The lender wants bank statements: Are we screwed if we have payday loans on our bank statements?

Question by Katerina: The lender wants bank statements: Are we screwed if we have payday loans on our bank statements?
We bring in 85K a year, been on the job for 5 years and up, stable empoyment, 401Ks, IRAs….but we were pretty stupid with spending the last few months, although all bills were paid (rent, car note, insurance) we used payday loans to cover entertainment expenses like a couple idiots.

So, will the lender say screw off when they see those on our statements?
Based on our credit and income, they already said they can approve us, but they require these statements and i’m scared.

Best answer:

Answer by jlf
You have little choice. Almost all lenders now require three months’ of bank statements.

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