Financial emergencies can happen to anyone. You could unexpectedly lose your job, a fire can raze down your business store, and even a medical problem can leave you with a hefty bill.
Regardless of the financial problem you’re facing, turning to a payday loan lender for help is always on the cards, and for good reason. Unlike banks, credit unions, and other traditional lenders, payday loan lender typically get you sorted very quickly.
But that doesn’t mean everything is easy and straightforward when taking out a payday loan.
Do you need to get approved for quick payday loans? Here’s the easiest way to earn money instantly.
In this article, we’re telling you what you need to do to get approved for quick payday loans.
Identify Suitable Payday Loan Lenders
Just like elsewhere in the world, New Zealand payday loan lenders come in all shapes and sizes. Some promise to review and approve your application within minutes but don’t live up to that promise. Others are more efficient and you can count on them to sort you out in minutes.
As such, the first step to getting quick payday loans is to identify suitable, potential lenders. You don’t want to waste your time with a shady lender who will take you in circles before eventually lending you the money or worse, rejecting your application.
To find the best lenders, start with a simple online search. Make a list of the top lenders that show up in the search result, and then look up reviews. What are customers saying about their services?
You can also get a recommendation from your friends and relatives.
Ideally, you should narrow down your list to 2-3 payday loan lenders.
Know the Requirements
While payday loan lenders have their own set of requirements, they are nowhere near what banks and other traditional lenders require. This is probably one of the biggest reasons more and more Kiwis are opting to secure short-term loans and cash advances from payday loan lenders.
Therefore, when you need your application to approve within the short time possible, it pays to ensure the application ticks all the right boxes. And the only way to do this is to have a fine grasp of what your preferred payday loan lenders require.
Though specific requirements vary from lender to lender, you typically need to provide:
- Personal details (official name, date of birth)
- Contact details (phone number, email address, physical address)
- Amount of money you need (should not surpass the lender’s stipulated limit) & the reason you need it
- Proof of ability to repay (bank statements, latest pay slips).
- Guarantor or phone plan (Only kicks into play when you don’t have a job).
Don’t Worry About Your Credit Score
If you’ve never consumed payday loans, it’s easy to stress over your credit score, especially if it is bad. The good news is you don’t have to worry about your credit.
Payday loan lenders have no business checking your score because it doesn’t necessarily reflect your ability to repay a loan.
You see, perhaps your score tumbled after you failed to pay a certain bank loan on time. Now you’re back on your feet, have a job, but the score is still low. Should you be punished because of a financial mistake you made in the past? Absolutely not, and payday loan lenders understand this.
Don’t waste any time and money trying to access your credit report.
Understand Fees, Interest Rates and Repayment Timelines
In times of financial pressure or urgent financial need, it can be easy to overlook things like loan fees and interest rates. You just need the money NOW!
If you make the mistake of taking out a payday loan without caring about the associated fees and interest rates, you risk falling into deeper financial trouble.
Let’s face it: payday loans are high-cost credit facilities. In New Zealand, the Wage Protection Act does not explicitly prohibit lenders from seizing up to 100 percent of your wage in case of a loan default.
Taking out a loan with exorbitant rates and unfair fees will not only leave you with less money from the total loan amount, but also significantly increase your repayment amount.
Take your time to review your preferred lender’s terms and conditions. Call them up if you need any clarifications before proceeding.
At Pretty Penny, we provide a cost calculator which you can use to know your repayments and determine whether the loan suits your needs.
Almost giving up? Don’t. You are almost getting the money!
With all the information on application requirements, fees and interest rates at your fingertips, head over to the lender’s website and submit an online application.
Ensure you fill out the information correctly. A single typing mistake or detail mix up will only delay your quest for quick payday loans, since the lender will need you to input the right information.
If necessary, have somebody go through the application before you submit. An extra pair of eyes can catch mistakes you might have missed.
Wait for Approval and Your Cash
Filled out everything correctly? Met all the requirements?
If you answered yes to both questions, there is really no reason for your lender to turn down your application. Just sit back and wait for the approval confirmation, and then the cash shortly after.
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Quick Payday Loans Made Easier
Managed responsibly, payday loans can help get out of a financial jam. However, with new lenders setting up shop by the day, it can be challenging to find the best lender and get a loan quickly.
But now that’s least of your worries. With the information fleshed out in this article, you know exactly how to score quick payday loans.
Even better, why not bypass all that and check out Pretty Penny Loans? We can lend you up to $500 to get you through your next check. If you have any questions, explore our FAQ page, or get in touch with us.