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Jun 27, 2018

Disclosing Your Income While Applying For Loans

Payday loans are mainly approved or rejected on the basis of income. How much you earn is the singularly most important qualifying criterion and it also determines some of the other terms. There are of course other criteria, such as monthly expenses and number of dependants, existing debts and the purpose you want the money for. All such factors will become secondary and may even have no importance at all if you qualify for payday loans on the basis of your monthly income.

You would be receiving quotes from various lenders after you apply for payday loans through Flex Repay and not all of them will have an open ended correspondence with you. Some will only present the quote and be limited to whether or not you accept the proposition and subsequently if they approve the loan. Some lenders will be more receptive to what you may have to ask or if you have anything more to add to your initial application. If you have any additional or supplemental income, then you must report this to the lender. You can get better quotes for any type of unsecured short term loans if you have supplemental or additional income.

The additional income does not have to be anything immensely substantial. It could be a few hundred quid from an investment you have. It could be rental income. It could be interest on some financial product or it could be some revenue from a venture you have. This additional income can do wonders for your eligibility. Not only would a lender be willing to offer you more money, one may also reduce the rate of interest levied on your loan. Payday loans depend heavily on income as there is no security or collateral. You should leverage your entire income and not just the paycheck from your employer.

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