Most people opt for payday loans
only during emergencies. However, there may be a few of them who will need the
loans even to run their monthly expenses due to various other reasons.
While they are fairly easy to apply
and get, due to the simple eligibility criteria, there are some rare cases when
you may not be able to get a payday loan.
To start with the eligibility
criteria for payday loans do not require you to produce collateral or pledge
your property to get the loan. In fact, it is an unsecured loan which does not
require any security in exchange of the loan money. So there are no legal
hassles, no running around to arrange for documents and paperwork etc.
Banks usually give payday loans
without any credit checks on the borrowers too. All one needs to apply for this
loan is to be above 18 years of age and a permanent resident of the country.
The applicant needs to have a full
time permanent job that will pay him a regular fixed amount as salary into his
active bank account.
This bank account will help the
lenders with vital information on the kind of income that an individual draws
and the type and amount of each transaction carried out.
But, when the bank for some reason
refuses you the loan that will put you into a completely tight spot to handle!
The reasons could be your credit rating, your income figures, the nature of
your job, some previous history with the bank or any other reason which the
bank may or may not explain to you.
Either ways, it is a good idea to
pursue with the bank or the officials there to find out as to what is the real
reason for your application to get rejected. This way, you need not grope in
the dark and can start working on what to fix or set right so that the bank
trusts you and willingly accepts your loan application the next time you apply
for a payday loan.
In the meanwhile, you cannot put
aside your need for money which will need to be met somehow. Do not worry even
if the banks for reasons known or unknown have rejected your application.
The loan market is full of plenty of
lenders who are willing to service customers of various types with amounts of
varying degrees. You can easily find the money lenders who will give you loans
even when the banks refuse! However, there will be certain conditions and terms
attached which you will need to be careful and agreeable too in order to get
the loan.
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