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3 Reasons Why Payday Loan Applications are Declined - ICGPaydayLoan.com

A common belief held about payday loans is that approval is guaranteed. Here are the top 3 reasons that a payday loan application will be disapproved at ICGPaydayLoan.com.

 
PRLog - Oct. 14, 2010 - ICG Payday Loan is a lead generation business for the loan industry. We see many applications come through our system and there are a few common misconceptions about who exactly can receive a loan. A common belief held about payday loans is that approval is guaranteed. This could not be further from the truth, and there are many things lenders look for when deciding to approve or deny a loan. Here are the top 3 reasons that a payday loan application will be disapproved.

ICG Payday Loan - http://www.icgpaydayloan.com

One of the top reasons that payday loan or cash advance applications are declined is the lack of employment. If a borrower has no source of income to repay the lender, loaning even a small amount of cash would be a huge mistake. It would be very difficult to run this type of business if all loan applications were accepted, regardless of employment or income. Some lenders accept applications from borrowers that have benefits, such a disability or social security, but many do not.

Another reason that payday loans can often be declined is a poor repayment history. When an application is received, it is run through a system called teletrack, which contains credit history and information of the would-be borrower. If the applicant has defaulted on loans, credit cards, or other bills in the past, the lender may choose not to do business with that applicant. A borrower with a poor credit history is considered high risk to the lender. It would most likely be a poor decision to lend cash to an applicant with a history of not paying outstanding debts. There are some lenient lenders that will accept higher risk applicants, but this will often come with a higher interest rate.

ICG Payday Loan - http://www.icgpaydayloan.com

Sometimes borrowers see that lenders have the ability to give loans up to $1500. They often will ask for this high amount even tough they have a poor  credit history or low monthly income. If a borrower is on the lower end of the spectrum as far as their credit score goes, they should ask for a lesser amount. This lower amount may get the stamp of approval, while the maximum amount will get declined.

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Source:jeremy yarborough
Location:California - United States
Industry:Finance
Tags:loans, Finance, cash advance, credit, payday
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