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 so many secrets to maximize your approval swings or a payday loan.
1. Only apply 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 comparison sites collect loan applications and then submit them to many lenders on your behalf, connecting you with the best lender for your situation. Direct lender websites only pass a small fraction of lender comparison sites.
2. Apply only in the morning
Your best chance of getting an online payday loan is to apply on a business day 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 cut-off times and call center staffing issues. Apply for personal loans online always in the morning.
3. Never apply on weekends or holidays
Loan applications are hardly approved on holidays and weekends. This is for the same reasons 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 Monday morning.
4. Apply only once per pay period
Many lenders will only review your loan application once per payment period. They will automatically reject your loan application if they have attempted 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 an online payday loan.
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 separate payday loans, 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, some 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 finance their loan applications. Worst time of year to apply or a payday loan? January. Online payday loan lenders are busy with the Christmas hangover 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 for another
If you had a payday loan in the past and paid it off, you are 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 are 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 will need to search the internet to find an online payday loan website that can specifically meet your needs.
10. Be smart about 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 step up your changes to get approved.
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