9 tips to get your payday loan approved

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9 tips to get your payday loan approved

By Editorial Team | 16th January 2019
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Payday loans exist for expenses that unexpectedly pop up and find you strapped for cash. While payday loans have a high approval rate, thousands of applications are denied every day. Here are 9 tips that will improve your chances of getting your payday loan application approved.

Give yourself an advantage

Give yourself an advantage by looking for a payday lender that has the highest approval rate. A high approval rate implies that the lender grants most of the loans requested. This improves your chances of your loan application being approved.

Search for a payday lender whose requirements you meet

Shop around for a payday lender whose requirements you meet. Search online for loans with the least requirements. If you do not have a checking account simply search for payday lenders that do not require a checking account and select from the list of suggestions. There are also lenders such as Advance America who ensure there are no hidden fees. This will lessen the amount of applications you have to complete and ensure fast approval.

Ensure that you have a good credit score

A lender needs to be assured that you can afford to repay any loans given to you. Your credit score helps with that. Your credit score tells how likely you are to repay your debts. It is a statistical indicator of the length of your credit history, total outstanding debt and payment history.

Figures assigned to an individual range from 300 to 850. A high score demonstrates that you repay your loans and are financially responsible. A low credit score says the opposite and payday lenders who take this into consideration may doubt your ability to meet loan obligations.

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Ensure you have a decent credit score before applying for a payday loan (Picture: iStock by Getty)
Find a lender that lends to individuals with bad credit scores

If you have a bad credit score, there are things you can do to improve it. However, improving one’s credit score takes time.

Find a payday lender that caters to you. Consult Google. Search for lenders who grant pay day loans to individuals with bad credit or even lenders who do not run credit checks. Be cautious when selecting these lenders. Research to ensure these payday lenders are credible and offer responsible payday loans.

Compare your debt and your income

Compare your debt and your income to ensure that the loan you are requesting is less than 30% -50% of your income. A quick way to get your payday loan application denied is to apply for a loan that exceeds your income. Although lenders such as Rise Credit can loan up to $5000, taking the maximum amount isn’t recommended unless it’s absolutely necessary. Payday lenders are interested in your ability to repay their loan more than anything else. Your income and expenses are important factors in their approval decision.

Borrow just to cover your unplanned expense

When it comes to accumulating debt, it is best to borrow as little as possible. Therefore, borrow what you need and not what you want. Your chances of getting approved for a small sum are much higher than your chances of being approved for a large sum.

If the purpose of the loan is to finance unplanned health expenses, do not include the cost of some frivolous expense. This will increase your loan amount and make your loan more burdensome to repay. Small loans attract low interest rates and are easier to repay.

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Applying for a payday loan requires careful decision making (Picture: iStock by Getty)
Do not embellish the facts

Do not be tempted to put inaccurate information on the loan application. There are checks in place for lenders to corroborate information on your loan application. Applications with inaccurate information are denied.

Compare information on the documents requested with the information you put on the application as sometimes you may unintentionally enter inaccurate information.

Complete the entire application form

Whether you are filling out the application online or on paper, ensure that you fill out all the fields. The system may find it difficult to run fraud and identity checks on an incomplete application.

Set aside some time in your day to carefully fill out all the fields. A complete application makes it easier for you and the person reviewing your application. Lenders such as CashNetUSA offer a five-minute application form for your convenience.

Be ready to submit the documents requested

Finally, have all your documents on hand to submit if they are requested. Make copies of your payslip, personal identification and bills. This will speed up the application process and enable the lender to deliver on his promise of fast approval.


If you want fast and instant loan approval, start searching for the best online payday loans. Online lenders provide a confidential and secure application. Select the lender with the best approval rates, meet their requirements and secure the cash that will cover your unplanned expense.

Written by
Editorial Team
Our Editorial Team is constantly watching for new and exciting services to report on. They aim to bring balanced, honest reviews to the site to give you the best comparisons and ensure you have the knowledge to choose the product right for you. Read more.
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