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