Living in a striving developing country, you would expect that not all people can live by their means. A financial crisis is a common predicament that Filipinos are facing or have faced as they live their everyday lives.
For a lot of Filipinos who lack finances, applying for loans has always been the answer to their financial dilemma. However, acquiring loans doesn’t necessarily mean that you will be easily granted the cash you need. You have to go through each process and there is no guarantee that everyone’s application will be approved.
It’s nerve-wracking to wait for the decision on your applied loan. This is very true especially if you badly need the money. For people who got their loans rejected, you must also know that some lending companies will not fully disclose why your application was not approved.
Vidalia Lending has different loan offers perfect for your monetary needs. Loan repayments are also fixed without any hidden charges. Interest rates are lower compared to other lending companies and to top it off, the application process will not take up much of your time. See which loan offer suits you!
Here are some possible reasons why loan applications usually get declined:
Fake Documents
We may have reached an era of technological advancements. Still, some people falsify their documents just to try their luck and get away with it. What these people tend to forget is that it is way easier now to determine whether a document is real or not.
Keep in mind that once a lender catches you, you will not only automatically lose your chance to get a loan, but legal actions may also be filed against you.
Not Able to Meet Eligibility Requirements
Some Lenders only provide loans for certain areas. In addition, some Lenders only provide for certain borrowers. Some only lend to pensioners and OFWs, and some to employed people.
This is why it is best that you check the Lender’s eligibility requirements before you apply for any of its loans. In addition, most Lenders here in the country have required age, source of income, and citizenship for their loan approvals.
Incomplete Documents
Note that all required documents you will be submitting will be used to validate your given information. Lenders will not start to process your application if you have not yet completed submitting all the documents needed. More so, if your submitted documents are not clear.
Requesting for More Than You Can Handle
One thing you have to consider when you apply for a loan is to use a loan calculator. This will help you determine the following:
- How much you can borrow?
- How much you will have to pay including the interest.
- And lastly, how much will be your monthly repayment depending on your chosen term?
Some Lenders will reject your loan application if you ask for very high loans yet you don’t have enough means to pay for it.
Inconsistencies in your Given Information
All your given information together with your submitted documents will determine your creditworthiness. Inconsistencies in all information will give you the impression that you are not credible.
Financing corporations like Vidalia Lending offer loan programs that are perfect for your financial demands. Vidalia Lending lets clients borrow up to P500,000 depending on their applied loan feature with no hidden fees, and no prepayment penalty.
