If you use payday loans on occasions when you are short of money, it helps to use the same lender again. There are certain advantages that payday loan customers enjoy when they use the services of a good lender several times. The following are three reasons to us the same lender for your cash advance needs.
Employment and income verification time is reduced or eliminated
Regardless of what you have seen or heard about getting a payday loan, they will need to verify your employment. Although it is true that your credit rating is unimportant, they need to know that you have a job, and the amount of money you earn. A lender may claim that you can get a fast approval, but you will quickly learn that it is pending verification of your job and income. However, once you have done business with a particular payday lender, you will find that your information is in their computer system, and they will not require verification of the same data. This reduces the time it takes to get cash in your hand.
The application process is eliminated
There is no need to keep providing an application for a quick loan when all of the information is the same. Your name, address, phone number, driver's license number and all other information that is contained in an application is already in their computer system. The paperwork for your cash advance can be printed out and with one signature you are on your way. Some lenders may require you to fill out a new application, with the same information, for each new loan, but this is unnecessary.
Larger limits on loans
Your credit history may mean nothing to a payday lender, but making your payments on time for your payday loan does. Once you have demonstrated that you can pay back the money you borrow on time, many lenders will offer you a greater amount of money the next time you need it, and this is true even when your income is unchanged. This can be critical in situations when you need more money than a typical payday loan will provide.
Payday lenders are no different than any other business when it comes to their customers. They make much of their profits from repeat business and will give their steady customers perks for showing loyalty to their business. If you have had a good experience with a lender, you should go back to them a second time for a cash advance; you will likely benefit from it. If not, then switch to a new lender.