5 Reasons you might not get a Payday Loan
At Louisiana Instant Payday Loans, there is high approval rate for loan requests, as long as it meets all the requirements and does not break any rules governing payday lending in the state of Louisiana. Nevertheless, you might be rejected for a loan due to a number of reasons. Do visit our site to see the best loan option for you.
Here are the reasons most people get rejected for a payday loan;
- You already have too many existing loans:
You might be rejected for a loan when you visit our site, if we find that there are too many existing loans. When you submit an application, we look at your financial situation like;
- If you have a current payday loan that you are repaying.
- If the loan you are applying for is to repay another payday loan.
- If you have taken out more than one payday loan in the last 90 days.
This should be on top of the list as it is the most reason people get rejected for loans. When accessing your bank account, we want to be sure that there is regular flow of income into your bank account. This is only possible with a paid employment. So if you are unemployed, there is low chance of you getting approved, because we want to be sure you can repay the loan.
- If you are paid in cash:
Even though you are currently employed, if you are paid your salary in cash, there is a chance of you getting rejected because the paycheck does not get into your bank account.
- You have filed for bankruptcy in the past year:
You might also be rejected for a loan if you have filed for bankruptcy in the last one year. This bankruptcy record flags you as high risk, and therefore you might get rejected.
- Meeting the basic requirements:
It is also important for you to meet the basic requirements for getting a loan. So when you visit our site, check for requirements as these are set to let the borrowers know the kind of people the lenders are looking for. At Louisiana instant payday loan, we do not give payday loans to citizens outside the state of Louisiana, so one requirement of getting a loan is to be resident in Louisiana.