online payday loan websites will not accept loan applications from the military or offer benefits to customers with income. You will need to search the Internet to find an online payday loan website that will be able to specifically meet your needs.
10. Be smart while entering your next 2 payment dates on your loan application
Most online payday loan lenders will not fund a loan in less than 4 business days. So if you are paid weekly or your next pay date is within the next 4 business days, consider applying with your second future pay date as your next pay date. This will escalate your changes to be approved.
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