not been employed
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Approval for a payday advance is usually done during the same business day as the application process, and most people receive the borrowed funds within 24 hours. It is because most lending companies tend not to require a lot of personal information and do not run a credit check before issuing a loan. However, there are situations when an application for a payday loan is denied. 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 paycheck that can include enough funds to payback the borrowed funds amount. The lending company cannot make sure to receive payment if no employment might be verified.
2. The applicant has filed for bankruptcy within the past year. It is true that lenders usually do not run credit report checks, but they still want to be confident that a person will be capable of fulfilling monetary obligations. 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 essental to the particular lender. Most lending companies prefer that a potential borrower continues to be at their present host to employment for a minimum of six months, However, there are some lending companies that only require three months at work, so someone may have to search for these companies.
4. The applicant"s checking account is just too new to show as active. Generally it can be preferred a checking account continues to be open for about three months and is also 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. Most lenders question the person"s ability to pay back the money money and are hesitant to lend if a person make less money than this.
6. The applicant has a lot of overdraft fees or insufficient funds charges in his banking account. This will immediately serve as a warning to lending companies. They will likely assume that this person is not dependable and will struggle to pay back any loan that is given.
7. The applicant currently has unpaid pay day loans or returned checks. Outstanding loans will even make a lender question an individual ability to repay a loan.
8. The identity of the applicant cannot be verified. This happens when a potential borrower tries try using a fake name or invalid personal information. Lenders will obviously not provide a loan to an applicant who can not be verified.
9. The lending company is not able 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 is paid. Payday loans usually are meant to be short-term loans that happen to be repaid in a fixed time frame. This time frame is generally within 18 days, and some applicants who are paid monthly are unable to meet this requirement.
Ask for detailed information regarding the reason should you apply for a cash advance and get a denial. It can be that you completed a area of the application incorrectly, which you can correct and then reapply. However, if you find that you do not be entitled to a pay day loan with a particular company, take the time to research other potential lenders as many have varying requirements.