Requirements for Borrowers
You decided to apply for a payday loan? Certainly, the first thing that you have to think about is whether you know the requirements for borrowers and if you can meet all the requirements. Well, the main thing required is having a checking account that has been open at least ninety days. You also have to be over 18 years old, have a permanent employment and make at least $1000 per month in take-home pay.
Are there any reasons for refusing a payday loan? If there are, what are they? Well, first of all, bankruptcies are taboo, whether they are multiple bankruptcies on your credit or there were filed bankruptcies last year. Fortunately, some financial institutions do not practice credit checks and they will never know if you filed bankruptcy or not.
One more reason and the most serious one, is being unemployed or having work for only five months. You can also be refused of a payday loan if there are unpaid checks or outstanding loans.
Your payday loan request can also be rejected if your bank account is new, your monthly income does not satisfy the lender and there are outstanding overdrafts on your bank statement. Make sure that your contact information or references are valid, because if the information is not confirmed, you request can be rejected.
What if you draw welfare checks or disability checks? Not all the financial institutions, but some of them can turn you down. However, some lenders can approve your application, but the interest rates will be higher.
How much time do you have to repay your loan? As a rule, almost all the financial institution allow from to 14 to 18 days. What if you can't pay pack the money on time? The amount is automatically rolled over to the next paycheck and you will pay the loan fee. Well, if you are in real financial emergency, you have to pay college fees, utilities, etc., a payday loan is a real solution to your financial problems.