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Approval for a payday advance is usually done during the same business day as being the application process, and most people receive the borrowed funds within 24 hours. Before issuing a loan, the reason being most lending companies will not require a great deal of personal information and never run a credit check. You will find occasions when a software for a pay day loan is denied, however. Following are ten of the most common reasons for this sort of denial.

1. The applicant cannot provide proof of employment. Payday loans are shown based on the knowledge that the individual will be getting a paycheck that can include enough funds to payback the borrowed funds amount. If no employment can be verified, the lending company cannot be sure to receive payment.

2. The applicant has filed for bankruptcy within the past year. They still want to be sure that a person will be capable of fulfilling monetary obligations, though it is true that lenders do not run credit checks. Bankruptcy is basically a legal statement that a person is unable to support himself financially, and most companies believe that it requires more than one year to recover from such financial troubles.

3. The applicant has not been employed the length of time needed by the particular lender. Most lending companies prefer that a potential borrower has been at their present host to employment for a minimum of six months, However, there are some lending companies that only require three months on-the-job, so a person may have to seek out these companies.

4. The applicant's checking account is simply too new to show as active. Generally it is actually preferred that a checking account continues to be open for a minimum of three months which is in good standing.

5. The applicant does not satisfy the required monthly net income. Most companies require that a potential borrower's income be at least $1000 a month. If someone make less money than this, most lenders question the person's ability to pay back the loan money and so are hesitant to lend.

6. The applicant has a lot of overdraft fees or insufficient funds charges in his checking account. This will immediately serve as a warning to lending companies. They are going to assume that this person is not dependable and will struggle to pay back any loan that is given.

7. The applicant currently has unpaid payday loans or returned checks. Outstanding loans may also make a lender question a personal ability to pay back a loan.

8. The identity of the applicant cannot be verified. This happens when a potential borrower tries to employ a fake name or invalid personal information. Lenders will obviously not provide a loan to an applicant who cannot be verified.

9. The lending company is not able to verify banking information. This takes place if a bank is no longer around the world or if inaccurate information is provided.

10. Once a month the applicant pays. Payday loans are intended to be short term loans that are repaid in just a fixed time frame. This time frame is generally within 18 days, and some applicants who are paid monthly are not able to meet this requirement.

Should you apply for a payday loan and get a denial, demand detailed information concerning the reason. It could be that you completed a part of the application incorrectly, which you can correct and then reapply. However, in the event that you do not be eligible for a payday loan with a particular company, spend some time to research other potential lenders as many have varying requirements.


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