Are you having a hard time getting approved for payday loans? If so, then here are a couple of reasons why it’s happening to you.
You have a lot of other existing loans.
When applying for a payday loan, lenders will look into your source of income, particularly what your job is and find out if you are capable of paying the mortgage or not. Aside from that, they will also check if you have existing loans. If you have too many other loans that are left unpaid, this might lead your application to get rejected.
You have no clear and regular source of income
Are you unemployed or got no regular work? If so, the lenders may question your ability to pay the loan. Having a regular source of income is one of the criteria for getting your loan approved and if you don’t meet this requirement, expect your application to get rejected.
You have no funds or regular cash movement in your bank account
Lenders ask for a copy of your latest bank statement when you apply for a payday loan. If your history shows that you’ve bounced payments, this means that there was not enough money in your account when the creditor attempted to debit an amount from your account, this can post a risk to the lender of not getting payments on time in the future.
Hence, your application gets rejected. Don’t have regular cash inflow and outflow on your bank account? This is also another reason why your loan might get rejected. Filing for bankruptcy in the past or recently may also cause your application for a loan to get rejected.
How to avoid loan rejections and get approved for payday loans once and for all
In order to ensure loan approval, just make sure to meet the requirements when applying for one. Make sure to have a regular source of income, constant movement of money in your bank account and pay off your past debts to establish credibility.
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