1. Use lender-matching sites. There are two types of payday lending sites. The first is the direct lender, which means that the company taking the application is the company that will be lending the money. Lender matching sites, on the other hand, take your application and match you with lenders who might be a good fit for your cash advance. Your chances of finding a lender to fund your advance are much greater with a lender-matching site.
2. Apply to individual lenders only once per pay period. If you’re applying directly to lenders, they will usually automatically reject any loan application they’ve attempted to underwrite in the past 14 days. Lender-matching sites can screen out lenders who have already attempted to fund your advance, and will not send your application to those lending firms.
3. Provide references. References are not required when applying for an online payday loan, but the best lenders will score your payday cash advance application higher if you provide references.
4. Use websites for military personnel or benefit income recipients. Most payday loan sites do not offer payday cash advances to serving military personnel or people who receive benefit income. However, there are specialized payday cash advance sites which do offer online payday loans to people in these categories. If you’re in the military or receiving benefits, seek out a lending site that specializes in your situation.
5. Use separate email addresses for separate spouse applications. Payday lenders check for fraud by looking at the number of Social Security numbers submitting applications on one email address. If you and your spouse are both applying for online payday loans, use separate email addresses to avoid being flagged for fraud. A free email address is usually sufficient.
6. Understand how to specify your next two pay dates. The minimum time frame for a payday cash advance is usually four days. If your next payday is within four days, or if you get paid weekly, you should enter the next payday, after this one, and the payday after that, as your next two paydays. This will make your application more likely to be approved.
7. Apply in the morning. Payday lenders are usually more amenable to funding loans in the morning when they are fully staffed and are eager for new loan applications. During the afternoon, their call centers are often not completely staffed and they may have issues because of ACH cut-off times. Many lenders automatically deny loans in the late afternoon because they’re unable to fund them.
8. Apply during the holiday season. Payday lenders know that the holiday season is their busiest time, and they take on extra staff and arrange for extra funding to provide more loans. Do not, however, count on getting a loan in January, when payday lenders, like everyone else, are recovering from the holidays.
9. Do not apply on holidays or weekends.
Applying during the holiday season is good practice, but applying on actual holidays or weekends is unlikely to secure a loan. Lenders are understaffed and may not be able to provide online payday loans due to ACH cut-off issues. Wait until the next weekday morning to apply.
10. Take advantage of your VIP status as a repeat customer. If you have paid off a payday loan, return to the same lender. They will be glad to give you another loan, as you have proven your reliability with the first.