Who Can Nott Get A Payday Loan

Who Can't Get A Payday Loan?

Payday loans should definitely be used as a last resort,

and they are suited for people who need a reasonably small

amount of money in a short period of time. Many of those

who apply for a payday loan also have bad credit. Fees

associated with these fast cash loans are exorbitant,

translating into annual interest rates of 200 percent or

higher - usually much higher! They are also rather easy

to get for most people who are employed full time or near

full time. Not all people, however, who apply for a payday

loan are approved. The following are some of the more

common reasons that people are denied payday loans:



Some people who apply for a payday loan are disapproved

because they don't meet the minimum income requirements.

Even the most flexible payday lenders cannot loan money to

someone who grosses less than about $800 per month. Anyone

working at the federal minimum wage full time would easily

meet this requirement.



Someone who is self employed will find it more difficult to

get a payday loan. Many lenders will not accept self

employed income as security for a payday loan. Those

lenders who do will require you to provide a certain number

of bank statements to verify your income.



An almost universal requirement to get a payday loan is

that the applicant have a bank account. A typical payday

loan is due to be repaid on either your next payday or the

following payday. The money is deducted from your bank

account on the agreed upon date. If you have no bank

account, the lender will not have a way to accept your

payment.



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