Ara Betty is a freelance financial writer and speaker about personal financing. She helps people realize their goals on becoming debt free with the use of debt consolidation. She hopes to expand her knowledge more about loans and debt to be able to write a book.
When emergency situations strike, you want to get quick cash to solve your problems easily and quickly. Payday loans have helped many people. So, what are payday loans? They are loans which a borrower has to repay by his next paycheck. Payday loans help out people in situations where they need quick money. These situations could range from emergency medical bills to paying school fees for your kid to recurring bills. Fast payday loans could be the right choice when it come to getting help out of emergency situations.
Getting fast payday loans can sometimes become a great challenge for many people. This is largely because of the way they apply for fast payday loans and more so the time at which they look for such loans. This piece could give you tips on how to get a payday loan and how to get the best deals. The key lies in the small details.
1. Limitation of application to lender matching sites
First of all, you have to understand that there are different types of lenders. There are two major types of payday lenders – payday loan direct lenders and lender matchers. Thus, when you are applying for fast payday loans online, you have to understand the difference between the two. The direct lender typically offers the payday loan directly to the borrower. Thus, when you are applying online for a loan, you are literally dealing with the lender here. The lender matcher, on the other hand, is the kind of lende who simply acts a broker. He connects borrowers to payday lenders. Thus, he doesn’t offer loans. He is just interested in connecting the borrower to the lender.
In this case, both payday lenders can operate online You would probably want to go with lender matching websites. You have to remember that not all lenders you approach are going to extend you the payday loan. In fact, most of them will turn you down. To improve your chances and get the loan faster, just go with the lender matching website. The lender matching website will improve your odds of getting a payday loan. You will have a lot of lenders to choose from and thus getting one is easier. Considering the fact that you’re getting a payday loan to solve an emergency situation and lender matching websites will be able to connect you to one faster.
2. Best time of the day for loan application
Mornings are the best time of the day to apply. Most quick payday loans lending companies will probably be buzzing at this time of the day. If you apply in the morning, this means you will probably have the best and most efficient staff attending to you. Work is also done more quickly in most offices in the morning.
If your application is reviewed in the morning, you probably have a good chance of getting your loan approved faster. Afternoons could be more hectic. Thus the likelihood that your application being pushed to the next business day when you apply in the afternoon is quite high. In the afternoon, there may not be so many staff working compared to morning. Thus, you may have to wait longer before getting a response from the payday lender.
3. Avoid weekends and holidays
Most lending companies don’t open on weekends. Your loan application would have to wait till next week for review. Thus, you probably want to apply for a payday loan on a weekday to get it processed and approved faster.
Holidays are also not a good time to do your loan application. You probably would want to wait till the holiday is over before submitting your payday loan application.
4. Revisit the site you initially used for past loans
If you had previously successfully applied for a payday loan on one site and had repaid it on time, you have a higher chance of getting another loan from the same website. Getting the previous loan repaid on time the first time goes a long way to proving that you are worthy of granting a second loan. The financial sector is based on trust the lender has on the borrower. Having a great history of on-time repayment with the lender helps you get another one because you have proven your credibility as a borrower to the lender. This credibility is very important if you are in need of a quick loan.
5. Include a reference in your application
You probably want to add a reference to your application. Normally, the lending company will not ask for a reference, but it wouldn’t hurt to add. Remember that you are just one of the many applicants applying for a payday loan. Thus, making yourself a bit unique by including a reference goes a long way in getting yourself noticed and your application approved.
6. The Christmas season
The Christmas season is always abuzz with activities. This is even more so on Black Friday. This means that a lot of people want money to spend. Now, it doesn’t matter whether you approach lender matching sites or go to direct payday loan lenders. Your loan has a very high likelihood of getting approved. At this period, most lending companies are working at maximum capacity to make profits.
January could be the worst time to look for a payday loan. This is because most of the companies are focusing their attention on getting their money back from the people who borrowed from them during the Christmas season. Getting a loan approval in January could be difficult.
7. Apply just once for fast payday loans
A payday loan is viewed as an emergency loan. this means if you apply for more than two times a month, the application has a high chance of getting rejected. The lender will be looking for new customers to offer their loans and not people who want to use it as a frequent source of income.
8. For military personnel, look for specific online sites
Online payday loan direct lenders and the other types of lenders have the tendency of not granting military personnel payday loans. Most of the look at the aspect of getting them the loan as a risk for obvious reason that they may not be able to pay say something unfortunate happened to them. As military personnel, you may want to go to specialized online sites that have programs that facilitate the needs of these military heroes.
When searching for a site to get your payday loan, it is important that you add the works military to the payday loan on the search engine to get the sites that cater to people in the military. The sites are fees thus it could pose a challenge but if you search well the companies are out there and the military personnel will get a chance to get their emergencies taken care of.
9. Get a separate email address from that of your spouse
Payday loan lenders run a couple of background checks to determine that there are no fraud cases associated with the borrower. They will try to match the email address with the social security number. If you are sharing the same email address with your spouse, the social security number that pops up could belong to your spouse and not yours. Thus, you could get disqualified for the loan. You should always make sure that the email address matches with your social security number.
10. Read the fine print
Be careful with the fine print of the loan contract. You want to get the best lender for the best deal. This is more so in the case of direct lender payday loans. Look for the best loan that suits your financial situations or you may end up in more trouble than you were in before.