You needed extra money, saw that the personal loan online could be your salvation, make the request and was refused. Now despair hits you and you do not know what else to do, right? Wrong! Your request may not have been approved for several reasons and understanding them is the first step in knowing what to do and having your new loan application approved.
With that in mind, we separate a list below with some of the reasons that may cause a request to be disapproved. Keep up with us and see how to improve your profile so that you will not have any problems in a new attempt!
What impacts on the approval of the loan application?
Shortly after applying for a personal loan online, you receive an email with the return of it. It can be “approved”, “declined” or “checked”.
In the latter case, the financial will contact you to confirm some data to ensure the accuracy of the data recorded. If it has been approved, the money will fall into your account in a matter of hours. Now, in the case of rejected requests, you will not always be informed of the exact reason.
So here are a few of the key factors that impact your assessment to get an approved loan application, see:
The first point evaluated is your credit score. It can range from 0 to 1000 and represents how good paying you are. You do not have access to how this score is calculated, but it will vary as you pay your bills on time, keep your credit card without accruing interest or how often you hire financial services.
The data reported are compared with data registered on other bases and if the financial person recognizes any evidence of fraud, your request may also be refused. It is important to provide all requested data (even if not required) with the most current information possible. This increases your chances of having your loan application approved.
Other outstanding loans
Those who already have other loans on their behalf may also face difficulties in requesting a new one. It is important that the value of the debt installments does not exceed 30% of your income, so stay tuned. Make financial planning to learn more about how loans can fit into your stability plans.
Lastly, the financial may consider that the value of your loan application is far above what your income entails. Here’s also the 30% rule and nothing better than controlling your expenses and income to know what would be a real sum for your pocket.
How to have my loan application approved?
Whatever the reason you barred your loan application, there are a few things you can do to reverse the situation. Paying your bills on time and avoiding the maximum use of the credit card, for example, helps increase your score.
Another point is to control your finances and try to request a lower loan amount with smaller installments. If you have other outstanding loans or funding, see if you can remove them before attempting a new request.