How to Get Approved for a Payday Loan
Do you need some quick cash to hold you over?
While payday loans are advised to be used only as a last resort, this type of loan might be the right option for you when you’re in a bind.
If you’re going to go through the process to receive a payday loan, however, let’s make sure you do it right!
Follow the guide below to ensure you are approved for your payday loan.
Before Applying For A Payday Loan…
You’ll want to begin your payday loan process by knowing all the facts and showing up with the right materials.
While different companies, like LittleLoans, require different information that you will need when you apply for the loan, here’s what most payday loan offices require:
- Proof of a steady income—For example, you can provide pay stubs.
- Proof that you have a bank account—You may find some companies will ask that you provide them with proof that the account has been open for at least a month prior to applying for the payday loan.
- Contact information—this includes the separate contact info for both you and your employer.
- Identification—Your ID will need to show that you are over 18 years of age. It’s also needed to prove that you are a resident of the state in which you are applying for the loan.
- A statement showing that you have a gross income of a certain amount or more—the required amount of gross income will vary from company to company.
Additionally, you may also need to prove that you are not currently bankrupt.
One More Thing…
When you go in to apply for your loan, make sure to bring a blank check with you.
This check serves as a way for the company to be sure that you will pay back the loan you’ve taken out.
During The Loan Application Process…
1. Get Your Facts Straight
After gathering all the materials you'll need to apply for your loan, begin by discussing the policies of the company you have chosen with someone at the payday loan office.
To further ensure you have all the facts, you’ll also want to know the company’s specific instructions on how to apply, as well as their terms of service.
Be sure you are certain of what day you will need to repay your loan by, and talk to the payday office about the fee that you will be charged to take out the loan.
2. Keep An Eye Out For Hidden Fees
Watch out for hidden fees mentioned in the company’s terms of service.
Additionally—as every company’s policy differs—make sure to find out what will happen if you don’t pay your loan back on time with the company you have chosen.
After The Application…
Once you’ve completed your application, give the blank check you brought with you to the company.
After you’ve been approved for the loan, you’ll be asked to fill out that check for the amount that you’ve applied for (as well as the fee that the company charges for the payday loan).
So, what now?
If you’ve completed all the steps above, congrats--your next move is to receive your payday loan in cash or have funds directly deposited into your bank account!