Why do i get denied by payday loans or cash advances?
Question:
Could be any number of reasons. But, consider these the big ones.
1. Your credit is so poor that the payday loan company sees you as a bad risk.
2. You do not have sufficient work history
3. You do not make a sufficient amount of money
Being denied by those people is a good thing. That whole process is a scam used to take advantage of the people who have cash flow problems and get them into a cycle of using the company as a permament loan.
Probably one of the following: not employed full time, haven't been at your job long enough (typically 6 months), don't have a checking account, a negative charge on the Teletrack database.
Another outside chance could be if you're in the military. It's a federal law that you can't issue a payday loan to someone in the military over 36% APR. I think most lenders are just denying loans to military people b/c it's a hot plate.
If you aren't employeed for more than 3 months or have a bank account active for 3 months, loan companies usually do not give out loans. They cannot evaluate your current banking if it's shorter than that. Or you possibly do not make enough money.
More Related Questions & Answers...