While some lenders have loan officers working over the weekend most do not. Applications over the weekend are only presented to the few lenders who are at work.
If you apply on Monday to Friday your application will be presented to many more lenders increasing your chances of getting approved.
3. Apply early in the day
Lenders have set amounts of money they can lend every day. Once people have borrowed all the money available for that day lenders will stop accepting applications.
So the best time to apply is early in the day. If you apply later in the day your application will only be presented to lenders who still have money to lend. Most lenders usually run out of cash for new applications by 9pm.
4. Ask to borrow $800 or less
Many lenders will not consider applicants asking for more than $600. So if you ask for $600 or less, your application will be presented to more lenders increasing your chances of getting approved.
For example if you need $1000 you are more likely to get approved if you apply for two $500 loans. If you insist on asking for $1000, you may get declined totally.
5. Use a checking account
While all lenders require that you have a bank account some lenders will not accept applicants with savings accounts.
By providing a checking account your application will be presented to many more lenders improving your chances of getting approved.
6. Provide the correct ABA (bank routing number)
Lenders will check that the ABA number you provide matches the bank name and other information on your application.
If you are not sure what your ABA number is, contact your bank’s Customer Service.
7. Put down a phone number where you can be reached in the next 24 hours
Lenders have the ability to easily tell if any phone number you provide is valid or not. If it’s not a valid phone number your application may be automatically rejected.
Because the application is done online and is mostly automated, lenders will often contact you via email or phone before they transfer the funds. This is to check that you really applied (and not someone pretending to be you).
Lenders usually will not transfer the funds until they can reach you. And if they cannot contact you within 24 hours your loan may be automatically cancelled. If lenders cannot get in touch with you and there are a lot of other people requesting for loans that day the lender may cancel your loan before the 24 hours is up.
If you have a cell phone putting that number down as your “Home Phone” is recommended to make sure that you can be contacted easily.
8. Provide your employer’s name and a work phone number
Depending on the strength of your application some lenders may need to confirm your employment prior to sending you the cash. Your lender will not tell your employer that you are applying for a loan. If they call and cannot verify your employment, then your loan will usually be canceled.
9. Think carefully before declining a loan offer
If a lender offers you a loan (regardless of whether you accept or decline the loan), you are not eligible for another loan from that lender for another 30 days or until that loan is repaid (whichever happens first).
A lot of consumers apply all over the place trying to get the "best deal". The problem is that they usually end up submitting their application to all of the biggest lenders, thereby eliminating any chance of getting a loan for the next 30 days.
10. Repay your loan on time
Lenders typically do not perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union. However they may, among other things, verify your social security number and review your information against national databases (such as Teletrack, DP Bureau or DataX) that track consumer transactions with lending institutions. These databases contain information such as your history of repaying loans on time.
So even if you can’t repay in full, contact your lender to ask for an extension (also known as a rollover). A missed payment will severely hurt your chances of getting approved the next time you need a loan.
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