Why Would I Be Denied a Payday Loan?

Find out why people are denied payday loans and what alternatives are available if your application is rejected.

Why Would I Be Denied a Payday Loan?

The Most people are denied a payday loan due to their credit score, income, and past loan history. Lenders may reject applications if they believe the borrower won't be able to repay the loan. A low credit score, for instance, can lead to a payday loan application being denied. If your application was rejected, you can still get a payday loan from another lender.

Before applying, it's important to understand the most common reasons why payday loans are denied so you won't be turned down again. FaaastCash is a reliable online payday loan referral service that helps people with their short-term financial emergencies. Even if you have bad credit, you may still be able to qualify for a payday loan. If you have any outstanding payday loans or paycheck advances, lenders will be hesitant to grant your application. This is usually because they think you don't earn enough money to be eligible for a payday loan.

If you have filed for bankruptcy within the last 7 years, it can be difficult to get approved for a payday loan. If your application was rejected due to the lack of a Veritec check, it usually means you don't meet the state's minimum requirements. When you are refused a payday loan but still need funding, consider alternatives. They are often cheaper than payday loans and have a limit on the amount of interest they can charge. Your credit score is one of the most important deciding factors when applying for a payday loan.

Some lenders may ask borrowers to have access to a fax and provide them with a working phone number. Since payday lenders don't usually do a strict credit check, they need to make sure you have the means to repay the loan by verifying your monthly income. Payday loans are usually not an option for people here on a work or student visa. Before applying, review the lender's loan eligibility requirements in detail.

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