Applying for payday loans has become very common these days. Because people very often keep on facing cash shortages to fix up the emergencies that disturb them frequently. A payday loan online is one of the loans that are enough to handle short-term emergencies. People are seen as helpless sometimes paying off their loans after using due to high-interest rates. This causes problems for them ahead, once they are failed. This is where their credit score is affected negatively then they can’t apply for loans very easily ahead.
So if you also applied for guaranteed approval e-transfer loans in past and got them. If you couldn’t repay that on time then you will have a hard time getting one more loan. That’s why you should try eliminating those debts one by one and as soon as possible. Although you can apply for another loan, you will have to go through terms and conditions that can be a little tough for you. Payday lenders then will verify certain things like your credit score and current income source. If you had worked somewhere when there is no job.
How to increase the loan amount after getting approval for a small amount?
People live with an illusion that they can do something in between after getting fast approval for the small one. But the truth is- that you can’t do anything once you have got the loan approval for a specific amount. What you can do is with some direct payday lenders you can pay off your loan entirely.
Then you can think of applying for a new loan with a higher amount which is the only option you have left otherwise you can do nothing. There is a bet that you would have to pay off your previous loan regularly without date skipping. Because one missing payment of your loan can tarnish your financial image and can prevent you from increasing the amount next time.
What about getting two loans from the same lenders?
There is no problem with how many loans you apply for. But what matters most is how you deal with the loan payments in the end. Since payday loans with guaranteed approval are very expensive and people seem helpless paying off their first loan then two loans payments might double their problems. The fact of the matter is you can apply for two loans or more. But your life will get impacted by their load if you fail to repay them on time because lenders want their funds on time at any cost. You will have to keep that in your mind before you do that.
How long can I use my fast payday loans?
Payday loans are short-term financial assistance available for 2 weeks. These loans are enough capable to dispel your sudden financial worries at the same time with no hassle when you would get your salary. But you can’t go above 62 days because that is the loan term. As soon as you pay off your loan, it will be beneficial to you in terms of improving your bad credit. And you will have a good financial reputation with all financial industries which means you will see no loan disapproval after applying next time with them.
Where can I see my loan application status?
You will not have problems checking your loan application status since the overall process is online-based from direct reputable lenders. Many people have to struggle with that with traditional banks and lenders. There is no particular time when they get their loan application approved after applying with banks. But you can get instant approval in 5 to 10 minutes only and you can check that by logging into your online account and entering a password.
The best way to increase your loan amount is to pay back your older amount regularly then lenders can allow you to go for the higher loan amount. Or else you can increase the loan amount if you have a good credit history. It will show how you made all your past payments on time to the lenders. And they will have to offer you the amount you are looking for with the help of your good credit score as well as you have no negative factors on your credit report.
Aemina Turner is a personal finance specialist with a bachelor’s degree in the finance and personal finance industries. Which inspires readers to write comprehensive user-friendly guides on products and strategies that readers can use to make smart financial decisions during the credit-building process. How to manage your money better? Aemina answers readers’ money questions and writes about retirement and savings investing on his blog post.