Reasons for refusing a loan

You might be wondering why your loan applications keep getting rejected, over and over. I will like you to know that your creditors do not play around with your application. You might feel they won’t have the time to scrutinize all applications due to the number of applications. But that is a white lie; we are talking about money, after all, so every single detail will be cross-checked.

Here are some reasons for your rejection:

  1. Incorrect/Unclear Information

The first thing in every form of application even aside from is the filling in of your details. It is very crucial in every form of application that a single misspelled word or negligence of a single dot might cost you the entire application.

You might think it is but an ordinary form, just to follow protocols. But that’s where you are getting it wrong; every item on the form is thoroughly checked.

Even poor handwriting could lead to your rejection, because of the numbered of applicants, nobody will have the strength to stress their eyes trying to figure out what you have written.

You must make sure every piece of information you have written down is visible and correct. Crosscheck your form up to 3 times before submitting it.

  1. Bad credit score

You might have had problems paying off your last debt, and thus light has created a debt in your reputation before your creditors. This could lead to High chances of rejection. So, you must ensure to keep a good credit history, ensure to settle your loans at the due time, and keep your financial records straight.

You might think trying different banks will help you escape a bad credit score history, but banks share lists of their clients with shaky credit history, so the only way to solve the problem is by paying before or at the due time.

  1. Over the Limit credit cards

How you use your credit card also greatly affects the chances of your loan approval. Everything that connects you to a bank is a factor in determining the approval or rejection of your loans.

Your credit card is an access link for you to get loans at points of purchase; this is what a lot of loan applicants are missing. If there is an outstanding credit in your bank account, your bank will check it and also check if you have gone over the limit in your credit line. If you have exhausted more than 70% of your credit limit, it will greatly affect your loan application negatively.

  1. Fraud

Fraud is the general name for anything you try to do to deceive the bank into giving you the loan. Supplying incorrect information as regards your credit history or using the identity of another citizen to apply for a loan and all other forms of deception are generally called fraud and will lead to the rejection of your application. It could even lead to a jail sentence depending on what deceptive method you used.

  1. Huge loan amount

You will likely be asked “How much you want to borrow” if you are asked this question during your interview, what goes through your mind will be “as much as possible.” But do not be tempted to do that, before your application you are expected to have computed the limit of the bank loans.

Knowing that banks give loans for your credit history, you should have calculated the amount of money that will be available as a loan for you. Do this calculation and request something feasible from them, this will give you a greater chance of securing your loan.

Always remember that taking a huge loan requires a well-paying job to match/ substantial income to match it.

In case you feel the need for a loan to get some equipment and things needed for you to achieve your resolutions, then think about Robocash.

It is the solution to all your emergency money problems, log into website here The website gives you access to lots of loans at very low risk. The site provides access to many very low-risk loans. If you are borrowing here for the first time, you have access to up to 10,000 pesos at 0%. If you borrow again, you will have access to up to 25,000 pesos for 30 days.

To be eligible for the Robocash loan, you must be a Philippine citizen, have a valid ID, and have a mobile phone. More than 90% of Robocash loan applications are approved.

Remember to only take the amount you can refund because whether or not your venture is successful you must pay back the loan.

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