Who Can't Get A Payday Loan?Payday Loans Should Definitely Be Used As A Last Resort,and They Are Suited For People Who Need A Reasonably Smallamount Of Money In A Short Period Of Time. Many Of Thosewho Apply For A Payday Loan Also Have Bad Credit. Feesassociated With These Fast Cash Loans Are Exorbitant,translating Into Annual Interest Rates Of 200 Percent Orhigher - Usually Much Higher! They Are Also Rather Easyto Get For Most People Who Are Employed Full Time Or Nearfull Time. Not All People, However, Who Apply For A Paydayloan Are Approved. The Following Are Some Of The Morecommon Reasons That People Are Denied Payday Loans:Some People Who Apply For A Payday Loan Are Disapprovedbecause They Don't Meet The Minimum Income Requirements.Even The Most Flexible Payday Lenders Cannot Loan Money Tosomeone Who Grosses Less Than About 800 Per Month. Anyoneworking At The Federal Minimum Wage Full Time Would Easilymeet This Requirement.Someone Who Is Self Employed Will Find It More Difficult Toget A Payday Loan. Many Lenders Will Not Accept Selfemployed Income As Security For A Payday Loan. Thoselenders Who Do Will Require You To Provide A Certain Numberof Bank Statements To Verify Your Income.An Almost Universal Requirement To Get A Payday Loan Isthat The Applicant Have A Bank Account. A Typical Paydayloan Is Due To Be Repaid On Either Your Next Payday Or Thefollowing Payday. The Money Is Deducted From Your Bankaccount On The Agreed Upon Date. If You Have No Bankaccount, The Lender Will Not Have A Way To Accept Yourpayment.As The Term
