Loan Advice

Five Surprising Ways to Improve Your Cash Advance Online Chances

by Jim Hughes   August 2, 2017

Here are some life changes and paperwork revisions that might make your quick cash request look more appealing to lenders. Remember, lenders only have so many resources. If they have more people asking for money than money to give, then they will use certain qualifiers to figure out where the money should go.

Learn how to improve your chances to be connected with a cash advance online lender.

You hold your breath, click the loan request button, and hope for good news. But, you keep getting denied. We might be able to help with that. While there’s no surefire way to get qualified every time, please read on for tips on how to improve your chances of getting a cash advance loan.

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1. Ask Your Employer for More Money

The amount of money you get for a cash advance might be directly related to how much you earn each paycheck. That’s because you’ll be expected to repay the loan the next time you get paid, and the lender may not be willing to offer you money if they think there’s a risk you’ll default on the loan for lack of funds.

When you make more money, it can be easier to find a lender that’s willing to work with you. As a bonus, it gives you a chance to get a raise.

2. Clean Up Your Credit Report

False information may fill your credit report. Why wouldn’t that be the case? Until you ask for a copy, there’s no one double-checking it for accuracy.

Once you have your report, you can start the process of removing anything negative. You can dispute charges and accounts from over seven years ago (except bankruptcies, which stay on your report for 10 years) and inaccurate information.

Your report should include details on how to dispute delinquencies with the credit bureaus. After you clear up these issues, your credit score may improve.

3. Find Ways to Boost Your Credit Appeal

Your credit score is just one part of your credit history. A lender may also look at other factors. Because of this, here are some things to remember:

  • The debt you already owe will count against you. That includes any loans you may have co-signed to help a friend or family member, even if you are not contributing to the payments. The more you improve your debt to income ratio, the better your chances will be for getting approved for a loan.
  • The debts you have repaid in the past can benefit you. You will look like a more responsible borrower if you have a history of paying back loans, but only loan payments reported to the credit bureaus.
  • There are debt relief companies that can try to get some of your old debt forgiven. This would improve your debt to income ratio.

It’s impossible to know everything a lender looks at until you ask them. Find out what aspects of your credit history are important to the lender, and then work on getting those ducks in a row.

4. Use a Local Bank Instead

That big national bank chain may have already turned you down, but you might have better luck at a local bank. Community banks sometimes have a less strict risk assessment model, and bank managers may be able to find a little more wiggle room to get you approved for a small dollar loan.

Before you try this option, be sure to boost your credit score as much as you can by using the tips from numbers two and three on our list. It will also help your chances if you show up with a cosigner who has a better credit score than you. A co-signer takes on the risk of having to pay off your loan if you are unable to, so it can sometimes be difficult to find someone willing to do this.

5. Choose a Different Loan Product

Payday loans aren’t right for everybody. There might be a better financial product out there for your situation:

  • An installment loan is usually for more money than a cash advance, but you get more time to pay it back.
  • For people struggling through tough times, government assistance can help you get back on your feet again.
  • Peer-to-peer lending has you borrowing from regular people instead of a traditional lender.
  • Borrowing from friends and family comes with risks, but it might be the quick solution you need right now.
  • Passing the debt onto your credit card can be expensive, but the interest rates might be better than what you would have gotten with a short-term loan.

The point is you need to shop around. Understand what you need, and then try to find a source that offers that kind of funding. There are many kinds of lenders out there. Hopefully, you’ll be able to find one that’s right for you.

Final Thoughts

We hope these tips help you get the money you need. We admit that not all of the suggestions on this list have to do with cash advances. That’s because you don’t always know at first which financial product is going to be the right one for your situation.

No matter which financial product you end up going with, improving your credit score and propping up your credit history should make the process easier. We wish you luck as you continue in your quest to find money.

Jim Hughes   OpenCashAdvance Marketing Manager
Personal Finance
Jim Hughes remembers checking his first email on the original BlackBerry 850 nearly 20 years ago. It was spam, and he fell for it. Even so, he’s been on the beat every day since, following the ebbs and flows of financial technology. Look to Jim for insider exclusives on shorter-duration loans, installment loans, and other popular products in fintech today.
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