It can be rough to be in a situation where you’re short on cash. Thankfully, there are methods to get quick cash. Payday loans are the most common method of obtaining these emergency funds. You may get the cash you need much faster than you think.

In order to meet your urgent financial needs, you can access different types of short term borrowing that suits your needs and pocket well. However, payday loans are quite different from all other type of loans in financial market. The main difference is their approval process.

Below are tips on how to get approved on your loans:

Find out what type of personal loan you need

When people talk about personal loans, they are usually referring to auto loans, mortgages, payday loans, and credit cards are also personal, as opposed to business loans. And there are also unsecured business loans. Make sure you understand what type of loan you are applying for.

If a lender found out that your credit is not high enough to get good interest rates or perhaps qualify for a loan altogether, they may offer a secured loan option instead. If you are willing to put your vehicle or home up as collateral, you may be able to qualify for better rates with a title loan, mortgage or home equity loan. However, these are secured personal loans, which mean you could lose your property, if for some reason you are unable to make the payments.

Apply for less

Another way to improve your chances of being accepted for a payday loan is to apply for less. At the end of the day, lenders are much more likely to approve you if you only need a few hundred pounds. Many people hinder their chances because they apply for the maximum amount but the main problem is that this figure could be more than 100 percent of their monthly income.

Use a broker

Did you know that it is now possible to use an online broker to help you get accepted for payday loans. The main advantage of a broker is that they can apply to multiple lenders on your behalf, which means you won’t have to do all of the hard work yourself. Ultimately, by using the services of a broker, you can apply to more lenders, which in turn increases your chances are getting approved.

Check your credit score

Avoid applying for loans you know you don’t qualify for. Every time you apply for credit, it gets reported on your credit report and your credit score takes a small hit. If an application is rejected, the damage is even greater because you may have to report that rejected application in future attempts to obtain credit, which could set off all kinds of alarm bells the next time a loan officer looks at your credit application.

Request your credit report for free at least once a year and make sure there are no false or inaccurate statements on it. You should also request your free credit score from a reputable online credit reporting company. Once you have armed yourself with this information, ask your lender what guidelines they follow when assessing loan applications before you apply.

Check Eligibility

In reviewing your credit report and credit score, and applying for a loan, one of the factors that affects your credit score is how many searches, or inquiries there are on your credit report. Too many of these searches will reduce your credit score, which is bad. Although some credit bureaus will now allow similar searches within a 24 to 48 hour period. Meaning if you are applying for the same type of loan and apply at a few lenders, all the searches are lumped together as the bureau knows you are shopping around.