Have you been repeatedly turned down for payday loans by lenders? If so, we can help. With Loan Monkey, you fill out one simple form and your information goes to one of the largest networks of lenders. We might be able to help you get an offer when others have said no. Possibly even an offer on a longer installment loan, let’s find out.
Getting Refused For Payday Loans
If you have been getting turned down for payday loans, there might be several reasons for this. Here are some reasons that might be causing you issues.
You Are Applying With Individual Lenders
Every lender has there own specific requirements. You might be getting turned down because you are applying with them one at a time. This is slow and cumbersome. A lender might not like your qualifications or they might just be overextended and not accepting applications at the time.
You can remedy this by using our quote form above. When you submit your information, it will travel to our lender network. It goes from lender to lender until one is found that wants to approve you. This all happens in minutes and it is one of the fastest and easiest ways for you to get an approval.
You Entered Incorrect Information
When you apply for a loan, your approval odds are better if you enter correct information. Make sure that your contact information is correct and matches that which would be found at credit reporting agencies. Email addresses must be correct as well so that your lender can contact you.
To remedy this application problem, take a few seconds to correct any errors before submitting it.
You Have An Existing Payday Loan
If you have n existing loan, you will most likely be turned down for another one. Having multiple loans out can be against a lenders criteria or it could be a state issue. Some states do not allow you to have multiple loans out at once.
To solve this problem and improve your approval odds, pay off your old payday loan.
You Do Not Have Enough Verifiable Income
Lenders will want to see that you have the means to repay the loan that you are applying for. This may be because of their standards or from state mandated requirements.
To remedy this problem and get approved for a loan, you have two choices. You can either ask for less money so that it seems more within your means or you can come up with more income. Did you fail to list child support or other income, this might be why you were turned down.
You Do Not Have A Good Checking Account
Almost every lender will requires a checking account to get approved for a loan. The account should be in good standing.
If you want to fix this cause of refusal, you should simply get a checking account and keep it in good standing.
Getting Approved For A Payday Loan
Now, let’s take a look at the process you will go through to get a payday loan approval. Don’t worry, it is super easy. Here is what you need to do.
Fill Out Your Payday Loan Quote Form
The form at the top of the page is simple and short. It will take you just a few minutes to enter in your information. This is basic information such as your name, contact info and bank information. The form is secure so you do not have to worry about the privacy of your information.
Submit Your Loan Information
Once you are finished, simply submit the loan quote form and it will go to our loan network. Your information will potentially go in front of multiple lenders, decreasing the odds of your loan getting turned down.
Get Your Payday Loan Offer
Once a lender is found that wants to approve your loan, you will be given your loan details. Be sure to review everything so that you know the true cost of the loan. Make sure that you agree to all of the terms before accepting. Once you submit, your money will be sent to your checking account electronically. Most loans will fund the next business day unless other processing is needed.
Take Care Of Your Money Issue
Now that you have your money, you can take care of your financial emergency. Once you have done that, you should try to cut as many expenses as possible so that you are able to pay the payday loan back as soon as it is due. Most loans are meant to be repaid in two weeks or less. Consult your loan terms for details on your loan.
A lender network such as ours is really the easiest way to avoid getting refused for a payday loan. If you can not get approved through our network, the chances are good that you just won’t get approved anywhere. If that happens, you need to consider some alternatives to payday loans.
Loan Alternatives For Those Refused
If you have been denied after fixing your potential loan issues and after going through a large network such as ours, you need to consider other alternatives.
First, you should look at friends and family. They might be offer you a loan and they can save you a lot of money in loan fees.
Second, consider selling some property. Have some popular electronics or jewelry laying around? Sell them on eBay or a local auction website for some quick money.
Finally, consider cutting bills. Cancel non essentials like satellite television or other entertainment expenses. Push back car payments by contacting your lender and call other creditors to see if you can skip payments.