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Here’s what you need to know to get a payday loan online. When applying, make a checklist of these 10 secrets. Find out if you can match the many secrets to maximizing your changes for approval or a payday loan.
1. Only apply at lender matching sites
On the internet there are two types of payday loan websites: direct lender and lender matching. Direct Lender Sites are run by an actual Lender Lender Matching Sites collect loan applications then send them to several lenders on your behalf and match you with the one that best suits your situation. Direct lender sites only approve a small portion of the lender matching sites that agree.
2. Apply only in the morning
Your best chance of getting an online payday loan is to apply on a weekday morning. why is that? Because call centers are fully staffed, and lenders are hungry for loan applications. If you apply after 4pm, many lenders automatically decline loan applications because they can’t fill a full payday loan due to downtime and call center staffing issues. Always apply for payday loans online in the morning.
3. It does not apply on weekends or holidays
Loan applications are almost never approved on holidays and weekends. This is for the same reasons that you would step up on a weekday morning. So if you’re paying bills on Sunday night and decide you need a payday loan, it’s best to wait and apply on Monday morning.
4. Apply only once per pay period
Many lenders will only consider your loan application once per payment period. They will automatically reject your loan application if they try to write it in the last two weeks. The only acceptance of this rule is if you use the lender matching payday loan websites to apply it. They can usually pre-screen lenders who have already tried to provide you with a payday loan online.
5. Always provide references on your loan application
Many online payday loan applications do not require references, however, the big secret is that many of the most reputable payday loan companies will score your loan application higher if you provide references.
6. If you and your spouse are applying separately for payday loans, you must use separate email addresses
Many online payday loan lenders check for fraud by counting the number of social security numbers that use the same email address to apply for loans. The problem is that married couples often use the same email address. Some will accept two Social Security numbers, some will not. To make sure you work around this problem, have you and your spouse file an application using different email addresses.
7. Apply for payday loans during the holiday season
The holiday season is the busiest time of the year for online payday loan lenders. They know this fact, and are ready with additional staff and funds to fund your loan applications. The worst time of year to apply or apply for a payday loan? January. On-line payday loan lenders are busy hanging holiday collecting all the money they loaned. Many lenders reduce the number of loan applications they fund during the month of January.
8. If you had a payday loan in the past, go back to the same site to get another loan
If you have had a payday loan in the past and paid it off, you are a VIP customer. This means that you are getting special treatment from the previous lender. They always go under underwriting for previous clients who are in good standing. Try not to go to another lender if you fit into this category.
9. If you are military or have benefits income, find your own website
The reality is that 99% of all online payday loan sites will not accept loan applications from military or benefit income clients. You will need to search the internet to find an online payday loan website that will be able to cater to your needs specifically.
10. Be smart when entering the following payment dates in your loan application
Most online payday loan lenders will not fund a loan less than 4 business days. So if you pay weekly or your next payment date is within the next four business days, consider moving forward with a second future payment date as your next payment date. This will leverage your changes for approval.
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