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Article #333: Requirements of Payday Loans

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Nearly all lenders of payday loans demand the net income the lender request, the
that you have a checking account that has company may turn you down for a loan.
been open at least 90 days. The lender Lenders may also turn you down if your
may also demand that you are 18-years of information for contact or references is
age, and make at least $1000 monthly in invalid. As a result, if the company
net pay. A lot of lenders demand that you cannot validate your information, you can
have a direct deposit on your checking be turned down for a loan.
account and have a job for about 12 A small number of lenders may turn you
months. down if you draw disability checks and/or
A good number of lenders will refuse you welfare checks. Some lenders may approve
a payday loan if you have multiple you a loan if you are paid disability.
bankruptcies on your credit report or However, the fees on the amount borrowed
filed bankruptcy in the last year. This are probably higher.
is contradictory, because the majority of The largest part of lenders allots 14
lenders claim no credit checks. days or 18 days to repay a loan. If the
Therefore, how will the lender know if borrower does not have the money upon
you filed bankruptcy if the lender does term date of payment, the consumer can
not check your credit? roll over the loan, which means the
Lenders may refuse borrower if borrower will pay the loan fee, and the
unemployed, or if he/she has only worked amount is rolled over to the next
5 months on the job. You can also be paycheck.
denied of a payday loan if you have For the most part the loans are offered
outstanding loans pending or unpaid to consumers that have pending shut-off
checks. notices on utilities, late fees,
If your bank account is new, the lender overdrafts, car repair fees, etc. If the
can reject your request for a payday situation is truly an emergency a payday
loan. If you have outstanding overdrafts loan might be in your best interest.
on your banking statement or make below






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