Why Was My Loan Application Denied? Understanding Salarly’s Eligibility Criteria
Applying for a loan and getting accepted can be exhilarating, so how do you check if you meet all of the requirements before applying? At Salarly, we want to be as transparent as possible about our loan eligibility criteria and help you understand what will have an impact on your application!
Understanding Loan Eligibility
Every lender, including Salarly, has specific criteria to ensure responsible lending. These requirements protect both the borrower and the lender, ensuring that repayments fit within a reasonable budget and financial stability is maintained. This way, if you are eligible and approved, there are no complications.
We are always improving and expanding, so if you are not eligible today, you could be very soon. Salarly is here to empower professionals with financial flexibility!
Key Factors That Impact Loan Approval
Several key factors influence whether an applicant qualifies for a Salarly loan. Here’s a breakdown of the most important elements Salarly considers:
1. Location
Salarly is currently available only in Texas, Missouri, and Utah.
*If we are not in your state yet, keep an eye on us–we’re growing!
2. General Requirements
- Must be a U.S. resident
- 18+ years old – with a valid ID from operating states.
- Valid U.S. bank account and Social Security Number.
- No active bankruptcy.
- No active military duty, service member, or dependent of an active duty service member.
3. Income Requirements
- Employed for at least 6 months with a Salarly eligible employer.
- Finding your employer is easy! Just get started on our website. We’re constantly adding new employers to our network!
- Keep in mind: Even if your employer appears in our dropdown list during the loan application process, this does not guarantee that they are an eligible employer or that we can establish a connection with them.
- Applicants must meet a minimum yearly income of $40,000 and monthly income of $3,300.
- Payroll Cycle cannot be weekly! Salarly only accepts monthly, semi-monthly or bi-weekly payment cycles.
- Your income must be verifiable through payroll—you have a chance of getting approval as long as it is consistent.
4. Debt-to-Income (DTI) Ratio
- We assess whether additional debt is manageable within your budget!
5. Credit History & Score
- Salarly reviews your credit history to ensure responsible borrowing.
- There is no minimum credit score requirement for loan amounts up to $3000, however, make sure you have a history of on time payments and no bankruptcies–as we do run a credit check to see if you are creditworthy.
- Frozen credit reports will result in ineligibility.
6. Banking & Payment History
- A valid U.S. bank account is required: Must have a checking or savings account.
* Other credit criteria may apply. Eligible applicants are assessed on the strength of their application and loan approval is not guaranteed.
Common Reasons for Loan Denial & What to Do Next
If you were denied, one or more of the following factors may have played a role:
| Reason for Denial | What You Can Do |
| Unable to connect to your payroll provider *If you meet all of the criteria listed, this is most likely your issue. | Salarly is always improving, and so will our connection to your provider. Meanwhile, provide us with the HR contact at partnerships@salarly.com and we will try to make that connection. |
| Weekly Payroll Cycle | Only Monthly, Semi-monthly or Bi-weekly payment cycles are eligible, consider reapplying if your cycle changes. |
| Not meeting minimum income | Consider reapplying when income stabilizes. |
| Length of employment | Maintain employment for at least 6 months before reapplying. |
Other things you can do if you were denied:
- Read Salarly resources made to guide you in your journey towards financial wellness! Our blog articles are there to help you, with simple and clear suggestion on how to better your financial future. Click here for How to Stay on Top of Your Finances.
- Understand Payroll Provider Connection Issues: The employer search list does not indicate eligibility; it is simply a list of employers that Salarly can attempt to connect with to assess eligibility for the product, and if the employer is ineligible, you will be notified immediately.
- Lower debt-to-income ratio: Paying off outstanding loans. To reduce your monthly debt repayment, pay off any high-interest rate loans first.
- Increase your income stability: Maintain consistent employment.
When to reapply if my loan was denied?
If your situation changes (e.g., improved income, employment exceeded six months), you can reapply after 7 days.
At Salarly, we’re committed to helping professionals access a borrowing solution that’s fair, clear, and reliable—designed for working professionals!
FAQs: Salarly Loan Eligibility
Can I still qualify for a paycheck linked loan if I recently changed jobs?
Salarly loans require you to be employed for at least 6 months with the same employer, therefore, in order to be eligible make sure you have reached the minimum amount of time at your new job.
How long does a payroll loan approval process take?
Salarly offers a fast and convenient online application and approval process that results in most applications being decided within minutes.
Will I have to link my bank account when applying for a payroll linked loan?
Yes, Salarly loans require you to link your bank account.
What if my employer is partnered but my payroll isn’t connected?
If your employer is eligible but your specific payroll system might not yet be connected for automatic loan repayments, you should contact your HR or payroll department to confirm that the payroll integration has been properly set up.
Need More Help? Check out our website FAQ page or reach out to us directly at support@salarly.com. Click here for our terms of use.
