The common process for payday loans is simple. You need to have an active bank account, ID, and proof of income. You must be at least 18 years old. However, the criteria depend from one to another lender. A payday loan can be declined, despite having income and a bank account, for a number of reasons. You can take this short-term loan directly from RedPayday to solve the immediate financial troubles and put them to rest.
Why it is not accepted?
You do not make enough money. Lenders typically require at least $ 500 of net monthly income. You do not meet the refund requirements. You already have an outstanding loan. Some other reasons are – you have a recent bankruptcy. You cheque has bounced recently. You have not been employed long enough. Your bank account has been recently opened.
You are an active duty military man.
Federal law prevents payday lenders from making short-term loans of more than 36% APR to military members. Some lenders find ways around the law, but others exclude them as customers. You may be offered a flexible credit line by some lenders instead of a loan term. You will receive a fixed amount, and can withdraw as much or as little as you need.
More reasons to be careful
Many lenders require that a post-dated cheque be written to pay them back. This simply means writing a cheque and putting a future date on it. On that date, the lender will cash your cheque. A return cheque can cost you approximately $ 35.
Choose the right lender for benefits
App-based short-term loans are known for their convenience and ease. You can download the app, log in to the company’s website, and fill out a form. Upload your most recent pay slip, as well as your address and proof of identity. All paperwork must be in order before the loan can be approved. Background verification can be done electronically by checking your credit score.
Depending on your income, your repayment capacity, and the terms of your product, you can borrow between $ 100 and $ 1500. Microloans can be used for just like personal loans. You can clear your credit card debt before the due date. Pay school fees. Fund a medical emergency. Buy the latest smart phone.
At the time of emergency, thinking clearly is very difficult. It is even hard if we have time against us, so we take the money under whatever conditions without looking to the future. In situations like this, going to a traditional bank loan is no longer an option since you can apply for a payday loan.