MonthDecember 2018

Rejected Loan Application – Why? | Payday Loan

Rejected loan application – why?

Each potential borrower who decides to contract a financial liability must comply with the conditions imposed by the financial institution. One of the basic parameters playing a huge role in providing loans is creditworthiness. It is our ability to return the financial liability in accordance with the previously set schedule together with the total cost of loan service. Unfortunately, many clients who do not have sufficiently high debt repayment capacity can not count on loans.

Higher creditworthiness means a better chance of getting the money you need

 

  • amount and source of obtained income (eg contract of employment, work, own business, pension or pension)
  • currently other financial liabilities are being repaid – the level of customer indebtedness
  • credibility and credit history checked in economic bases
  • fixed monthly expenses (eg housing fees)
  • number of people in a given household (families without children or large families)
  • possession of security from the form of some property

Having negative entries in economic bases, like low income, is often the main reason for refusing a loan or credit application. The current state of our debt is also very important. If the bank decides that we will not be able to pay off another financial liability, it will not offer us a loan.

Creditworthiness is the basic parameter determining the granting of a loan or loan

A correctly completed loan application

A correctly completed loan application

Many institutions from outside the banking sector, such as those available at our company, offer online payday loans. To apply for it you must complete a simple registration form. However, an incorrectly completed loan application is not analyzed and becomes the reason for refusal to grant it. The basic mistakes made by consumers are incorrectly entered personal or contact details that can not be confirmed by a verification transfer or free verification. Recall that the verification of personal data is a necessary step that should come when applying for a break. It is also important that the person completing the form has its own bank account and an active mobile number. In addition, the applicant should be in a certain age range and, what is more, live permanently in the territory of our country.

A consolidation loan for indebted people without capacity? A consolidation loan with bad credit history