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application is denied

February 2, 2018

Loan Promo Code

Most people who submit requests or applications for payday loans are approved throughout the day and they receive the amounts they loaned during the next day. It is because lenders demand only the minimum requirements. There are actually, however, few instances when the borrowed funds application is denied. Allow me to share ten factors why a person’s loan application is not approved.

1. The potential borrower is not holding a job. The payday loan can be a loan up against the wage an employed person receives. Without employment there is absolutely no payday with out capacity to pay the loan.

2. The potential borrower has filed for bankruptcy in the past year. While lenders do not check a person’s credit history, they may be concerned about the person’s capability to meet his financial obligations. A bankruptcy is a declaration that the person can no longer support himself financially. And one year is not sufficient time to recover from such financial mess.

3. The potential borrower has been employed for less than the desired number of months. Most payday lenders need a client to be holding his current job for at least 6 months. He must search for a lender who will likely accept his present employment situation when someone has been employed only for five months and that he needs a payday loan. There are a few lenders who call for a client to become employed only for at least three months.

4. The checking account in the potential lender is relatively new. Payday lenders prefer clients who are fairly stable and a good indication of this financial stability is a checking account that is at least 3 months old.

5. The monthly net income of the potential borrower is less than the required income. The desired income is usually $1,000. The lenders will assume that he will not be able to pay any amount he will loan if a person receives less than this.

6. The opportunity borrower includes a considerable number of overdraft fees and/or NSF in his bank checking account. Such will alarm lenders because the NSF and overdraft fees indicate 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 urge lenders to deny the applying.

8. Loan Promo Code The identity of your potential borrower cannot be confirmed. This often happens when the borrower uses a false name or provides inaccurate information. This also happens when the information provided by a person cannot be used. Obviously, lenders will not release funds for an unknown entity.

9. The payday lender cannot easily or directly establish your budget account information provided by the possibility borrower. The loan originator tends to imagine that the bank account no longer exists or is not valid.

10. And lastly, the opportunity borrower receives his wage once a month. Pay day loans are short-term loans along with the loan period is usually within 18 days. Employees that are paid monthly do not satisfy this requirement.

If a person’s loan request is denied but not as a result of any of the ten reasons above, he should contact the payday lender and ask for details.

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