If you want to solve unexpected costs such as medical expenses and car repairs, use an online payday loan. These loans are processed so quickly that you can receive cash in your checking account the next business day. However, payday loan eligibility depends on the lender and the loan criteria. Even if you meet the minimum requirements, you may be denied a payday loan for a variety of reasons.
Here are some of the reasons why online payday loans are rejected:
Does not meet the minimum requirements
To be approved for a payday loan, you must meet the minimum requirements set by the lender in accordance with state regulations. For example, you must be 18 years old to qualify for a payday loan.
Bank account overdraft
You will need to provide the lender with a copy of your recent bank account statement. They can look up your bank statement and reject your loan request if they find that your account has overdrafts.
No stable income
A stable source of income is essential to qualifying for a payday loan. Lenders can refuse a loan request because they are not considered a stable source of income if they only pay for unemployment or welfare.
I have an existing payday loan
The lender can reject a payday loan request if:
- I have used multiple payday loans in the last 3 months
- I’m using this payday loan to repay an existing payday loan
- Are you currently repaying your existing payday loan?
I can’t confirm my income
As a borrower, you need to prove that you are paid on a regular basis. Otherwise, your payday loan may be rejected.
Low credit score
Some lenders perform a credit check before approving a payday loan. If they find that you have a bad credit score, they will reject your loan request. In that case, you can request a bad credit payday loan.
The information on the loan request form is incorrect
The details you enter in the loan application form are important for loan approval. Please make sure that the information entered in the request form is correct. The lender will not approve your loan if your details are found to be inaccurate or fake.
Bankruptcy
Record bankruptcy reduces your chances of qualifying for a payday loan as the bankruptcy remains on your credit report for 10 years and affects your ability to repay.
How to get online payday loan approval
You can talk to your payday loan lender to ask why your loan request is not approved. If you know the reasons, you can work on them and increase your chances of qualifying for a payday loan.
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