Most people who submit requests or applications for payday loans are approved during the day and they receive the amounts they loaned during the next day. This is because lenders demand only the minimum requirements. There are, however, few instances when the loan application is denied. Here are ten reasons why a persons loan application is not approved.
1. The potential borrower is not holding a job. The payday loan is a loan against the wage that an employed person receives. Without employment there is no payday and no capacity to pay the loan.
2. The potential borrower has filed for bankruptcy during the year. While lenders do not check a persons credit history, they are concerned about the persons capacity to meet his financial obligations. A bankruptcy is a declaration that the person can no longer support himself financially. And one year is not sufficient time to recover from such financial mess.
3. The potential borrower has been employed for less than the required number of months. Most payday lenders require a client to be holding his current job for at least six months. If a person has been employed only for five months and he needs a payday...
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