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Why didn’t I qualify for an online payday loan?
Most lenders will lend to people that are at least 18 years old, are a US resident, and receive at least $800 per month in income. Some lenders have varying or additional requirements as well. But MoneyMutual is always adding new lenders to their network, so you can always check back later to see if you can be matched with a new lender.
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I was declined too. They didn’t offer me any explanation that I could find, just a flat out no. What did I do wrong? Is this normally how they decline people? I’m a little curious, and I’d really like to know before I go back and try to get another lender so that I don’t make the same mistake twice.
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LikeDislikeI think that most lenders either have a credit and employment check as a part of their approval process, or at the very least ask for proof of collateral. Did you provide all of these? If not, then that’s probably why you didn’t get approved this time.
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LikeDislikeI’ve learned the hard way that if you don’t fill out every detail of the form completely, and provide all of the information that they ask for, they won’t process your application. I understand why they do it that way, but it can be frustrating waiting weeks for an answer only to find out that some little slip up has stopped the whole process from even starting!
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LikeDislikeThis is kind of a new concept to me – sorry if I sound clueless! How many lenders does MoneyMutual have? Do they charge different interest rates and have different payment schedules and everything? I’m looking for a loan and I know I can repay it, but I’d need really low payments and most banks won’t talk to me about such a long loan for such a small amount. I mean, it’s a big amount of money for me and I need it right now, but most places aren’t really willing to talk to me for under 10g or they want me to pay it back faster than I think I’ll be able to.
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