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aug 07

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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. Simply because most lending companies will not require a lot of personal information and never run a credit check before issuing that loan. However, there are situations when an application to get a payday loan is denied. Following are ten of the most common reasons for this type of denial.

1. The applicant cannot provide proof of employment. Payday loans are given based on the knowledge that the individual will be getting paycheck that can include enough funds to payback the loan amount. The lending company cannot make sure you receive payment if no employment can be verified.

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

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3. The applicant has not been employed the length of time essental to the particular lender. Most lending companies prefer that a potential borrower has been at their present place of employment for about six months, However, there are some lending companies that only need three months at work, so a person may have to hunt for 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 has become open for about three months and it is in good standing.

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

6. The applicant has quite a lot of overdraft fees or insufficient funds charges in his bank checking account. This will immediately serve as a warning to lending companies. They will assume that he or she is not dependable and will not be able to pay back any loan which is given.

7. The applicant currently has unpaid pay day loans or returned checks. Outstanding loans will likely make a lender question a personal ability to repay a loan.

8. The identity of the applicant cannot be verified. When a potential borrower tries to utilize a fake name or invalid personal information, this occurs. Lenders will obviously not provide a loan to an applicant who cannot be verified.

9. The lending company is unable to verify banking information. If a bank is no longer around or if inaccurate information is provided, this happens.

10. Once a month the applicant pays. Payday loans are intended to be temporary loans that are repaid in a fixed length of time. This time frame is generally within 18 days, and some applicants who are paid monthly are unable to meet this requirement.

When you apply for a pay day loan and receive a denial, demand detailed information regarding the reason. It might be that you completed a area of the application incorrectly, which you can correct and then reapply. Take some time to research other potential lenders as numerous have varying requirements in the event that you do not be eligible for a pay day loan with a particular company.