You did it. You successfully finished your online loan application but what if in the middle of budgeting your “expected approved loan”, you received the news that you didn’t expect? Your loan application actually failed. What would you do now? Well, if you really want to get that loan, you can begin with figuring out where did you go 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 that 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 permanent and current address along with a billing statement to verify where you are residing. Well, this is another way for the lenders to ensure that 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, up until today, there are still many Filipinos who try their luck and actually do this trick. However, you must take note that once you get caught, you will not only get an unapproved loan but there’s 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 great factor for the lender to not approve your loan. The main reason is that they want assurance that you will have a consistent source of income all 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 paying such loans.
Vidalia Lending specializes in providing fast and easy loan application for your money troubles. From Personal Loan up to Business Loan, we have an effective 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 own financial and credit situation, if you know that you do not have enough of both, then do not attempt asking for too much loan amount. Make use of an online calculator and check how much you can really borrow based on your income. If you will reapply again, then 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 the process of your loan application or worse you will get denied right away.
Think of what can you do to avoid these mistakes again and how long you need to wait before you can reapply. Also, you might want to consider looking into another lender who will provide you a better and easier 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 are looking for a fast and easy loan application, connect with us through our official Facebook page.