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Why was I approved for less than I requested?

Why was I approved for less than I requested?

At iCash, we pride ourselves on being responsible lenders, so we will not lend more than the regulations permit and that is possible for our clients to repay with an ease.
Payday lending regulations require us to verify each customers income before we can determine the amount of the loan. For some provinces the period required for the calculation is the previous calendar month, for others it’s the average of the past 3 months.
After that is determined, the law allows us to only lend at maximum a set percentage of customer’s income. Based on that and our internal calculations of the amount the customer will be able to repay comfortably, it is possible that the amount of the loan approved is lower than the one requested.
Please note that our Customer Experience Agents cannot modify your loan amount.