Prepare For Success Before Applying for a Cash Advance Loan
With the rising popularity and convenience of cash advance and payday loans, it has become apparent that well-prepared loan applicants are more likely to successfully receive a personal loan. There are some ways to increase the chances of successfully being approved for a loan.
Preparation allows the loan applicant to put on the best possible face before applying for a cash advance loan. With good preparation, the chances of approval increase dramatically. If the need for the loan is critical, it’s important for the loan applicant to be as well prepared as possible in order to secure a loan. A person who truly needs it should take the time to ensure that they present the best possible case for approval, in order to avoid the stigma of denial.
Who should prepare before applying for a cash advance loan?
In general, anyone who is thinking of applying for this type of loan should prepare before actually completing an application. In particular, people who are uncertain about whether they may be approved, or anyone with a weak credit history, should prepare before applying.
How to prepare
Loans are based on the ability to repay, so the applicant should collect any and all documentation that would show reliability and ability to make payments. At the very least, the applicant should:
Gather pay stubs or other proof of employment
Obtain at least one statement from the bank to show deposits
Make good, enlarged copies of ID
Make copies of dwelling leases or mortgage statements
Make copies of any documents showing that earlier loans were satisfied
It is better to gather too much documentation rather than too little. The applicant should have the documents organized in a format that will allow the loan underwriter and loan officers to quickly review the materials. In general, if the application is well-prepared, then the lender’s presumption is that the applicant will put the same care into repaying the loan as he or she has put into preparing the application.
When is the best time to apply for a cash advance loan?
The best time to apply may be when the lending company is nearing its closing time, in local time. Psychologists tell us that resistance to lending decreases during the business day: In other words, it may be easier to get a loan officer or lending company manager to approve a loan during the final hour or two of the business day because they wish to clear their desks.
Where is the best place to apply?
The best place to apply for a cash advance or payday loan depends upon the applicant’s location. These types of personal loan are available either at bricks-and-mortar retail stores, or online, so the applicant can choose the most convenient method.
An applicant can visit a retail store in his or her neighborhood and complete the application process in person; if approved, the successful borrower receives the cash in hand. Or, if an applicant applies through the Internet, upon approval of the loan, the borrower receives the loan in the form of a transfer into his or her bank account, from which cash will be available by using a debit card.
As with most ventures in life, preparation before action is usually the key to success. When applying for a cash advance or payday loan, the applicants who are most likely to be approved for and receive the loan are those best prepared before applying.