payday loan application denied

How To Get Your Tennessee Payday Loan Application Denied

Tennessee payday loan applications are usually simple. But at times, it's also relatively simple to get your application denied. While the requirements for this type of financial aid are minimal, certain circumstances can cause a denial. 

Let's start by discussing why your payday loan application isn't approved before moving on to how to gain approval!

Why Your Payday Loan Application Is Getting Denied

There are a few reasons for application denial. Let’s look at the top 5 most common ones:

1. You've Just Finished Repaying Your Second Payday Loan

In Tennessee, there is a cooling-off period between loans. Therefore, if you finished repaying your second payday loan very recently, you must wait for a bit of time before gaining approval.

However, the wait time isn’t very long and you can acquire a payday loan as soon as the cooling period is off, and since the payday loan process is quick, you can be approved on the same day if you have all the qualifying documents.

2. You Currently Have Too Many Payday Loans

You can hold payday loans at a value of no more than $500 in outstanding balance at once in the state of Tennessee. If you attempt to acquire another payday loan when you have already reached the state limit, your loan application will be denied.

3. You Are Unemployed and Receive No Other Income

Payday loans require employment. However, in many cases, the store will accept non-employed income streams like social security checks, alimony, pension, or unemployment benefits, as long as you have the correct documentation/proof.

If you are unemployed and aren't receiving any other income, you will most likely be denied a payday loan. So make sure to speak with our loan representative about what can count as proof of income to know what documents you can provide.

income verification

4. Your Income Can't Be Verified

Unfortunately, if you are paid in cash and we cannot verify your income, your payday loan application may be denied. You must prove that you receive money regularly since this is the main requirement for determining whether you can repay the loan.

Note: If you're paid in cash and deposit the money into your bank account regularly, we might be able to verify your income this way.

5. You Don't Meet the Minimum Requirements

Every payday loan application must meet specific requirements. Of course, these requirements differ depending on the lender, but we pride ourselves on having simple and straightforward criteria.

When you apply for a Tennessee payday loan with us, you need to be at least 18 years old and have the following documents:

  • A blank check from an active checking account open in your name.
  • Your photo ID card issued by the state government.
  • Your most recent bank statement.
  • Your most recent pay stub.

We'll ask you to provide some information before we look at your documents. But we will use all the paperwork above to validate your eligibility and determine how much you qualify for.

How To Get Your Payday Loan Application Approved

You may now understand why your application is being denied. But, if you are yearning for approval for emergency finances, you need to consider these tips:

  • Have all the documents ready — You don't want to prolong the process. So, make sure all your documents are together before starting.
  • Be honest — All the information you provide should be 100% accurate to give you the best chance of success.

person holding bag of tennessee payday loan

How To Get A Tennessee Payday Loan

Once you've made sure to follow these tips, continue to the steps below to get one of our Tennessee payday loans:

  1. First, fill out the online form for a Tennessee payday loan on Tennessee Title Loans, Inc.
  2. The form will send your information immediately to your local Tennessee Title Loans, Inc., and a loan representative will call you. They will schedule an appointment with you and also answer any questions you may have.
  3. Bring your government-issued ID card, your most recent bank statement, your most recent pay stub, and a blank check from your checking account to your nearest Tennessee Title Loans, Inc. store.
  4. Wait while one of our loan associates examines your paperwork to ensure they can approve you.
  5. If you are approved, you may receive your Tennessee payday loan on the same day or the following banking day.

And the best part is that the entire process takes less than an hour to complete!

Get Your Tennessee Payday Loan Right Now!

It's easy to turn your payday loan application from denial into approval — especially now that you know what factors affect the outcome! But if you still have questions, don't hesitate to give us a call at 800-514-2274! One of our team members will be happy to help. You can also submit an online form to get your process started without a store visit. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.