5 Ways To Help Get a Quick Loan Approval
Wise Loan makes it easy to get fast money after being approved for a loan. Our instant loan funding option can ensure money is deposited into your bank the same day or even within minutes. But getting fast cash depends on a quick approval process, and there are some actions you can take to help make that happen.
Check out the five tips below that can help you get through the application and approval process with Wise Loan faster. These tips can also help when you apply for other loan products with different companies, but remember that requirements can be unique.
Before you get ready to put the steps below into action, consider doing a little bit of pre-work to grease the wheels. Start by checking your credit so you know where you stand and if you are likely to qualify for the loan you’re applying for at all. Wise Loan doesn’t require stellar credit, but other lenders may.
You can check your credit reports for free by ordering a copy from each of the three major bureaus once per year at AnnualCredit.com. You can also get your credit score via products like Experian’s Boost.
Once you know your credit score, do some research into potential lenders. Take notes about what they might require so you can have your information and documents ready at the time you apply. Having the right information on hand can support a fast application process — sometimes as little as minutes!
If you don’t have the right documentation, you may have to go searching for it or even order copies of certain items. That can turn the application process from a five-minute task to an effort that takes days.
If you’re planning to apply for a loan with Wise Loan, here are some ways to expedite the process.
1. Have Proof of Identity Ready
Scammers try to apply for credit in other people’s names, which means lenders typically require you to prove your identity. Whether you’re applying in person or online, you may need to present proof of identification. The most common documents required for this purpose are copies of driver’s licenses (or other state-issued ID) and/or Social Security cards or numbers.
If you’re asked to provide a copy of your ID, you can do so in a few ways. If you’re applying for a loan in person, you generally just have to hand your ID to the representative, who will make a copy or scan it into their system.
If you’re applying online, you’ll have to do the scanning yourself. You can scan your license or other eligible ID with a printer/scanner or by using your smartphone to scan or take pictures of it. You usually need to capture both the front and back of the ID. Once you have the files on your computer or mobile device, you can upload them to the secured application system as requested. Alternatively, the lender may have other options that are secured when providing your personal information.
2. Have Proof of Residence
Wise Loan loans are only allowed in certain states, and many other lenders have these types of restrictions. Because of that, you may need to provide proof of residence. This is documented proof that you actually live at the address you’re providing.
To do this, you’ll need a statement or document in your name that shows your physical address. This is not always the same as your mailing address, so keep that in mind. Wise Loan doesn’t accept documents that only have a P.O. Box address for this reason.
Some document types to consider include a mortgage statement or agreement, lease agreement or utility bill. The document in question must be dated within the last 30 days.
3. Be Willing to Allow Instant Bank Verification
Because Wise Loan and other lenders often fund loans by depositing money into your bank account, you’ll need to have qualifying bank account information ready. You may also need to be prepared to allow an instant account verification, or IAV.
When you set up IAV, you must enter the username and password you use to log into the bank account you want to use for funding. A secure, third-party system conducts an automatic login that verifies information such as your routing and account number and your ownership of the account in question. The process typically takes minutes or even seconds, and then, you can move on with your application process.
Other processes for verifying an account might be used by different banks. For example, microdeposits are popular. This process involves the lender depositing one or two very small amounts into your account — typically a few cents. You enter those amounts into a form on the site to verify that you own and have access to the account. The downside with this method is that it can take a few days to complete, which is why Wise Loan doesn’t use it.
4. Have a Qualified Debit Card for Instant Funding
If you want to select instant funding after you’re approved for a Wise Loan loan, you’ll need a qualifying debit card. Because instant funds are transferred over the credit card networks, you’ll need a debit card that draws on the bank account in question and has a Visa or Mastercard logo.
Take some time to make sure the debit card you want to use qualifies and that it’s not expired or expiring in the next day or two. If it’s expired at the time your loan is approved, the transfer may not work.
5. Be On Standby to Answer Questions or Provide Documents
Finally, anytime you apply for a loan, make sure you’re available to answer questions or provide any additional documents the lender might ask for. In most cases, Wise Loan applications are simple and fast. But something as little as a typo could derail your application and require intervention on your part to move it forward quickly.
If you’re ready to start the process and complete a fast, easy loan application, apply with Wise Loan today!
The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.