When Your Payday Loan Application Is Denied

When Your Payday Loan Application Is Denied



When Your Payday Loan Application is​ Denied
Most people who fill out applications for payday loans are usually approved within a​ few hours and they get the​ money they loaned the​ same business day .​
This is​ because lending companies demand only the​ minimum customer requirements .​
However,​ there may be few instances when the​ online application is​ denied .​
Here are ten reasons why your cash advance application is​ not approved be lending company.
1 .​
The potential borrower does not have a​ stable employment .​
The payday loan is​ a​ loan against the​ salary that an​ employed person receives .​
Without employment there is​ no paycheck and no capacity to​ pay the​ payday loan.
2 .​
The potential borrower has filed for bankruptcy during the​ year .​
While cash advance providers don't check your credit score,​ they are concerned about your abilities to​ meet your financial obligations .​
a​ bankruptcy shows that the​ person can no longer support himself financially .​
And one year is​ not sufficient time to​ recover from serious financial difficulties.
3 .​
The potential borrower has been employed at​ current job for less than required 3 months .​
Most cash advance providers require a​ customer to​ be holding current job for at​ least three months.
4 .​
The checking account of​ the​ potential borrower is​ relatively new and does not have enough large history .​
Lending companies prefer customers who are stable and a​ good indication of​ real financial stability is​ a​ checking account which is​ at​ least 3 months old.
5 .​
The monthly income of​ the​ potential borrower is​ less than required $1,​000 .​
If a​ person earns less than this amount,​ the​ payday loan providers will assume that he will not be able to​ pay any amount that he will get.
6 .​
The potential borrower has a​ big number of​ overdraft fees and/or NSF in​ his checking account .​
Such situation will alarm your lending company because the​ overdraft and NSF fees show that the​ person is​ not a​ dependable borrower.
7 .​
The potential borrower has unpaid payday loans or​ returned checks .​
Similar to​ the​ previous situation,​ these outstanding loans will compel lenders to​ deny your application.
8 .​
The identity of​ the​ potential borrower cannot be confirmed .​
This often happens when the​ borrower provides inaccurate personal information .​
This also happens when the​ contact information provided by the​ client can't be used.
9 .​
The cash advance provider can't easily establish the​ bank account information provided by the​ applicant .​
The lender tends to​ assume that the​ bank account no longer exists or​ is​ not valid.
10 .​
The applicant receives his wage only once a​ month .​
Payday loans are small,​ short-term loans and the​ loan period is​ usually within 2-3 weeks .​
Employees who are paid monthly do not meet this requirement.
If your loan application is​ denied but not due to​ any of​ the​ ten reasons above,​ you​ should contact your payday lender to​ clarify the​ details.




You Might Also Like:




No comments:

Powered by Blogger.