Payday loan: what to do to get it accepted

Resorting to a Payday loan is a necessity that can happen to everyone. Although the quantity of offers available is numerous, it is not always easy to obtain liquidity from lenders. What are the factors to consider when applying for a loan? How to get them fast? And how should one act to avoid rejection? Let’s see it together with this guide.

 

Check your credit situation

Check your credit situation

Even before going to a bank with a credit application, it is advisable to check your financial position, in order to avoid that the institution itself finds weaknesses relating to the credit reputation of the applicant. Indeed, it is necessary to know that banks use the Credit Information Systems (also known as SIC) to verify the contractor’s reliability, checking for any delays and defaults in the return of the capital obtained. Recurrent infringements will invalidate the applicant’s record, making him “bad payer” in the eyes of the bank and thus reducing his current chances of obtaining the loan. It is advisable to check your position even in the absence of delays, as there may still be open positions in the SIC archives that have actually been closed correctly. In addition to these checks, it is recommended to clarify the current loan framework. If these should be numerous, it is advisable to consolidate them by reducing their number, so as to present themselves to the bank with a situation that is as clear and orderly as possible.

 

Present yourself with sufficient guarantees

Present yourself with sufficient guarantees

Some banks only issue a Payday loan to policyholders with specific guarantees. Among these, one of the most requested is the presentation of an open-ended employment contract, a factor that reassures credit institutions about the criteria of reliability and sustainability of future payments. In addition to the credit rating, the assets held by the applicant (such as real estate and other properties) will be assessed. In the absence of a fixed salary, we can present ourselves together with a guarantor, who will take responsibility for honoring the debt in the event of the insolvency of the contractor. In this case, the guarantor must naturally have an excellent credit reputation.

 

Request a reasonable sum

Request a reasonable sum

A loan can be refused because the sum requested is too high, if contextualized in the context of the contractor’s resources and projects. Requesting a capital of 50 thousand dollar motivating it with the purchase of a car can arouse suspicion in the eyes of the bank, which will ask itself about the real needs of the applicant. If some lenders are willing to lend capital without requiring particular criteria, many banks will ask forcost estimates together with concrete evidence about the use of the sum. It is therefore strategically important to present not only convincing credentials, but also good arguments on the use of money. Furthermore, requesting a sum that is neither too high nor too low compared to actual needs will allow you to repay the monthly installments without suffering particular pressure, thus avoiding having to resort to further loans.

 

Collect information about the lender

Collect information about the lender

Choosing the bank or financial institution to which you are contacting is essential to ensure good chances of success in applying for a loan. Going to a credit institution with too strict requirements will only waste time, especially if you will not be able to present the guarantees required. Not all institutions have insurmountable and stringent rules, and on the internet it will be possible to examine those that are most suitable for the type of loan desired and the conditions for returning the money. It will also be necessary to submit the request by collecting all the necessary information and documents. Compared to the past, this step has become much more practical: thanks to the internet it is in fact possible to send documents online,