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Worried about being approved for a payday loan? Follow this guide to get approved

loan-approved
08/30/2018
By: Tony Roberts

Are you worried about being approved for a payday loan?

To ensure that you get approved for a payday loan you should consider these essential tips

You should follow these 5 simple tips to get approved faster. Borrowing money is (for most people) part of adult life. Whether its a mortgage for a first home, a loan for a car purchase or a payday loan to bridge the gap between wage cheques, everyone will at some point need to apply for credit.

Payday lending is fast credit meaning that loans are approved quickly for smaller amounts and repaid in a short timeframe. Slow credit is for larger borrowing amounts which are typically secured (on property or other assets). See this article for a better explanation of secured vs unsecured loans. These attract lower interest rates but take much longer to arrange and years or decades to repay. The technical term for these differences in time is called ‘duration’. The technical term for differences in security is ‘lien’. I can hear the yawns. We digress…

1. Get your credit score as high as possible

Make sure you repay utility bills and credit cards and any other financial commitments  every month on time. Credit reference agencies such as Equifax or Experian will then see you as a creditworthy person who pays on time. You should try keep your credit cards as far below the credit limit as possible. You should  never go over the limit which will trigger all sorts of warning bells. The best credit scores are from applicants who borrow a reasonable amount and repay it quickly. We discuss credit reference agencies at length in this blog post where you can find out much more about this topic

2. Dont apply too often.

Lenders talk to each other and credit reference agencies so too many searches on your credit file will indicate to lenders you are desperate. It would be far better for you to choose one or two lenders that offer the most reasonable terms and to apply only to them. The record of your search will stay there for 12 months for all lenders to see so its important for you to choose wisely.

3. Read eligibility criteria

Most decent payday loan providers will set out their summary eligibility criteria. You should see if you meet their criteria, but be honest with yourself about your situation. And of course, you should check our site  paydayloanshub.com for the best deals.

4. Be realistic about your borrowing abilities.

It would seem unusual to a payday loan provider if you apply to borrow £2000 if your regular wage packet is £1500 per month. You should keep the amount within 1 months salary to demonstrate you are reasonable.

5. Be aware of behaviour tracking.

Some payday loan providers will closely monitor your behaviour on their site. You shouldn’t rush through applications without exploring site content as you are likely to be considered desperate or rushing your decision. If you take the time to show you’ve explored the payday loan site thoroughly their systems will ascribe positive aspects to your application.

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