How to Get Approved For a Same Day Loan In 5 Easy Steps

January 03, 2019

South Africans are flocking to payday or same day loans. They are 67% of the loans that those between the age of 25 and 39 take out.

If you need to obtain a same day loan, you are probably in the position that you need the money NOW. Be sure to follow these five tips to help get your loan application approved.

If not, you risk getting rejected and having to wait months before you can apply again. This will only result in you spiralling to an even worse financial situation.

1. Report Your Income Correctly

Don’t try to fool the lender by fudging your income. they will find out your lying. Now you’re likely to get rejected for not being honest, even if you could have financially afforded the loan.

Another reason to be honest on your application is that the lender can work with you on adjusting your loan amount and terms to get you approved. They need to be able to accurately assess their risk in giving you a loan.

2. Debt to Income Ratio

Make sure that you request the right amount for your loan. You need to look at what your monthly income is and compare that to the amount of your loan.

For example, you don’t want to request a loan that is equal to your monthly income. Choose an amount between R100 and R8,000 that is a fraction of your monthly income. If you do get rejected, ask if lowering the loan amount will get you approved.

3. Know Your Credit Score

When you know your credit score, you know the likelihood of getting a lender to approve your loan application. It can also help you determine what sort of interest rate you should go for.

4. Find the Right Lender

If you know your financial history and current situation, you can look for a lender that caters to borrowers like you. This will increase the likelihood that they will approve you.

5. Submit A Complete Application

There isn’t a whole lot of paperwork you need to do to get a same day loan. Which makes it all the more vital that you fill out anything that is required correctly.

Make sure that you submit your proof of income, bank account information, contact information, and residence. Any information that is lacking will cause a delay in the approval of your application.

Apply for Your Same Day Loan

A same day loan isn’t for everyone, but if you are in a financial bind, it is one way that you can get money in your account today. If you are in this position, you’ll want to make sure that you get approved.

Following these five tips will help make that happen for you. Make sure you know your financial history and current situation. Then report it accurately to the lender in your application.

Apply now and you’re less than 5 minutes away from getting approved for your same day loan.