More Americans are “job-hopping” these days than ever before. In fact, one recent survey revealed that about 70 percent of people are looking for new jobs at any given moment.
By getting a new job, you can make more money and obtain better benefits. You can also find more joy in your work and ensure that you’re satisfied every day when you return home from work.
One of the downsides of starting a new job, though, is that it can leave you strapped for cash for a week or two while you make the transition. A pay stub loan can cover your expenses and help you avoid falling behind on bills.
The only problem is that it’s not always easy to convince a lender to give you a loan when you just accepted a new job. Here are some ways to get around this problem.
Begin by Checking Your Credit Score
How is your credit score?
If you’re not sure, it’s a good idea to start your search for a pay stub bad credit loan by getting your hands on a copy of your credit report and checking to see where your credit score stands.
If you have excellent or even just good credit, that could go a long way towards helping you get approved for a personal loan. Lenders prefer to give out loans to those who have shown that they can be responsible with credit in the past.
Just because you don’t have a good credit history does not mean you can’t get a personal loan. But your lack of pay stubs will be a lot less troubling to lenders when they see a good credit score, so it doesn’t hurt to take a look at yours to see if it’ll help your cause.
Look for the Right Lender to Provide a Pay Stub Loan
Outside of checking your credit score to see what it is, you should also look around for lenders capable of providing you with a pay stub loan. There are many payday loan companies that specialize in handing these types of loans out to borrowers.
Find lenders that have a wealth of experience in the loan industry. They should also have great reviews from those people who have worked with them in the past.
Explain Your Situation to Your Preferred Lender
Once you’ve found a lender that you like, reach out to them and tell them that you’re interested in obtaining a personal loan with no credit check. Talk to them about your current situation as well and explain why you’re not going to be able to provide them with pay stubs as part of your loan application.
Some lenders might shut you down at that point and tell you that they won’t be able to help with a loan. But the best lenders won’t let the lack of a pay stub stop them from trying to figure out a way to get you the loan you need.
You’ll appreciate having a lender like this by your side when you’re in the process of applying for a personal loan. They’ll walk you through the steps and try to find a way for you to qualify for the loan you’re looking for.
Avoid Asking for Too Large of a Loan
Those wishing to take out a pay stub loan can often borrow as much as $5,000 if they want to. If you need to borrow that much money, you’re entitled to try and do it.
But try to be realistic about how much money you need and avoid asking for too much money if you can. The larger your installment loan for bad credit is, the more scrutiny you’re going to come under when a lender is considering your application.
You’ll have a much easier time getting access to $500 or $1,000 than you would getting access to $2,500 or $5,000. By keeping the total amount of your loan on the lower side, you can increase your chances of being approved for it.
Turn to Your New Employer for Help
Your new employer is not going to be able to provide you with pay stubs for work you haven’t done for them yet. But they may be able to help you in other ways when you’re trying to get a pay stub loan.
Your new employer can:
- Confirm your employment for a lender
- Let a lender know what your weekly, biweekly, or monthly take-home pay is going to be
- Serve as a reference for you and vouch for your ability to pay back a guaranteed loan
It’s a good idea to let your new employer know that a lender might be reaching out to them. It’s also good to talk to your employer about why you need to take out a loan since it could serve as a red flag otherwise.
Let a Lender Know About Any Assets You Might Have
Do you own a home, a car, a boat, or something else of value?
A lender might not ask about these things on a pay stub loan application, but that doesn’t mean you shouldn’t find a way to bring them up! Lenders often see those who have valuable assets as less risky than those who don’t own much at all.
Don’t be afraid to call a lender to let them know about any assets that you own that could affect their loan decision. These assets could help your cause in a big way and make lenders look right past the fact that you don’t have any pay stubs to provide.
Get Your Hands on a Pay Stub Loan Today
It’s not always going to be easy for you to get a pay stub loan without pay stubs. But if you just secured a new job and you know you’ll be able to pay back a lender, give it a shot anyway.
By using the tips found here, you can show lenders that you mean business and that you can pay back what you need to borrow. By being open and honest with a lender, you’ll improve your chances of landing a loan with them.
Fill out a loan application for us today to see if you qualify for a personal loan.