If you apply for a payday loan with 100 day loans, and if you are a first time customer – don’t expect that they will approve you for a loan of $1000. This is very rare. In fact first time customers may not get approved for more than $500 even if they have all the credentials right.
A lot of things also decide how much the lenders will offer you as a loan. Your application says a lot about your financial status. Based on the information you provide lenders will match the data with the data of their own (which they get form third parties). Please note that not everything can be matched. Therefore the lenders rely a lot on what you say in your application. If the lenders feel you should be approved for a loan, they will decide an amount based on what they can figure out from your application and from their own data.
NOTE: Don’t lie in your application. It won’t help. If you are caught, your loan will get denied even if you are a right person to get a loan. Moreover lenders will take a note of this, it may get recorded with the data keepers of the payday loan industry and you may be rejected for a payday loan for a long time.
However as written earlier whatever your financial status, in most cases you will not be approved for a loan amount greater than $500 if you are first time customer.
But if you prove that you are good customer. Means you payback the loan in time, without any hassles, the lenders will be willing to offer you a higher amount the second time you apply. And again the third time they may increase the amount. This can go up to $1000 as the maximum amount you can get from your lender. Even if they trust you 100%, your amount will not increase more than $1000 for a single loan. Unfortunately one person can take no more than one payday loan at a time.
Therefore if you need more than $1000 loan you may have to look beyond payday loans.
The amount that is decided also depends on state laws and regulations. It’s not possible for us to write laws of payday loans for every state. However please read this page to know more about the payday loan laws of your state.
Thank you for visiting our website. Hope we helped you get a loan.