Payday loan application denial- reasons.
The chances of a payday loan application getting rejected are minimal, as the eligibility criteria for a payday loan are very basic and not stringent. However, there are cases, where an application for a payday loan can be rejected.
It is important to understand that, responsible payday loan lenders will not lend loans to all the borrowers who apply for the loan.
Loan lenders in Finland, look for a steady income before they lend a payday loan. For more information about different loan lenders in Finland, and their eligibility criteria, please visit this link, www.ficc.fi.
Below are the few reasons, why a payday application loan may get rejected.
1.Proof of employment not provided-
Not providing your income and employment proof during the application process, may be one reason for the denial. A payday loan is supposed to be repaid on the payday. For your application to be accepted, you must have a steady income and proof that you are employed. A payday loan is approved based on your income, and your income assures the lender, that he/she will get his/her money back.
2.Loan applicant’s identity not verified-
A valid identification proof is necessary for your loan application to the approved. Fake IDs and invalid personal information will not work here.
3.Improper maintenance of your bank account-
If your bank checking account has insufficient fund charges and cheque bounce fees on it, then your payday loan application may get rejected. This improper handling of your bank accounts, clearly tell the lenders that you are not a reliable borrower.
4.Outstanding payday loans-
Applying for a fresh payday loan without clearing the previous payday loans, will make the lenders reject your loan application. This will make the lender think, that you will be incapable of clearing a payday loan in future.
5.No checking account-
The borrower must have a checking account that is at least three months old and must have regular transactions. If the checking account is too new or absent, then the payday loan application will be rejected.