As a responsible payday lender, we don’t approve just anyone. Our website states that there is no credit bureau check. So then you ask, “why would I be turned down for a loan?” We understand the reasons for your concern, and certainly hope that this helps. Here are the top 5 reasons our loan processors would deny your Spotya Payday Loan application:
- No Direct Deposit – Often times we will receive a bank statement that does not show payroll direct deposit from employers. Remember, direct deposit does not mean you take your paper check and go into a branch to deposit the funds.
- Total Monthly Net Income – We require that you take home at least $1,400 per month after tax.
- Bad State – We are currently unable to service 21 states. Check our state rates page to be sure we are able to service the state you live in.
- Altered Bank Statement – Our professional loan processors work with tons of bank statements on a daily basis. They have a keen eye and can usually pick out a bad bank statement rather quickly.
- Bad Bank – We are not able to do business with every banking institution. We are not set up to work with prepaid cards as of yet. Typically, we can’t work online banks either.
