You might have heard it all; get cash in 24 hours, no credit check loan, and flexible payment terms and so on. These are all true and payday loans are a lot easier to get than traditional loans. The truth is however that not everyone who applies gets the cash loan. There are a few things you should get in order before applying for your loan to ensure you don’t get rejected.
Ensure You Have a Regular Source of Income
This is one of the most common reasons why people get rejected for cash advance loans. If you are currently unemployed there is a good chance you won’t qualify for the loan. Unfortunately, lenders don’t typically consider self employed, insurance income, social assistance, student loan and CCP as regular source of income. You at least need to have a regular paycheck to qualify for the loan.
Don’t Take Multiple Payday Loans
There is no problem with taking payday loans regularly as long as you are paying them duly. If you have concurrent loans, there is a good chance that the lender will refuse a new loan. Many lenders also don’t like borrowers who use the money to pay other payday loans or have taken multiple loans in the past three months.
Get Paid Through Your Account
Payday loans are relatively easy to get but the lender still needs to verify your income. This is difficult to do if you get paid in cash. You also need to show bank statements showing deposits for about the past three months. You may qualify if you typically deposit your money each month as soon as you are paid but you would have to clarify this with your lender.
Check Your Bankruptcy Record
If you plan to file for bankruptcy or have filed for bankruptcy within the past one year, you are going to find it very difficult to qualify for a cash advance. Bankruptcy records earmark you as a high risk client and the lender will have a hard time agreeing to a loan.
Read the Lenders Requirements
Finally, the best way to ensure that you qualify for a payday loan is to visit the lender’s website and read the requirements. Make sure you meet all the mandatory checklist items before applying. Also make sure that all the information you provide is correct and current otherwise you risk getting rejected and possible blacklisted.
Not everyone is eligible for a payday loan. The good news is these loans cover most people and you shouldn’t have a hard time applying and qualifying for the loan. Keep these pointers in mind when applying and you should have your cash in no time.