How to Improve Your Chances of Getting a Payday Loan?


In case of an emergency, you would turn towards your savings, but with unexpected costs coming up, you may want to apply for a payday loan to cover your expenses.

To be eligible for a payday loan, you need to meet the following criteria –

  • You should be at least 18 years or older.
  • You should be living and working legally in the United States of America.
  • You should have been working with the same employer for the last 90 days.
  • You must have a working phone number.
  • You must have a valid email address.
  • You should have a bank account in your name.

How to Improve Your Chances of Getting a Payday Loan?

Payday loans are generally for any unexpected costs that you may run into. For that reason, you may not be able to plan for a payday loan.

You need to manage your finances and credit report, as a good credit score is not only perfect for payday loans, but it can also help you get the best rates on mortgages, credit cards, and other loans.

Here are a couple of ways to improve your chances of getting a payday loan or any other credit.

1.   Check and Understand Your Report

You can get your credit report from your credit reporting service, and each service has its display of the report. Different agencies also have their limits on scores; generally, the higher the credit score, the better options available for you.

Once you have found out your score, you can go about analyzing the rest of the report. You will come across a credit history section where all the lenders and credit types will be listed. You can look for errors in payments and get them corrected, as they may affect your credit history.

If you have been involved in a credit card fraud, checking your report can help you tackle it—you can immediately contact the lender and inform them about the fraud.

2.   Boost Your Credit Score

Since your score plays a major role in the amount of credit that you can apply for, you need to find ways to boost your credit score. Enrolling in the electoral register is a way to boost it.

The credit reference agencies will get proof of your permanent address. Providing your address for the past three to six years will also help.

3.   Have the Documentation Ready

Once you know that you are eligible for a payday loan, you need to prepare the right documentation and evidence to share with the lender. Even if you are applying for the loan online, you need to have some documents ready in case the lender requires them.

4.   Apply for What You Need

You may want to go for a larger loan so that you may have more cash than you actually need, but this can do more harm than good, as you need to pay back all the money borrowed, with interest. If you are looking for a short-term loan with a long repayment period, you can visit

5.   Pay Off Existing Loans First

Before you apply for a payday loan, ensure that you have paid off any previous loan as this will boost your credit score, helping you apply for future loans. If you are already struggling to repay a loan, taking another payday loan is not recommended.

Before you decide to apply for a payday loan of any kind, try to get money from different sources. You should never take up a loan unless you know you will be able to repay it soon after, therefore using it as a temporary financial help. While keeping this in mind, hopefully you can use the above tips to improve your chances when applying for a loan online.


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Founded in 1994 by the late Pamela Hulse Andrews, Cascade Business News (CBN) became Central Oregon’s premier business publication. •

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