People who want to settle unexpected expenses such as medical expenses or car repairs use online payday loans. These loans will be processed quickly so that you can deposit the cash into your checking account the next business day. However, eligibility for payday loans depends on the lender and loan criteria. Even if you meet the minimum requirements, you may still be refused a payday loan for various reasons.
The following are some reasons why you may not be able to obtain an online payday loan:
You did not meet the minimum requirements
You must meet the minimum requirements set by the lender in accordance with their state regulations to approve payday loans. For example, you must be at least 18 years old to get a payday loan.
Your bank account is overdrawn
You must submit a copy of the most recent bank account statement to the lender. They will check your bank statement and if they find that there is an overdraft in your account, they can reject your loan request.
You do not have a stable income
A stable source of income is essential to obtaining a payday loan. If you only have unemployment benefits or welfare payments, the lender can refuse your loan request because they cannot be considered a stable source of income.
You have an existing payday loan
If you meet the following conditions, the lender can reject your payday loan request:
You cannot verify your income
As a borrower, you should prove that you will receive regular payments. Otherwise, you may be denied a payday loan.
Bad credit score
Some lenders will conduct a credit check before approving your payday loan. If they find that your credit score is poor, they will reject your loan request. In this case, you can request a payday loan with poor credit.
The information in your loan application form is incorrect
The details you provide in the loan application form are important to approve the loan. Make sure that everything you enter in the request form is correct. If it is found that your details are incorrect or forged, the lender will not approve your loan.
You are bankrupt
Bankruptcy on record will reduce your chances of qualifying for a payday loan, because bankruptcy will remain on your credit report for 10 years and affect your ability to repay.
How to get approval for an online payday loan
You can contact the payday lender and ask why your loan request was not approved. If you know the reasons, you can deal with them to increase your chances of qualifying for payday loans.
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