A significant portion of your financial profile will be under consideration for the approval of payday loans. Many applicants think that payday loans do not involve extensive assessments. There is no credit check and most lenders advertise that they can offer you cash in half an hour or within an hour. While it is true that you can get payday loans through Flex Repay in a very short span of time, this does not imply the lenders do not seriously weigh the merits and demerits in your financial profile.
Income is the most important criterion to get approved for payday loans. It is the same for all other types of unsecured short term loans. The approval process of payday loans will also consider the number of dependants you have as that has a direct impact on your monthly expenses, financial liability and the money you can spare at the end of the day. If you have too many dependants, then your chances of getting approved will be slim. If you do not have any dependant, then you should share such an important detail with your lender.
Having dependants will definitely be a disadvantage but this can be negated if you have another working and earning family member. Your partner may be employed. If there is another earning member in the family, then the liabilities get shared. Even if they are not being shared, the lenders will consider the possibility that they can be taken care of if the borrower is in some financial trouble. You can leverage such limited liability to get approved for payday loans. If you were already approved or you have an income that qualifies for the loan amount, then you can leverage this limited liability for a higher loan amount or a lower rate of interest. You may also look for a favorable repayment term.