Traditional loans take a while to process. Most banks will take more than a week and some would take several weeks to approve a loan. Even if you are prequalified or preapproved, the actual approval process and then the crediting of the loan amount in your bank account will take some time. When you have a pressing financial problem, you cannot afford to wait a week or longer. In any case, banks don’t entertain short term small loan amounts which you could use for your personal needs from time to time. You would need a well defined purpose and lots of details illustrating the purchase, procurement or the nature of the expense for which you are seeking a loan.
When you have a cash crunch, you need instant cash. Some people are lucky and they can borrow from family, friends or colleagues. Some people don’t have such backups and may need help elsewhere. That is where payday loans become significant. Payday loans are often the only way to get instant cash for millions of working adults in the country. However, there is a set of qualifying or eligibility criteria that you should satiate to get a payday loan. When you want instant cash, you cannot afford to go wrong anywhere or commit an unintentional mistake that will affect your chances of approval. You must play your cards right.
The most important criterion to get instant cash is to apply for the right loan amount. There are many issues that would determine the right loan amount. Check them out.
- A payday lender will be influenced by two quintessential factors while putting up a range of loan amounts that it would be willing to consider. One factor would be the legal limit applied by the state on maximum loan amounts. The other factor would be the lender’s policy. A lender has the right to turn down requests for more than a thousand bucks.
- The second element that influences the choice of loan amount is the income of the borrower. How much you earn will directly have a bearing on how much you can repay. Don’t just consider the loan amount when you calculate this. Include the interest you need to pay. Repaying the loan entirely shouldn’t be a problem on your next payday given the income you have.
- The third aspect would be the association that you may or may not have with the lender. A lender would be much more comfortable to offer instant cash to someone who has borrowed some money and repaid timely in the past.