Here’s what you need to know to get your payday loan online. When you apply, make a checklist of these 10 secrets. See if you can combine as many secrets to maximize your approval swings or a payday loan.
1. Apply only on lender matching sites
There are two types of payday loan sites on the Internet: Direct Lender and Lender Matching. Direct lender sites are run by the actual lender, while lender matching sites collect loan applications and then submit them to many lenders on your behalf and connect you with the best lender for your situation. Direct lender websites only approve a small fraction of lender comparison 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 this? Because call centers are fully staffed and lenders are hungry for loan applications. If you apply after 4:00 pm, many lenders automatically reject loan applications because they are unable to complete the payday loan due to court hours and call center staffing issues. Apply for personal loans online always 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 that you should apply on weekday mornings. 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 review 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 acceptance of this rule is if you are using payday loan websites that match the lender to apply. They can usually shortlist lenders who have already tried to provide you with a payday loan online.
5. Always provide references in the 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 rate your loan application higher if you provide references.
6. If you and your spouse are applying for payday loans separately, you must use separate email addresses
Many online payday loan lenders check for fraud by counting how many social security numbers are using the same email address to apply for loans. The problem is that married couples often use the same email address. Some will accept 2 social security numbers, others will not. To make sure you fix this problem, have you and your spouse apply with 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 prepared with additional staff and money to fund their loan applications. Worst time of year to apply for or a payday loan? January. Online payday loan lenders are busy with the Christmas hangover by collecting all the money they have lent. Many of the lenders reduce the number of loan applications they finance during January.
8. If you had a payday loan in the past, go back to the same website to get another
If you had a payday loan in the past and paid it off, you’re a VIP customer. That means you get special treatment from your previous lender. They always relax the subscription of previous clients who are in good standing. Try not to go to a different lender if you fit into this category.
9. If you’re in the 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 military or benefit income customers. You’ll need to search the Internet to find an online payday loan website that can meet your needs specifically.
10. Be smart about entering your next 2 payment dates on your loan application
Most online payday loan lenders will not finance a loan for less than 4 business days. So, if you get 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 push your changes to get approved.
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