There are some times in life when a payday loan helps us to get out of a situation which otherwise would have turned our life into a mess. Payday loans can help us to get quick cash in desperate times and need.
However its not easy to get approved for a payday loan. There are many a slips between cup and the lips. Here are a few steps that are involved from applying a loan through a payday loan application to getting approved:
Step 1) You have to apply for a payday loan online or offline,
Step 2) The application has to reach the appropriate lender who also should be online or working offline,
Step 3) He/she scrutinizes your application.
Step 4) Some documents may need to be faxed (mostly pay-stubs),
Step 5) The information given in the application has to match the documentary proof provided by you.
Step 6) Your Teletrack record should be good (this is not a traditional credit report / score, but your payday loan record with other lenders).
Step 6) If everything is ok, only then your application gets approved.
So many slips. If one of them is not all right your payday loan application may get rejected.
What we are going to discuss here is how you should fill a payday loan application that your chances of getting an approval increases.
The number one thing that should be in your mind should not be the loan application or the approval or rejection process but the loan fee. The lower the loan fee the better, as you will save money.
Remember, almost all payday loan applications are SAME. Irrespective of what the payday loan companies might say, like 3 minute application or 5 minute application – it will take you anywhere from 7 minutes to 10 minutes to fill a payday loan application depending on the time you need to get the data that they ask.
Also it makes sense to apply a loan online than by phone, as its much easier and comfortable applying online – you get enough time online.
Ok now coming back to the topic. What is there in a payday loan application? Most payday loan applications have three parts. We discuss them here:
1) Part 1: Personal Details. It includes amount required (first time loan applicants may not be allowed more than $500 however once approved you can apply for a higher loan amount), your name, address, social security number, phone number, email, date of birth, driving license and some other personal info.
2) Part 2: Employment Information. This part includes name of employer, office phone no., your take home pay (to verify lenders may ask you to fax your latest pay stub – and this is the only thing you might have to fax, usually lenders don’t ask to fax anything else), total months of your employment (this to make sure you have a regular job and its safe to offer you a loan), are you in military (if the answer is yes, your application will be rejected even if you are the most suitable candidate to offer a loan as to offer a payday loan to someone in military is illegal in America.), and a few other things related to your job.
3) Part 3: Financial Information. This information includes your bank account information like type of account – checking or savings (lenders prefer a checking account), bank name, your bank account number and ABA/Routing Number to help lenders deposit money directly to your account.
That’s it. These three parts should take you not more than 10 minutes to fill. And if you write them correctly and it matches with the data the lenders have, your loan application should get approved.
Lenders don’t use traditional methods to check your credit record from all 3 bureaus – Experian, Equifax and TransUnion. Instead they use Teletrack to know if you are perfect candidate to offer a cash loan. Teletrack will tell them if you are defaulter with some other payday loan lender. Your credit history should be good with Teletrack for you to get approved for a loan.
Now that you know what is required in a payday loan application, you should be ready with these data before you start writing a payday loan application online. (Even if you are filling a loan application offline in a payday loan shop – you will be asked the same questions.)
Also it’s important to fill the correct information in the application as any wrong info may get your loan application rejected even if you are the right candidate for a loan.
Don’t think that by just filling a payday loan application you should be approved for a payday loan. There are certain things that can be done to ensure a fast approval of your payday loan. Read this article to know what to do to make sure your payday loan application is approved.