If you’re considering borrowing from Fast Payday Loans Inc. of Florida, you might feel uncertain if you can get a payday advance, especially if you have been denied a loan before. This is a frustrating situation, especially if you have a steady job. 

Paycheck advances help individuals deal with sudden, unexpected expenses in between paychecks. An employer may sometimes offer these loans, but it’s also possible to get them from direct lenders, and today, many people do this.

Facing a financial emergency in between paychecks is a challenge, but a paycheck advance from Fast Payday Loans, Inc. of Florida can help! Keep reading to learn more about how to prepare for a payday loan and what you must do to be approved.

How To Avoid Being Denied For A Paycheck Advance

Many people are eligible for paycheck advances and use them to deal with unanticipated expenditures. However, you might have found that you get denied, which can be frustrating. Unfortunately, many things can cause you to be denied a paycheck advance. What’s going wrong when this happens? Let’s review some of the common reasons why you may be denied for a payday advance.

1. Your Income

You must be able to show proof of employment, either via pay stubs, bank deposits, or something similar. If you can’t prove your income because you don’t have a current pay stub, you may find that companies won’t lend you money.

This can be particularly problematic if you are paid in cash or receive cryptocurrency. Getting a paycheck in advance can be challenging if you don’t get paid the traditional way.

Another possible explanation is that your income isn’t high enough. There tends to be minimum limits that you must be bringing in each month before you are considered for a paycheck advance because otherwise, you might not have enough to pay back the loan. 

2. Your Checking Account

While your income and employment play the most significant role in determining your loan, your bank account has an impact, as well. You must hold an active checking account in your name to be eligible for this loan.

Regular deposits from your employer should appear in your most recent checking account statement. This verifies that the income from your recent paystub and checking account are valid.

Furthermore, if you’ve got a lot of overdrafts on your account recently, you could find it difficult to borrow the max loan amount. A negative balance in your account could also pose a challenge in getting the money you need.

To be clear, you can still get a payday loan even if you have overdrawn on your bank account. While these elements may influence the loan process, you must know that the most essential detail is to have an active checking account in your name. Without it, you will not be able to get a payday advance.

3. Valid Identification

A payday advance requires you to present a valid ID to begin the loan process. This can usually be in the form of a driver’s license or a government-issued photo ID. A potential borrower must be able to verify their identity and share this required item with our trusted loan representative. If your ID is expired or does not contain a photo of yourself, be sure to update this item before applying for a paycheck advance.

Will I Be Denied An Advance?

We work with people in a wide variety of situations. We will only be able to decide if we can accept an advance if you provide the necessary paperwork and meet the minimum criteria. However, be aware that you aren’t guaranteed an advance and that some of the above may affect your approval chances.

Thankfully, the requirements for a paycheck advance are straightforward. If you want to improve your chances of getting a payday loan, ensure that you have the following requirements ready to go:

• A driver’s license or government-issued ID
• Your most recent pay stub
• A blank check from an active checking out in your name

Start An Application Now!

If you have failed to get a payday loan in the past, try contacting Fast Payday Loans, Inc. of Florida! It’s frustrating and disheartening to be denied a loan when you need one, and it’s possible that we can help. Fill out our online inquiry form to connect with our professional team to see whether you are eligible through our company. You might be pleasantly surprised!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.