Tuesday, December 27, 2011

Denied a Pay Day Loan? Don't Worry!

Payday loans are simple to get – right? The approval process is a piece of cake and everyone can get a loan through one of the cash advance companies. Well, that isn't exactly true. While the process is relatively simple, the truth is there are people who get denied on occasion. If you are one of the people who needs a cash advance, but got denied, it is important you take the time to understand why you were denied. With this information you can rectify any errors and make sure that the next time you need a loan you will get approved.

What Happened?

 Image via Wikipedia

While the process is easy and there are not a bunch of complicated rules or requirements, there is still a possibility that you will over look one of the criteria needed. A simple review of the eligibility criteria is often all it takes to answer the question, how did I get denied for a payday advance online?

Criteria for Eligibility

Traditionally, there are four main criteria for receiving a payday advance. While these can vary a bit from company to company, most follow these basic guidelines. First, you need to be at least 18 years old. Second, you should have a regular income of at least $100 each month. You should have had the same job for at least three months. Third, you must have a checking account. Finally, you are required to be a United States citizen. Each of the criteria is critical and failure to meet any of them will result in your loan being rejected.

Don't Despair

Image by Getty Images via @daylife

These criteria are put in place for both your protection and that of the payroll advance online company. As you can see some of the criteria  can often be easily rectified. If you have been denied because you do not have a checking account, reapply after you have established an account. Chances are you will be approved.

Maintaining Approval

Once you have been approved for a payday loan it is easy to get another one. Continue to work with the same company and always pay your loan back on time. Remember that while there is little flexibility in the eligibility requirements, there is often a degree of flexibility in your payment terms. Requesting an extension and paying an additional fee will get you extra time.

Don't despair if you have been rejected for an online payday loan. With a little work you will have approval in no time at all.


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