Getting a cash advance or payday loan can be very easy for some people, but you should still take the application process seriously. It is important that you take some time to learn about a few tips that can be helpful in getting your application approved. The fact is that approval is never guaranteed, even with cash advance loans. You will therefore need to spend as much time as necessary learning about how you can increase your chances of getting approval from one of these lenders.
Report Accurate Income
When you go to fill out an online application for a cash advance loan, you will be asked to submit information about your income. It is crucial that you tell the truth about how much you earn, because the lender is going to find out in the end. You will most likely be required to submit documentation proving how much you earn from your job, so there is really no point in lying or fudging the truth on your application. Lenders do not look favourably on those who do not tell the truth on their applications.
Take Care of Current Debts
All of your current debts should be wiped clean and taken care of before you even submit an application for a cash advance loan. A vast majority of lenders are not going to even consider giving you a loan for any amount if you have outstanding debts with creditors. This means that you will want to make a point of paying back any money you owe before moving forward. This will greatly increase your chances of getting your application approved swiftly.
Work on Boosting your Credit Rating
The better your credit score is, the more likely you will be to get a cash advance loan with a very reasonable interest rate. Especially via companies like Emu.co.uk. It is definitely possible for those with bad credit to get approved, but they usually end up with high credit ratings that can make it somewhat difficult to pay back the full amount of the loan on time. If you take out one of these loans and pay it back on time, your credit score will improve considerably. It is important to remember that if you do not pay back your loan on time, there will be an opposite effect with your credit.
Find a Flexible Lender
Some private lenders are more flexible than others, so you will want to take the time to look for one that is willing to work with you to come up with ideal terms. A good lender will negotiate with you for a reasonable loan term and interest rate. There is a limit to how accommodating these lenders are, so you will need to keep that in mind as well. This means that you shouldn’t expect to get an extremely low interest rate if you have a very low credit score. The more flexible your lender is, the easier it will be for you to pay back your loan by the agreed upon date. With how many of these lenders there are, you will need to make a real effort to find one that is known for being fair and flexible.
Most cash advance lenders are based online, so you will need to fill out an application on their official website. If you really want to increase your chances of getting approved, you should apply online early on in the week. This will also ensure that you get a response from the lender sooner rather than later. One of the worst mistakes that you can make when going about getting one of these loans is to apply on a weekend, because you will likely get a response until the beginning of the next week at soonest.
Make Sure You Meet the Minimum Requirements
There will be certain minimum requirements that you will have to meet before you can even be considered for a cash advance loan. You have to be a legal citizen in the UK, over the age of 18, and have an active checking account at a bank. There isn’t a lender that will approve your application if you don’t meet at least these three criteria.
Most lenders will also require you to demonstrate a stable employment history. If there are large gaps in your employment history, a lender might think twice about approving your application. You will need to make a point of detailing all of the dates of your employment in your application so your lender can make an appropriate decision. If there are any significant gaps in your employment, you should have a good explanation for them ready.
Be Fully Prepared
The more prepared you are when applying for a cash advance loan, the better your chances will be of getting the money you need right away. This means gathering all of the necessary documents, like proof of income and residence. These documents will be reviewed closely by the lender so they can make a decision as to whether or not to approve the application you have submitted.
Be thorough in your documentation so that you don’t have to wait any longer than necessary to get your funds. Those who do not supply the lender with enough documentation have to wait even longer to find out if they have been approved, and sometimes it means having to start over with a whole new application.
Why Apply for a Cash Advance Loan?
You will quickly find that there are many reasons why people in the UK apply for cash advance loans every single day, including the fact that they can provide you with the money you need faster than any other loan. If you are in a situation that requires fast cash for whatever reason, you will want to think about this option before making up your mind. If you want one of these loans, you will need to know how to increase your chances of approval.