Who Cannot Get a Payday Loan?
The first type of people who cannot get a payday loan would be those who are under the age of eighteen. Payday lenders only lend to adults over the age of eighteen. This means all minors are out of luck.
The next group of people who do not qualify for a payday loan are those who do not live in the country. This is for storefront payday lenders. There are payday lenders online that will lend to people in other countries, but most countries have their own payday lenders.
Another requirement that must be met for most payday loans is having a checking account. If you do not have a checking account the company cannot get a post dated check from you to hold until the time that was agreed upon to cash it. Most online lenders deposit the money into your account and then when it is time for the loan to be paid back the lending company will withdraw it from the account.
If you do not have a job you will find it difficult to find a payday lender to lend you money. If you cannot prove that you can pay back the loan then they will not give you one. The companies know that if you cannot pay back your loan they will be out a lot of money and therefore will not help you.
If you have an outstanding loan with another company the payday lender that you are at will probably not lend any money to you. This is a red flag for most payday lenders. They look at it like this; if you were unable to pay back your loans with another payday lending company, how will you pay them back?
If you have filed for bankruptcy within the last year or two then you will notice it is more difficult to get a payday loan. They want to make sure that you are ready and able to take on a loan before they give it to you. They just want to make sure that you are not getting in over your head.
There are many reasons why someone might not qualify for a payday loan. Do know that not all payday lending companies look at the same things as closely as another company does. This means that if one place turns you down, another may still be willing to help you out. Do not give up, there most likely will be a payday lender somewhere, whether it is online or in a storefront location, that will be willing to help you.