How To Improve Your Chances Of Getting An Instant Approval Personal Loan

Key Takeaways

• Cash Cow in Louisiana offers two quick-approval personal loans for bad credit: title loans and payday loans.
• Title loans in Louisiana let you borrow up to $1,400 based on your vehicle’s value by providing your lien-free vehicle title as collateral.
• Louisiana payday loans let borrowers with income borrow up to $700 from their next paycheck, as long as they agree to repay the loan by their next payday.
• Some tips for increasing your chance of personal loan approval include checking for mistakes when filling out the online form, gathering your required items before starting, making sure your car title is lien-free for title loans, etc.
• Once you know you can qualify and have chosen your Louisiana personal loan, you can begin the process by filling out our secure online form before getting approved at one of our stores in under 30 minutes.

Personal loans come in various forms — some are easier to acquire than others. However, personal loans for bad credit are generally much simpler to get than typical bank loans. That said, there are still a few things you should know to improve your chances of gaining approval. While you cannot get an online personal loan for instant approval, there are things you can do to make the process quicker.

Before jumping into our tips, we will go over the two types of instant approval personal loans offered by us at Cash Cow in Louisiana: title loans and payday loans. Understanding the differences will help you prepare for the specific loan you're looking for.

Personal Loans For Bad Credit Explained

As previously mentioned, we offer two different kinds of personal loans for bad credit. You can get approved with poor credit for both to help with emergency funding. While they both provide funds for emergencies, they come with different requirements, borrowing limits, and repayment timeframes.

In the following sections, we'll look at both title loans and payday loans in detail:

1. Title Loans

Title loans come with lending limits between $300 and $1,400, giving you enough money to fund minor to medium emergencies like home repairs, car repairs, or veterinary fees. Unlike typical personal loans, title loans don't rely on your credit score. Instead, they rely on your vehicle's value — the more it is worth, the more you can borrow. 

You must own your vehicle outright to qualify. That means paying off all liens, debts, and judgments. We will need to place a lien on your car title to process the loan, which we can only do if it's clear. Since you provide collateral, you can borrow title loans for bad credit.

To get a title loan, you will need the following three required items:

• Identification — We accept all forms of primary identification, such as your driver's license, student ID card, and military service member's ID card. You must make sure the document you choose displays your full legal name, date of birth, and portrait photograph. All borrowers must be at least 18 years old.
• Lien-free title — You must own your vehicle outright to gain approval for a title loan in Louisiana. To prove this, you need to supply a relevant lien-free title. It's worth noting that the lien-free title must be in your name. If it isn't, you need to head to your nearest DMV office to request a title transfer.
• Vehicle — We accept cars, trucks, or vans. We do not work with other modes of transport like RVs, ATVs, motorcycles, boats, tractors, or trailers. Since your vehicle determines how much you can borrow, we will examine its worth as part of the in-person portion of the process. It won't take very long, but we consider factors like the national average market value for your make and model, condition, service history, mileage, modifications, etc.

While you can get approved quickly for this simple personal loan, not everyone has fully paid off their vehicle or feels comfortable providing their car title as collateral. For an unsecured loan option with quick approval, consider a payday loan.

2. Payday Loans

A payday loan, also known as a cash advance, is a short-term loan that doesn't require a good credit score or a vehicle. You can't borrow as much as you can with a title loan, though. Instead of the $300 to $1,400 lending limit, you can only borrow between $100 and $700. This is enough to cover minor unforeseen circumstances. 

Your loan amount will depend on how much you make and what we feel you can afford to repay. As the name suggests, you are generally required to repay the payday loan in full on your next payday.

You need three things to get payday loans:

• Identification — We accept the same state-issued photo IDs that we do for title loans. Just make sure the ID displays your full name, date of birth, and picture. You will need to be 18 years old to qualify for payday loans in Louisiana.
• Most recent pay stub — This must be in your name. Since we don't place much importance on your credit score, we use your pay stub to establish your financial situation. You will need to use your most recent pay stub to give us a current view of how much you make.
• Checking account — You must have a checking account to qualify for a Louisiana cash advance. We cannot release funds into a bank account that is not in your name.

Now that you understand how these quick approval personal loans work, you can proceed with the approval process. Before applying online, we suggest you read up on our tips below to learn how to improve your approval chances.

Tips For Improving Your Chances of Getting Personal Loan Approval

Whether you decide to take out a title loan or a payday loan, these seven top tips will improve your chances of gaining approval. We'll go through each one in detail, ensuring you're more than prepared for the road ahead. We will also give advice on when you borrow a personal loan and best practices to ensure you are borrowing responsibly.

The seven tips are as follows:

1. Double-check your answers on the online form — Misspellings, typos, and inaccurate details can hinder your progress. Sometimes, they might even block approval entirely. Therefore, it’s important to review your answers carefully before submitting. Make sure your contact number is correct so we can reach you and ensure you receive our messages.
2. Ensure your title is lien-free — This applies only to title loans. If you choose this loan type, it's crucial that your title is lien-free. A lien-free title confirms you fully own your vehicle without any outstanding liens or judgments. If you're still making payments on your car, your title isn't lien-free. You need to complete your auto loan payments before applying for a title loan.
3. Gather your documents before starting — Having your documents ready before starting can prevent issues later. Some assume they have the necessary requirements, only to find out they don't when it's time to gather them. Since we only ask for three items, it's worth verifying you have them first to save time.
4. Only borrow what you need — It can be tempting to borrow as much as possible. For best results, spend time calculating the actual cost of your emergency, subtracting any savings you're using, and request the remaining amount. After all, borrowing more than you need will only cause you to repay a higher-than-necessary amount when the due date rolls around.
5. Guarantee you can afford repayment — Never commit to a loan until you're confident you can meet its repayment schedule as outlined in the terms and conditions. Failing to do so can harm your financial health. Assess how much money remains after paying for monthly essentials, such as food and gas. If the leftover amount comfortably covers the loan payments, you're financially in a good position.
6. Review other options — An online personal loan shouldn't be your first option during a financial emergency; it should be a last resort. Therefore, always consider other options before requesting this type of loan. Other options include your own savings, family and friends, credit cards you already have, or longer-term personal loans. Once you have exhausted these options, a title loan or payday loan can help.
7. Only borrow for emergencies — Borrowing for frivolous spending, vacations, weddings, or other unnecessary means is financially irresponsible. While everybody's idea of an emergency is different, the most common circumstances funded through a personal loan include car breakdowns, home repairs, medical bills, or veterinary fees. 

How To Get Fast Approval Personal Loans In Louisiana

The approval process for title loans and payday loans in Louisiana is similar with Cash Cow. After applying online with your secure inquiry form, you can visit one of our 42 Louisiana stores to get approved. Friendly loan representatives at our Baton Rouge, Lafayette, Hammond, and other locations are available to help you get approved in under 30 minutes.

Here is the approval process for payday loans and title loans in Louisiana:

• Complete our online request form with your basic information
• Answer our phone call to discuss how our loans work, the requirements, and the approval process
• Head to our nearest Louisiana store location to get your required items verified
• If you seek a title loan, we will inspect your vehicle to determine its value
• If approved, sign the loan agreement to finish the process
• Receive your personal loan cash later the same day or by the next business day

Get A Personal Loan For Bad Credit From Cash Cow In Louisiana Today!

Cash Cow in Louisiana is here to help bad credit borrowers with fast-approval personal loans. If you are ready to fund your emergency, simply complete our simple-to-use online personal loan form, and we'll be in touch to guide you through the rest. Get approved in less than 30 minutes and receive your emergency funds within one business day.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.