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Declined Loans?

Declined Loans

Have you been declined loans and you’re now worrying where to turn? While loans is certainly one of the leading payday loan companies on the market, it isn’t the only one. It tends to have one of the strictest set of lending rules in the payday loan world. This means there will be many people who are turned down by the company. However, it doesn’t automatically mean you’ll be turned down by other lenders. There are also things you can do to improve your chances of being accepted elsewhere. 

First things first: Why were you turned down? 

They may not have given you an actual reason, but there are certain things that can cause your application to be denied. These include:

•If you don’t have a bank account

•If you’re self employed

•If you’re under 18

•If you can’t provide proof of identity

Absolutely all payday lenders will require you to have a bank account. This is because unlike any other loan, the payment will be taken in full on your next payday straight from your bank account. It’s almost a form of insurance for the lender - they know they have all the details they need to get the money you have borrowed. If you don’t provide bank account details, you will definitely be declined loans.

Self-employed people tend to have the worst chances of being approved because proof of earnings can’t always be given. If you are self-employed you will usually have to provide bank statements to prove how much you have earned over the past three years. 

Proof of identity isn’t something that all lenders require, however it is something requires. The company asks you for your car registration details, so if you don’t drive, this could present a problem.

These are just some of the reasons you may have been turned down for a loan. If you’re looking to increase your chances of being accepted by another payday lender then there are a few things you can do.

Increasing your chances of getting accepted

One of the most obvious tips you should follow is to read up on the terms and conditions of each payday loan lender. What are their individual requirements and can you meet them? The biggest mistake you can make is to assume all payday lenders are the same. Each has its own terms and conditions and if you don’t meet just one of them it can cause your application to be instantly declined.

Do you have a co-signer? This is one of the main things that can decrease your chances of being declined. The main thing a payday lender is worried about is whether they will receive the money back on time. If you have a co-signer they basically provide additional insurance to the lender. If you fail to pay the money back, the co-signer will be responsible for paying it instead.  Of course, you should ensure that your co-signer has an excellent credit rating as it won’t help at all if you both have a poor credit history.

Availability of payday loans

The payday loan industry is one of the most successful industries in the world at the moment. They have mainly been designed for people who are unable to get a standard loan. You can’t borrow huge sums of money and it does have to be paid back within a month. However, the good news is they are readily available online.

Try not to let the high interest rates put you off either as they only really come into play if you miss your repayment. Providing you only borrow what you know you can pay back, you shouldn’t end up having to deal with the high interest rates.

It’s also worth noting that there are a lot of payday loan sharks out there, which is something you really need to be wary of. Payday loan sharks don’t care who they lend money to - they are irresponsible lenders and they resort to bullying tactics to get the money they are owed. Always do your research on a lesser known company if you have been declined.    

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APR Explained

Rates between 45.3% ARR to maximum 1575% APR

Representative 277.6% APR

Representative Example:

Amount of credit: £850 for 11 months at £146.30 per month.

Total repayment of £1,609.25. Interest: £759.25.

Interest rate: 150% pa (fixed). 277.6% APR Representative.

APR rates range from 45.3% APR to 1575% Max APR. Your APR rate will be based on your circumstances.

FCA Reference Number: 747184

Data Protection Act 2018: Z3565851