The Secret to Getting Instant Loan Approvals

Instant loans are a blessing in times of urgency and need. When we face a cash crunch, availing an online instant loan is one of the best ways to get money quickly at low interest rates. Since these loans are unsecured, they don’t involve collateral, making them an even better way to tide over a financial crisis. Online instant loans availed through instant loan apps like EarlySalary have several advantages - including the benefit of availing a loan from the comforts of home, low interest rates, instant approvals and more. However, if you are not careful and prepared, your approval may take more time than expected. Here are some tips to get your instant loan approved as quickly as the name suggests.

Have a steady job

One of the few documents that lenders demand when you’re applying for an instant loan is a proof of employment. Ensure that you have some job security and have been working at your job for at least a few months before applying for an instant loan. Since this kind of loan is unsecured, lenders feel a lot more confident if they know you have the means to return the money through a steady and consistent monthly income.

Maintain your credit score Although your credit score matters less when it comes to instant loans than with bank loans, it does affect, to some extent, how fast (or how much of) your loan will get approved. A credit score is a number, usually between 300 and 850, which indicates your regularity in repaying your loans and hence helps banks and online lenders decide whether to give you a loan or not. A high score of above 650 will result in a higher chance of approval of your instant loan.Choose a reasonable loan amount

Since instant loans require no collateral, lenders are going to be understandably cautious. They, therefore, check your repayment ability based on your current income. If you apply for a high loan amount which you may be unable to repay in the selected tenure, it is likely that lenders may reject your application. So, make sure you choose the loan amount as per your affordability.

Have a strong savings account

Your bank account statement is another document often asked as part of the verification process for instant loan approval. A strong savings account with a steady balance makes you trustworthy in the eyes of lenders. It indicates your proficiency in managing your finances and ability to save money, as well as the fact that you’re receiving a steady monthly income, increasing your chances of getting your instant loan approved.

Keep your documents ready

Although not many documents are required while applying for instant loans, it is still better to have all that is required at hand when you’re applying. The online instant loan application process has certainly made life easier, as you don’t have to make several trips to the bank with the requisite documents ready every time you’re trying to apply for an instant loan. However, having all the documents required ready to upload while applying makes your application process faster, and hence reduces the time taken for your loan to get approved.

Avoid applying while paying off another loan

Lenders often check your credit history, and are unlikely to approve your loan if you have applied for a loan in the past six months. The assumption, usually, is that you’re still paying off that loan, which would make it difficult for you to repay the new loan. While you’re paying off another instant loan or a personal loan, you may very well not be able to handle the burden associated with repaying another loan, and lenders are usually aware of the fact, making it unlikely to get your loan approved.

Follow these tips and you’re certainly upping the chances of getting your instant loans approved, and speeding up the approval and application process. Of course, all of this is given a further boost if you’re taking out an instant loan from EarlySalary.

Lenders are usually aware of the fact, making it unlikely to get your loan approved.