4 Reasons Why A Payday Lender Could Decline Your Payday Loan Application
October 11, 2021 | Mason Roberts
A payday lender is a financial entity that provides payday loans — small amounts of cash received as a short-term loan to help with financial emergencies. These loans usually have simple and straightforward requirements.
However, a payday lender may decide to not approve your payday loan application for various reasons. So, before you reach out to a payday lender, here’s a review of 6 reasons why your South Carolina payday loan application may be declined so you exactly how to do things right!
4 Issues That May Lead A Payday Lender To Reject Your Loan
1. You Don’t Meet The Basic Requirements Of A Payday Lender
Every payday lender is different, and while payday loans typically require fewer items than some other traditional loans, you still must meet the basic requirements to qualify. If you don’t have a checking account or cannot provide proof of income, for example, you may not qualify.
At Carolina Payday Loans, Inc., we keep our requirements simple. The items you need for a successful payday loan application are that you are at least 18 years old, have a driver’s license or government-issued form of ID, have your most recent pay stub, and have a blank check from an active checking account that is in your name.
2. You Already Have Outstanding Payday Loans
Several states that offer payday loans often have a “cooling off” period, meaning that you generally need to pay off one payday loan before receiving another.
If you already have an ongoing payday loan, your application for a new one may need to be put on hold until your existing payday loan is fully paid back to the lender you borrowed it from. In some cases, you may also need to wait for a period of time before you can successfully qualify for another payday loan.
3. You Don’t Have A Source Of Income
A payday lender will want to see proof of income, that is why one of the required items is your most recent pay stub.
A payday lender will want to know that you’ll be able to pay back the loan when you receive your next paycheck since online payday loans are designed to bridge the financial gap between paychecks to help you pay for emergencies.
If you aren’t employed, some payday lenders, including Carolina Payday Loans, Inc., make it easier by accepting non-employed income sources in most cases.
These include unemployment benefits, alimony, social security check, and a pension. Just be sure you have correct proof and documentation for these alternative sources.
4. You Don’t Make Quite Enough Money
Even if you have a job, some payday lenders may feel you don’t bring home enough to make your payday loan application successful.
Minimum income requirements vary, and you may be able to combine your income with some of the aforementioned alternative sources, but if you can’t meet the minimum, you may be out of luck. That is why it is worth taking the time to talk to the lender about their minimum requirements before you submit a request.
Choosing Carolina Payday Loans, Inc. As Your Payday Lender
At Carolina Payday Loans, Inc., we are committed to welcome people with all different types of credit and income backgrounds to provide the help that’s needed quickly and easily.
Our in-person process takes as little as 30 minutes and can allow you to qualify for a payday loan of up to $550. Here’s how our process works:
- Fill out the short payday loan online form with some basic information, including your name, email address, phone number, and zip code. All your information will be kept confidential.
- A loan representative will give you a call once you submit the form to discuss the process and inform you of the required items. Our loan representative can also answer any questions you may have about the process of payday loans and working with a payday lender like Carolina Payday Loans, Inc.
- Bring the required items (a driver’s license or government-issued photo ID, your most recent pay stub, and a blank check from an active checking account that is in your name) to a Carolina Payday Loans, Inc. location of your choice. Your documents will be evaluated to determine if you qualify and how much you may qualify for.
- If you are approved, you typically get the money you need that same day or the following business day!
Get Started Today
When facing a financial emergency, you need relief fast. This is something Carolina Payday Loans, Inc. understands as a payday lender, which is why we keep our process simple and quick.
Simply go online to get started. You can also visit one of our many locations near you or give us a call today at 800-514-2274 to let us help you get back on the right financial track.