Can I get pre-approved for a payday loan with a direct lender?
Pre-approval is a common term we see in other financial fields, take the mortgage industry for example. Many of us receive letters in the mail all the time saying we’re pre-approved for a mortgage loan or refinance. While a direct lender payday loan is much different from a mortgage loan, the pre-approval process is much the same. With lending options like a cash advance or car title loan, you will see less paperwork. Compare this to someone who may be looking to drop their mortgage rate by a few points. Payday advances are often for someone who doesn’t have many options when it comes to getting a short term loan. You need to understand that the payday loan companies know this. These online lenders will buy data and records that tell them who is pre-approved for various types of direct lender advances. As an example, you can be pre-approved for an online payday loan within 15 mins. Most companies need banking information to approve a direct loan online.
Pre-approval for online payday loans is available but not necessary!
As mentioned above, there’s not much to compare when you looking at the best online payday loans direct lenders. Most are different when you look at other financing methods. You’re not going to need much to get approval for the loan. A short-term lending customer is often going to be in a position where they don’t have a great credit history. This customer also may have had trouble in their past with other bills or even past payday advance obligations. Unlike a mortgage loan or online installment loans, you don’t need a stellar credit report. Even a poor payment history won’t result in an instant denial for a trusted cash advance company.
Pre approved payday loans can speed up the applicaton process
There are certain situations where you can get a pre-approval on an installment loan. Do you have a steady job that’s setup with direct deposit and good references? You will have a much better chance of approval for payday loans from direct lenders. Also, if you are able to give decent references when first applying for a loan you should move farther along in the online funding process. This is important to remember. Direct payday lenders will often issue funds without checking your credit history. Do you intend to apply for a cash advance or online installment loan in person? You’re in a situation where the lender doesn’t know you and hasn’t met you. That dynamic can change though if you submit a list of quality references when you apply online. You may think the lender won’t care about your references but this is an important part of the application process. It’s the only chance that a lender can verify if you’re a real person.
Reasons to Pre-Qualify for a direct lender payday loan
A pre-approval is not always necessary or even required when you apply for payday loans from direct lenders. While it may not be crucial, it definitely doesn’t hurt to go through this process. In some ways, it’s like other processes but you’re going to be in a situation where the application is expedited. Know what to expect when dealing with a lengthy online loan application process. It should speed up the process for you to get a direct payday loan.