Even if you’ve never taken a payday loan in NZ, the odds are, you probably know someone else who has. These short-term fast payout solutions can be super handy when you’re low on cash and need to get your hands on some very urgent support. They might work differently to other standard loans in a bunch of ways, but it’s still possible to be rejected for a payday loan. In this post, we’re highlighting some of the most common reasons applicants can be turned away when they need money in double-quick time.
Let’s get started with:
Stating that you want the money for a luxury purchase
This is always a definite no-no with payday loans. These finance products are designed for emergencies. They should not be used to buy things you don’t need. Our team at Pretty Penny Loans is always understanding of people’s individual needs and we strive to help those in real need as quickly as possible. If you tell us you want your payday to buy a new watch, holiday, or any other item that’s not essential, we’ll have to remind you that our loans are best suited for things that are vital for your survival and wellbeing.
Tell us you want the money to have a good time or place a bet and there’ll likely be a significant delay in processing your request. Be safe and only apply for a payday loan when you’re facing an urgent money shortage and need the loan to make it to your next payday.
Not having proof of your income
All credible loan companies will need to see proof of your current income before approving your application. The only real way to assess your income is by checking your most recent bank statements. If you don’t have a bank account or recent statements, you won’t be able to apply. It’s best to have these documents to hand before you start your application so that you can complete the form as smoothly as possible. You’ll also need your government approved ID.
If you find youself constantly running into money trouble, one of the best ways you can start to build a safety fund is by looking after your money more carefully by cutting back on wasted expenses. There’s no such thing as a fixed cost when it comes to personal finance. There’s always a way to scale back if you really want to save. Think about the food you buy on a weekly basis, your clothes and any other regular essentials that you might be able to live without.
Having ID that is expired
Whatever type of loan you’re applying for, you’re always going to need ID that proves your age, address and citizenship. Government issued driving licenses and passports are usually the best examples of acceptable ID. If yours in out of date, we will be forced to delay your application.
Payday loans are usually taken for urgent situations. If you’re in a rush for fast money, the last thing you want is to be held back. Think you might need a loan in future? Check your ID and make sure it’s in date. We all need to spend more time saving for the future, but it’s easier for some than others.
At Pretty Penny, we’re always keen to make sure we make responsible lending decisions. This means making sure every borrower is fit to pay back the amount they owe as well as checking to be sure they are who they claim to be. Some loan providers might not do things so carefully, but we want to be known as a reliable brand that provides payday solutions the right way. The most important thing to us is that you have a loan experience that is as smooth as possible.
Those are the main reasons you can be rejected for a payday loan in NZ. As long as you pass the criteria outlined above, you’ll be able to access funds you need to address your current money shortage until your next payment from work comes in. Think we’ve missed something? Feel free to contact us for more information or leave a comment below!
Read more about payday loans here, or in our previous blog post: 4 Facts About Payday Loans In NZ That You’ve Probably Never Heard