People prefer payday loans due to the facts they are speedy, convenient and easy to access. Payday loans as easy to access as they seem, cannot to be granted to just anyone. These financial institutions carry out this business for profit making, so they are careful not to be on the losing edge. They take their time to scrutinise applicants’ information before approving and granting these loans to them; which means that, not all payday loan applicants get their loans approved immediately. In some cases, applications are disapproved.
Here are five things you mustn’t do if you want your loan approved.
Multiple applications
Sending too many applications to different lending companies doesn’t speak well of the applicant. Try your best not to be so desperate that you apply for every loan you know of; don’t give these lenders the impression that you are in financial wreck. In this case, putting all your eggs in just one basket is advisable. Take time to research about the various financial companies and get to know about their terms and agreements before applying. You may also consider looking into Payday Loans from a Direct Lender, as they may offer better terms compared to other sources. You might be desperate, but don’t give them the “desperado” impression.
Not filling the form properly
As obvious as this point is, many have been disqualified because of improper filling of forms. Whether you are filing this form online or offline, it is very important you put down all required details. No field should be regarded as unimportant; all necessary office numbers should be properly filled, because these numbers aid the lender to verify employment details. When accurate information is not provided, your application might be delayed.
Not providing all required documents
Providing all supporting documents increase the chances of your loan being approved. There are documents required by the new payday lenders in order to approve your loan, leaving out any document will delay the approval of your loan.
Not having a co signor
This is a good option when the borrower’s credit score is poor. Your loan might be disapproved or delayed if your don not have a decent credit score, but having someone who has a clean credit sheet as a co signor might do the magic. Your co signor can only influence your loan approval if he/she is creditworthy. He/she also needs to be willing and capable of offsetting your debts when you fail to do so.
Hiding facts
Before thinking about applying for payday loans, make sure you have steady source is stable. This is something payday lenders look out for before approving your loan. Since they don’t require collateral, the stability of your income is their security. It also means that information regarding your company’s stability matters to them. It’s advisable to leave nothing out when providing them with this kind of information; there is no room for secrecy.
Lastly, it is very important to keep track of your credit report. You can do this monthly, but not less than twice a year; because it helps to avoid possible errors from your lenders and help you work on your credit score.
Founder Dinis Guarda
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