Getting a loan quickly can be a difficult task for anyone. But if you have poor credit or a low income, that effort can be even more challenging and understandably so. A poor credit rating means that you’re less likely to be able to pay back the loan and lenders aren’t in the business of losing their money. However, there are still some steps that you can take to maximize your chances of getting approved for a quick loan.
First, it helps if you have all of your financial documentation in order. Make sure you have organized all of your income statements, as well as documentation of any efforts you are making to pay off previous debts if you have them. If you don’t have any credit at all, it’s especially important to collect proof of all of your sources of income, including that from any side jobs you may have. Make your case seem worthy of a loan and explain everything in detail. Some people think if you cut corners and leave out details you are more likely to get the loan you need. This simply isn’t true! When applying in person, try to establish a personal connection and be as friendly and sympathetic as possible. You don’t need to confess your entire life story, but explaining an emergency situation or real need for something can’t hurt your chances of getting the loan.
Another way to increase your chances of being able to borrow money quickly is by applying for a smaller loan. For instance, your chances of getting approved quickly if you apply for a loan of under $3,000. If you try to borrow more, it can often take weeks for your loan to get approved and processed. In contrast, smaller loans can be approved and distributed the same day. If you have established a relationship with a loan office or bank, then you can further improve your chances of getting a loan quickly whenever you need it most. This isn’t to say that you should borrow often, but you should pay back loans on time to get in good standing with the company. The more often this happens the more they begin to trust in your ability to pay back any borrowed funds.
In short, if you need to borrow money quick, it helps to be organized with your documentation. It also helps if you go to a financial institution where you already have an established relationship. In addition, if you can get away with borrowing a smaller sum, you’re more likely to get approved fast. Taking all of these steps together can significantly increase your chances of getting the money you need quickly.