Payday loans are one of the easiest fast cash loans to get approved for; all you need is to prove your income and that you have a checking account. That said, there are still payday loan mistakes that you can make to delay the process or get rejected.
In this guide from Cash Cow in Louisiana, we will explain five of the payday loan errors that can affect your ability to get approved. We will also review how you can get a cash advance with no credit check for fast emergency cash, and how avoiding errors during the approval process can increase the speed of your qualification.
5 Payday Loan Mistakes To Avoid During The Approval Process
Payday loans, also known as cash advances can get you fast access to emergency funds by borrowing from a future paycheck. You can borrow up to $700 based on your income level and ability to afford repayment. While the approval process is simple, there are still mistakes you can make along the way to hurt your chances of approval.
Here are five payday loan mistakes to avoid when getting approved:
1. Providing Incorrect Information On Your Online Form
To begin the payday loan process, you will need to fill out our online form. You can provide your basic information to send to us, and a representative will review it before giving you a call.
The information you will need to provide on your online form is:
- Your name
- Zip code
- Phone number
- Email address
It’s vitally important that this information is accurate. Misspelling your name or putting in the wrong phone number can cause issues down the line. Your name won’t match your ID during the in-person meeting, or we can fail to contact you with the wrong number. Catch any mistakes on your online application before hitting send to avoid delays.
One of the other payday loan tips we suggest for those looking for emergency cash is to ensure you meet our requirements.
2. Failing To Meet The Requirements
A cash advance in Louisiana has a small list of requirements you must meet, including having income, a checking account, and providing your age and identity. That said, not everyone will meet these requirements because they don’t have a job, aren’t at least 18, or don’t have a checking account.
Ensure you meet the requirements for payday loans before applying. If you don’t and apply anyway, you’ll be rejected. If you do meet the requirements, prepare the items you need to get approved before beginning the process.
Here are the required items for payday loans in Louisiana:
- State-issued photo ID – To borrow any loan in Louisiana, you must be at least 18 years old. You can provide this, along with your identity, using a state-issued photo ID. Your driver’s license, passport, student ID, or any ID that displays your photo, full name, and date of birth can work.
- Your most recent pay stub – You’ll need to verify your income to ensure you meet our requirements and to see how much you can borrow. To get a current view of your income, we require you to bring your most recent pay stub. It shows how much you make now, so we can make an informed decision on your approval.
- Checking account – Having a checking account is important because we use it to deposit funds and withdraw funds once you need to repay the loan. You will need to repay the loan with your next paycheck, which we will extract directly from your account.
As we mentioned above, having income from a traditional job is important for cash advance approval. If you have non-traditional income, you may not get approved.
3. Applying Without Traditional Income
Your income will be approved if you work a salaried job, such as a bus driver, an accountant, or a grocery store cashier. However, things can get tricky when you try to use alternative income sources, such as if you are a freelancer.
Not all of our stores will accept nontraditional income like earnings statements from freelancing or stock portfolios, rental income from Airbnb, alimony, or unemployment benefits. It works on a store-by-store basis; some will accept them, some won’t.
Don’t assume alternative income sources will be accepted and apply anyway. Before beginning the process, call the store nearest to you and ask what type of income they accept. Gathering this information is all about researching your loan provider before applying, which is a must for any borrower.
4. Not Researching Your Loan Provider Before Applying
It would be a major mistake to rush into a payday loan agreement with a loan provider without doing your research. You need to be thorough in finding the right lender, or else you run the risk of working with an untrustworthy lender who can take advantage of you.
Before filling out an online form, research the lender online by looking at their website and online reviews. Google collects reviews that can give you a hint about how other borrowers have found its services. You can even call them to see how their loan representatives treat borrowers.
Here are some red flags you should avoid with payday loan lenders:
- Upfront fees
- Lack of loan terms available on their website
- No negative reviews (could indicate the lender is faking reviews)
- No certifications on their website
- Loan representatives who pressure you
5. Failing To Plan For Repayment
It would be a mistake to proceed with a payday loan without a plan to afford repayment. You must repay your payday loan with your next paycheck. We will adjust your loan amount so you can afford repayment, but remember that these loans collect interest.
It’s likely that a large chunk of your next paycheck will go toward cash advance repayment. Borrowing this loan even though you can’t afford repayment would be a mistake that can put you in an even worse financial situation.
If you don’t feel you can afford repayment, we suggest either seeking an alternative loan, such as a title loan, or borrowing less than you qualify for.
How To Get Approval For Payday Loans In Louisiana
Now that you understand cash advance mistakes to avoid, you can begin the approval process. Once you know you can get approved and have all that you need, the approval process is fast and simple. You just need to complete a few steps, which you can do the same day you apply. You can even get approved in person in less than 30 minutes.
Here is how to get approved for a Louisiana payday loan today:
- Fill out our online payday loan form with your basic information
- Answer a phone call from us to discuss loan terms
- Bring your required items to the nearest Louisiana store location for verification
- If approved, sign the loan agreement to finish the process
- Receive your payday advance later that day or by the next business day
FAQs About Payday Loans
Can you get a cash advance with no credit check?
You don’t need to prove you have good credit to borrow payday loans. Approval is based on your income and ability to repay, not your credit score. We do not do hard credit checks for payday loans.
Can you get multiple payday loans at once?
No, you can only borrow one at a time. Before getting a second one, you will need to repay the first one. This is to prevent borrowers from incurring too much debt that they cannot handle.
What are some tips to qualify for online loans with bad credit in Louisiana?
Make sure you check the requirements before starting and ensure you can meet them. Prepare the required items before you apply. Plug repayment into your budget to ensure you can afford it.
Borrow A Florida Payday Loan – Receive Up To $700 Today!
Are you facing a financial emergency that you cannot afford? Cash Cow in Louisiana can help with our fast approval payday loans. As long as you avoid the payday loan mistakes above, you should be able to get same-day approval for these bad credit loans. Apply with our online payday loan form today, and you can come to one of our branches to get approved in 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
