Getting Cash Loans Approved
6 Ways That Will Help You Get Quickly
Approved for a Fast Cash Loans
Something happened and whatever it is, it’s going to cost you. You unfortunately have not been able to save for a rainy day for quite some time now and you need money now. Unfortunately you don’t have a rich uncle who can spot you a couple grand. So, what do you do? You take out a cash loan. Just like any other loan, however, there are some hoops you will have to jump through so you can get approved by a potential lender.
1. Be selective.
Don’t send out blind loan applications to everybody in town. Sure, you’re desperate, but don’t show it. If you get denied on any of those applications, it will show on your credit report. Any of the other lenders you have applied with will see that and be less likely to loan you the money you need. As you can imagine, the more lenders that deny you, the more your chances decrease in getting approved by anyone else. So, be selective and do your research first before applying
2. Cross your t’s and dot your i’s.
Accurately fill out all the necessary information required by the form the lender has given you. These are basic things but some people don’t do it. The lender will want to make sure that the information you’ve provided is correct. If, say you mis-wrote your name, address or driver license number, the lender cannot run a report on your credit. Then, if they don’t know your credit, why should they approve you?
3. Prepare all your necessary documents beforehand.
Nobody likes a time waster. If you need all previous pay stubs from your current employer, make sure you’ve brought them with you. Or, most things are online these days, so send it in that way.
4. Do you need a cosigner?
Okay, so your credit score sucks or you just don’t have any credit history. You need someone with good enough credit that the lender can trust to be the lender’s back up option in case you, the borrower, cannot pay back what you have borrowed. A cosigner will also need to jump through the same hoops that you have to demonstrate that they can pay back what you owe.
5. Are you a stable candidate?
You want to demonstrate to the lender that you have a stable income. As mentioned above, the lender may ask to see your most recent paystub (instead of all of them). This pay stub should be from within the past week, two weeks, or month – depending on how regularly you get paid. In other words, a stable job that can be demonstrated on paper looks good to a lender. Drug dealers and pimps will be at a disadvantage here for obvious reasons.
6. Know your credit score.
Be smart, check your credit every now and then. Even if you do not plan on taking out a loan any time soon, it is always smart to know what you look like on paper. When you get hit with unexpected circumstances, you can at least know the avenues out (i.e. do I have good enough credit to get a cash loan?).
Ideally, you would not be in this situation taking out a cash advance loan – you truly are desperate and have no other option. Think about this: interest on a payday loan usually starts at around 10-15%, if you can pay it back on time. Otherwise, interest rates can skyrocket above 100% of the loan if not paid back quickly.