I tried to fill in the loan application form just now. My question is related to the part where I need to provide the details about the income. Is my salary the only income that is going to be accepted when assessing my loan application? What other income sources are relevant?
If you receive income through a nontraditional employment situation, you may be concerned that you will be turned down for a payday loan.
Thankfully, this is not permitted. According to the Consumer Financial Protection Bureau (CFPB), lenders must accept not only income earned through full-time employment but also:
- Income earned through a part-time job
- Retirement benefits of any nature
- An annuity
That being said, the lender still has the right to conduct its analysis and make a determination as to whether that income helps to qualify you for a loan.
For example, let’s say that you have been earning income through a part-time job with unreliable hours.
Even though the lender must take your income from that job into account, it is within their rights to decide that the income is not stable enough for them to grant you a loan.
Reviewed by: Casey Bond
Date Reviewed: May 29, 2019
Related Answers from Lenders
The answer on this page is provided in collaboration with some of our trusted lenders who are proud members of the Online Lender’s Alliance. The purpose of the provided answers is to inform the consumers about the specifics of online lending. It should not be treated as legal advice or regulatory guidance. The information is updated periodically and may include links or references to third-party resources or content. SDL365 does not endorse any third-party nor does it guarantee the accuracy of the third-party information. We encourage you to consult other resources that might serve your needs and take into account your particular situation.