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I applied for an $800 online payday loan but was only approved for $400. Why didn’t I qualify for the amount I requested?
Some lenders prefer to start off with a smaller loan amount for first time customers. Many lenders will consider a higher amount if this is your second or third loan with them. If you are not happy with the loan amount you are offered, you can contact the lender and try to negotiate a higher loan amount. You can also apply a second time and try to get matched with a different lender; however, it is recommended that you do not apply for more than you can afford to repay.
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This happens all the time with big lenders too. Sometimes you simply don’t qualify for the amount of money that you’re hoping to borrow, but that’s just life. I suppose you have the option of taking the smaller loan and then trying to borrow the rest from another lender, or just trying to make do with what they offer you. IT’s a tough situation, but there’s not really that much you can do about it.
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LikeDislikeThat can be really disappointing… and even more than that, considering that short term pay day loans are the only hope when you need just a little cash really really fast! Is there any way you can take out two loans from them for $400 each? Or maybe there’s someone else you can ask for the smaller amount of money? Hood luck with your situation!
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