{"id":1362,"date":"2019-02-22T11:17:23","date_gmt":"2019-02-22T11:17:23","guid":{"rendered":"https:\/\/www.extramilefinance.uk\/blog\/?p=1362"},"modified":"2019-02-22T11:17:23","modified_gmt":"2019-02-22T11:17:23","slug":"are-you-getting-denied-for-payday-loans-here-is-what-you-should-do","status":"publish","type":"post","link":"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/","title":{"rendered":"Are you Getting Denied for Payday Loans? Here is What You Should Do"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f358622ebbb\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f358622ebbb\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#Here_are_the_reasons_why_a_lender_does_not_approve_your_application\" title=\"Here are the reasons why a lender does not approve your application\">Here are the reasons why a lender does not approve your application<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#Too_many_existing_payday_loans\" title=\"Too many existing payday loans\">Too many existing payday loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#You_are_unemployed\" title=\"You are unemployed\">You are unemployed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#You_have_a_very_poor_credit_score\" title=\"You have a very poor credit score\">You have a very poor credit score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#You_did_not_meet_minimum_requirements\" title=\"You did not meet minimum requirements\">You did not meet minimum requirements<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#What_should_you_do_if_you_are_being_refused_constantly\" title=\"What should you do if you are being refused constantly?\">What should you do if you are being refused constantly?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#Talk_to_your_direct_lender\" title=\"Talk to your direct lender\">Talk to your direct lender<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#Peruse_your_credit_report\" title=\"Peruse your credit report\">Peruse your credit report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.extramilefinance.uk\/blog\/are-you-getting-denied-for-payday-loans-here-is-what-you-should-do\/#Try_to_improve_your_credit_score\" title=\"Try to improve your credit score\">Try to improve your credit score<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>Payday loans are the quickest loans and hence, most of the borrowers look to getting them as an unexpected expenditure rear its head. Much as you can take out these loans with a bad credit score, your lender has full authority to turn down your loan application. The higher the default risk, the lower the chances of approval.<\/p>\n<p>Your lender will approve a payday loan and <a href=\"https:\/\/www.extramilefinance.uk\/loans\/12-month.html\">12 month Loan<\/a> after considering your repayment capacity. If they suspect that you will not be able to clear all your dues, your application will be rejected. However, this is not the only reason for rejection.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Here_are_the_reasons_why_a_lender_does_not_approve_your_application\"><\/span>Here are the reasons why a lender does not approve your application<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Lenders often rebuff the application without giving an exact reason. Following situations might be blamed for denial.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Too_many_existing_payday_loans\"><\/span><strong>Too many existing payday loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>Before the lender signs off on your loan application, they will consider your affordability. Following reasons are enough to decline:<\/p>\n<ul>\n<li>If you are currently paying off other payday loans<\/li>\n<li>If you intend to take out the loan to pay off other debts<\/li>\n<\/ul>\n<p>In such a situation, you should apply for debt consolidation loans or emergency loans.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"You_are_unemployed\"><\/span><strong>You are unemployed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>Unemployment is a big snag. Lenders are always concerned about your repayment capacity. Lack of full-time employment is enough to create doubt on your repayment capacity.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"You_have_a_very_poor_credit_score\"><\/span><strong>You have a very poor credit score<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>These salary day loans have been generally designed for bad credit borrowers but your chances are almost nil if your score is under 560 or CCJ has been issued against you.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"You_did_not_meet_minimum_requirements\"><\/span><strong>You did not meet minimum requirements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>Before you apply for these loans, make sure you meet the minimum criteria mentioned on your lender\u2019s website. If you do not meet the criteria, your lender will not approve your loan application.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_should_you_do_if_you_are_being_refused_constantly\"><\/span>What should you do if you are being refused constantly?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The loan market is very flexible nowadays. You still have some other alternatives like cash loans, emergency loans, text loans, and the like, but the disbursal limit of these loans is less than the payday loan. Try to figure out the flaws and mend them.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Talk_to_your_direct_lender\"><\/span><strong>Talk to your direct lender<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>Contact your lender and ask for the reason for dismissal. They will share information with you if they have an obvious reason like a very poor credit score. However, sometimes they cannot give you apparent reasoning as they use very complex algorithms to shortlist your loan application.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Peruse_your_credit_report\"><\/span><strong>Peruse your credit report<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>Your credit report may consist of wrong information. It may show a default that you have not made or it may show your account still pending that you have settled months ago. Before you take out a payday loan, you should get the report from credit bureaus. Go through them carefully and ask for rectification if you find an error.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Try_to_improve_your_credit_score\"><\/span><strong>Try to improve your credit score<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p>Direct lenders run a soft credit check to assess your debt history. This helps them know about a number of defaults you made. The higher the defaults, the lower the score, and the higher the rejection rate will be. Try to improve your score by paying your other payday loans or <a href=\"https:\/\/www.extramilefinance.uk\/about-us.html\"><strong>short-term loans<\/strong><\/a>, credit card bills, and utility expenses on time. Try to avoid using credit cards unless you have settled all your debts and make a budget to avoid overspending. With a good credit score, you can get these loans at lower rates of interest.<\/p>\n<p>Your payday loans can be easily approved if you prove your repayment capacity. If you have been struggling to have it approved, you should follow the aforementioned tips.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Payday loans are the quickest loans and hence, most of the borrowers look to getting them as an unexpected expenditure [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,12,15],"tags":[36,122],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1362"}],"collection":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=1362"}],"version-history":[{"count":0,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media\/1363"}],"wp:attachment":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=1362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=1362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=1362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}