Just to let you know, you did it. You successfully finished your online loan application, but what if, while budgeting your “expected, approved loan,” you received the news that you didn’t expect? Your loan application failed. What would you do now? If you want to get that loan, you can begin by figuring out where you went wrong and why your application was denied. So, to help you out, here are the possible reasons why.
1. Moving A Lot
You might think this isn’t a factor, but not having a permanent house or moving a lot will give you a negative impression on the lenders. Most lenders require a permanent and current address and a billing statement to verify where you reside. This is another way lenders can ensure you are financially stable to own and stay in one place.
2. Sending Fake Documents
In any way, sending a false document is unacceptable. However, until today, many Filipinos still try their luck and do this trick. However, it would be best if you noted that once you get caught, you will not only get an unapproved loan but also a huge possibility that you will receive a red flag or, worse, a legal action.
3. Unsteady Employment History
Even if you already passed the income requirement, if you do not have a good employment record, it will still be one significant factor for the lender not to approve your loan. The main reason is that they want assurance that you will have a consistent source of income throughout your loan term. And, of course, an unsteady employment record will not help you get that “responsible borrower” title.
4. Your Credit Score
Banks ask for high credit scores. It is only natural as they offer longer loan terms. On the other hand, online lenders offer faster approval as long as you assure them through your financial standing that you can afford to pay such loans.
Vidalia Lending specializes in providing fast and easy loan applications for your money troubles. From Personal Loan to Business Loans, we have a compelling loan offer ready for you. There is no prepayment process, and you can set regular fixed payments. The Loan application is done online, and you can get your borrowed cash as fast as 2-3 days.
5. Asking for Too Much
Analyze your financial and credit situation; if you know that you need more of both, do not attempt to ask for too much loan amount. Use an online calculator and check how much you can borrow based on your income. If you reapply again, try to put a lower desired amount, and who knows? It might be the only reason why your loan got denied before.
6. Inconsistent and Incomplete Information
You must not take your requirements and application form for granted. If the lenders find your information confusing or lacking, they will not hesitate to turn you down. Also, expect that incomplete requirements will delay your loan application process, or worse, you will get denied right away.
Think of how you can avoid these mistakes again and how long you need to wait before you can reapply. Also, consider looking into another lender who will provide you with a better and more accessible online loan application.
With several years of expert service in the field, Vidalia Lending was able to help thousands of Filipinos with their financial needs by providing several forms of loans. If you want a fast and easy loan application, please get in touch with us through our official Facebook page.
